Crypto Market Recovers, Tech Drives SPX500 Down

The crypto market has been higher in the last 24 hours with the majority of the top 10 cryptocurrencies in green at the time of writing. Bond prices fell in the first week of 2022, the worst week for 10-year bonds since 2019.

Technology stocks were among the hardest-hit sectors in the SPX500, as investors sold growth stocks more broadly in response to the Fed’s meeting minutes and bond market sell-offs. The information technology sector decreased by 4.69% while the healthcare sector decreased by 4.65%.

The real estate sector was the worst performer, down 4.95%. On Friday, the Nasdaq 100 is down 1.10% while the SPX500 is down 0.41% and the DJ30 is down 0.01%.

Best Cryptocurrency

Bitcoin has seen small gains, trading above $42,000 at the time of writing. Ethereum is up about 1%, while Solana and XRP are making small gains. Only Cardano was the top ten cryptocurrency in the red this morning, posting slight losses.

Polygon is the 14th coin by market cap and the top 20 winners today. Currently, the live price is $2.10 with a 24-hour trading volume of $1.13 billion. Polygon’s original MATIC token has gained nearly 6% in the past 24 hours.

The most important driving factors

Immutable X, the first scaling solution for Tier 2 NFTs on Ethereum, is one of the top 100 coins among the top 100 coins by market capitalization today. It gained an impressive 14% in the last 24 hours after an upcoming listing was announced on Binance.

NEAR Protocol is a Layer 1 blockchain designed as a community-managed cloud computing platform that removes some of the limitations that have held back competing blockchains, such as low transaction speeds, low throughput, and poor interoperability. It’s the second biggest winner with Kadena, adding 9% to its value today.

Cadena has been doing well lately. It has the only Layer 1 PoW blockchain scalable with Pact, the most secure smart contract language.

Zcash is a decentralized cryptocurrency focused on privacy and anonymity and one of the biggest winners today. It was up 8% at the time of writing.

Oasis Network (ROSE), a privacy-focused Layer 1 blockchain designed for open finance and a responsible data economy using the Cosmos SDK, has grown by 7% in the past 24 hours. The SDK will allow Oasis to interact with the Cosmos-compliant (ATOM) blockchain ecosystem while launching its Inter Blockchain communication protocol.

Fantom and Arweave are still going strong. They were optimistic last week. Today everyone earned 6%.

In the Top 100 list, gnosis is the biggest loser. At number 98, the decentralized prediction market based on the Ethereum protocol has fallen by 9% in the past 24 hours. YFI, token Yearn.Finance, and Bora all lost 6% today.

Mile

NinjaFloki, a gaming-based cryptocurrency, continues to make impressive gains. Today it is up 1.265%.

Today, Alchemy Pay Direct has a price of $0.087 with a 24-hour transaction volume of $101.6 million. Alchemy Pay is up 46% in the past 24 hours following the announcement of Binance’s upcoming listing.