The Crypto Report: Bitcoin and Ethereum trade sideways while ApeCoin goes bullish on Gucci deal

The crypto markets opened fairly flat across the board today, adding 1.3% to bring total market capitalisation up to US$1.08tn.

Bitcoin edged slightly over the US$23,000 line, while Ethereum stayed close to US$1,650.

Ethereum scaling solution Optimism continued its strong rally with a 25% rise, while Binance’s US$49bn BNB coin was also among the biggest risers, adding 6.7%.

Following Bored Ape Yacht Club’s partnership announcement with Gucci, the NFT project’s native token ApeCoin enjoyed a 10% rally to bring its market capitalisation up to US$2.3bn.

Crypto.com’s US$3.7bn CRO token fell nearly 4% while privacy coin Monero and the Qtum network token were also among the biggest losers on Thursday morning.

Among the biggest gainers in the decentralised finance (DeFi) space were 1inch Network with 7.7%, Uniswap with 6.2% and staking platform Lido DAO with 11.5%.

However, total value locked across the wider DeFi space did suffer a 2% drop to US$88.4bn.

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