Market highlights January 24: Cryptos crushed, US markets plunge

After registering losses over the past few days, all top 10 cryptos were lower this morning. The UK100 fell heavily on Friday, reversing earlier gains in the week as it was pulled down by a global sell-off in stocks. 

US markets plunged last week as investors watched bond yields rise, in particular inflation linked ‘TIPS’ bonds which indicate future borrowing costs for businesses.  

Top cryptos

Most top 20 coins have lost between 8% and 15% of their value in the last 24 h. Bitcoin lost 5.50% today, trading just below $34,000 at the time of writing. Cardano registered losses of 13%, bringing its weekly loss to 36%.

Solana has lost almost 20% today, bringing its weekly loss to almost 40% and slipping under $90 for 1 SOL. The Solana blockchain continues to face major network congestion issues. The token has been in freefall amid a market slump, losing nearly 60% since reaching an all-time high in November 2021.

It has also slipped to eighth position and now has a fully diluted market cap of less than $45 billion according to CoinMarketCap data.

Top movers

All top 100 coins have lost value. The biggest losers outside the top 20 are Harmony (-19%) and Theta Network, Curve Dao Token, THORChain, and Quant (all -17%).

Trending

The biggest gainer today is Obsidium (OBS), an ecosystem and serverless, cross-chain, layer-2 solution that fuels the DeFi, AMM, and NFT space.

Its purported benefits include infinite scalability, high throughput sub-second confirmation time, and fees at a tenth of a cent. It has gained 979% today.

The token of Moss Carbon Credit (MCO2), which aims to promote the preservation of the environment through a market solution, is trading for $18.54 and added 135% to its value.

VELO, the token of Velo Labs, who are building a unique federated credit exchange network, is trading for $0.066 with a 24-hour trading volume of just under $31 million. It is up 35% in the last 24 hours.