Market highlights January 11: Cryptos mostly lower, rate rise threat unsettles US markets

The crypto market as a whole is bearish today. US markets were mixed yesterday, with the threat of multiple upcoming rate rises causing investors to reposition their portfolios. The tech-heavy NASDAQ100 (+0.14%) was the only major US index to finish in the green yesterday. Investors will be following the testimony of Federal Reserve Chair Jerome Powell, who is set to testify before the Senate Banking Committee.

Top cryptos

The crypto market was mostly lower over the past 24 hours, as the majority of top 10 cryptos were in the red this morning. Bitcoin stood out, registering small gains, and trading above $42,000 at time of writing. Ethereum and Cardano were down around 1%, while XRP registered small losses.

Terra’s LUNA token was not spared the ramifications of the recent crypto bloodbath. However, it’s one of the few top 10 coins that are beginning to recover. Today, it gained 2%, as did Polygon.

Top movers

NEAR is today’s biggest winner in the top 100. Its price is $16.44 with a 24-hour trading volume of just under $1.8 billion. The NEAR token is up 17% in the last 24 hours.

Oasis, a privacy-focused layer 1 blockchain built for open finance and a responsible data economy, gained 10% today. Cosmos added 6% to its value today. IOTA, the only blockchainless blockchain, is another one of the few gainers on this day of crypto market gloom. It has added around 3% to its value in the last 24 hours. 

On the losing side, we have Arweave with -8%, Loopring with -7%, and The Graph and SAND, both of which lost 6%. Ravencoin and CELO are also down by 6% each, reversing recent gains.

BORA lost another 5% today and is down to #100 in the coin rankings after losing over a quarter of its value in a week. It risks falling out of the top 100 if the bearish trend continues.

Trending

SpookyShiba, which bills itself as the first "horror genre" token, is a dog-themed meme coin that added 40% to its value today. Its creators are working on an NFT marketplace, which will be released in early 2022, hence the token’s price surge.