The Crypto Report: Bitcoin and Ethereum enjoy support after savage dip on strong US dollar

After taking a beating on a rallying US Dollar, Bitcoin gained solid support to drive its price back to positive territory, and is currently trading above the US$19,000 support line.

Ethereum saw an even stronger rebound, with the bulls adding 7.5% to bring it above the US$1,600 support line.

At US$980bn the crypto markets as a whole are still below the key US$1tn mark, though strong price action in the altcoin space is encouraging.

Binance’s BNB Coin added 5.5% bringing its market capitalisation up to US$45bn, while Solana outperformed its network token competitors with a 4.6% gain.

Checking in on the meme coins, Dogecoin (DOGE) is currently at a US$8.1bn market cap after adding 3.3% this morning, while Shiba Inu (SHIB) added 2.2%, bringing its market cap up to US$6.8bn.

The US$3.5bn oracle network Chainlink also performed well, having added 7%.

Terra Classic (LUNC) seems hell bent on returning from the dead following its total collapse in May.

A recently announced airdrop rewards programme and added support on some major digital asset exchanges sent the token skyward, having gained 43% in the past day alone.

Top movers in the decentralised finance (DeFi) space this morning included the Binance-based decentralised exchange SushiSwap, which added double digits to its market cap, as did Compound Finance and Curve.

Total value locked across the wider DeFi space is currently US$58.2bn.

You might like

© 2022 The Latest StockMarket News and Interviews