Altcoin prices suffer from a flat tire
Altcoin prices got a flat tire on Friday.
In other words, the values of most of the top 100 cryptocurrencies remained essentially the same – just one day after they had inflated like a race car wheel.
CEL to USD
Notable exceptions
Most top 100 coins were up or down by less than 1% when conventional markets closed in North America. (All figures are based on CoinMarketCap data.) But there were a few notable exceptions, both positive and negative.
The troubled Celsius Networks coin (CEL) jumped 11% – after plunging 18% on Thursday. Celsius filed for Chapter 11 bankruptcy in the United States on Wednesday after previously freezing its 1.7 million customers’ deposits, transfers and trades.
But CEL still trades on other cryptocurrency exchanges and platforms.
KSM to USD
Kusama gets up
Kusama (KSM) rose 9% and Convex (CVX) rose 6% after posting a XX% gain on Thursday.
Meanwhile, 1INCH and Monero (XMR) were also up approx. 6%, and the cosmos (ATOM) increased by approx. 5%.
On the other hand, NEXO was down around 6% after recovering from a 10% decline less than an hour earlier. Synthetix (SNX) fell around 6% after posting a double-digit gain on Thursday.
‘Muddy bottom’
Despite the generally flat Friday, Bitcoin (BTC) gained some traction as it rose around 3% and passed $ 21,000 – a reference price when observers seek a strong signal of upward or downward activity. The gain followed an increase of 5% on Thursday.
According to Trivio Group’s laboratory manager Angus Scott and analyst Thomas Hall, bitcoin has reached a “dirty bottom.” Despite a massive sale that has taken place since December, investors are now becoming more appreciative of value and less likely to sell due to a lack of better alternatives.
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The rabbit hole can become crowded
“Should bitcoin stay in line as the recession pushes asset prices through the floor, the value narrative comes screaming in the center,” Scott and Hall wrote in an article published Friday on LinkedIn. “No longer a product that has to be understood before it becomes appealing, bitcoin becomes the apparent value store whether you understand why that is the case or not.
“Of course, appearance is not everything, and this in itself is hardly enough to validate bitcoin’s value proposition, but it is enough to lure more people into the bitcoin rabbit hole.
Ethereum (ETH) climbed 6% after jumping 10% the day before.
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