The crypto market is correcting after the significant increase on Easter Monday. Financial markets appear to be turning cautious ahead of the US consumer price index (CPI), which is due to be released later today. In addition, a long-awaited Ethereum update, also scheduled for today, is making the crypto market even more hesitant. Total market capitalization is down 1.5% to $1.27 trillion.
Daily Market Overview
Market cap: $1.30T -0.42%⬇️$BTC Dominance: 44.60% +0.06%⬆️
Fear & Greed Index: 65⬇️greed sentiment
Most projects make a loss🔴#Bitcoin $ETH🌐👉https://t.co/x6QFX2Q84F
🧠Free on-chain dash👉https://t.co/37TvvCw23a pic.twitter.com/UbSaLjpFc2— IT Tech (@IT_Tech_PL) April 12, 2023
Bitcoin battling $30,000
Bitcoin (BTC) took the lead on Easter Monday and remains one of the strongest today. Despite this, bitcoin is currently just below $30,000 and is therefore down 0.5% today. It is expected that it can still be quite volatile today for the price.
The amount of #Bitcoin on Ethereum has dropped by more than 50% over the past 12 months
Interesting new dashboard by @subinium https://t.co/kMD3lRSfJR pic.twitter.com/Q7xiMTvN63
— Dune (@DuneAnalytics) April 11, 2023
Ethereum gets major update today
Ethereum (ETH) is already falling a bit faster and that probably has to do with the so-called “Shappella” update, which should take place shortly after midnight.
Currently, the net unrealized loss on the #Ethereum Beacon Chain amounts to $4.7B, down from the peak of $16B hit during the LUNA implosion.
The largest of depositors (+500 Validators) are experiencing the highest degree of financial pain, holding 70% of the unrealized losses. pic.twitter.com/EHk1A2w6Dy
— glassnode (@glassnode) April 11, 2023
This update finally allows strikers to withdraw their ETH. There are therefore concerns that this could lead to a large ETH dump, but opinions are very divided on that. ETH, meanwhile, is down 2.4% to $1,870.
I’m not a dude who asks for retweets, but I think it’s very important that we reach everyone with this message: if you are a staker running mev-boost and you’re not updated to v1.5 by Shapella tomorrow, you will cause missed blocks and may lose valuable income.
— superphiz.eth 🦇🔊🐼 (@superphiz) April 12, 2023
Crypto top 10 turns red
Still, the rest of the top 10 is falling faster. Ripple (XRP) is falling back towards $0.5 and is down 2.8%. Cardano (ADA) is also down 2.8%, falling to $0.39 and currently recovering to $0.396.
Polygon (MATIC) is already down 3.1% to $1.09. Binance coin (BNB) comes in at $318.7 and is even down 3.3%. Dogecoin (DOGE), however, is the biggest loser from the top 10, dropping 3.5% to $0.082.
Solana continues to rise
Solana (SOL) manages to isolate itself again and is today the largest coin that turns green. SOL found support around $22.5 as the rest fell and then started to rise again. SOL briefly touched $24, but is currently dropping to $23.5. This means that solana is still almost 5% up today.
Solana Name Service (SNS) is now available to all Brave users! SNS is a top-level domain system on the Solana blockchain that allows for identity management, easier transactions & access to censorship-resistant websites.
Learn more at https://t.co/9JhBxzp4cs pic.twitter.com/fTPeQI3yU5
— Brave Software (@brave) April 11, 2023
ETH DeFi projects among top 100 hardest fallers
However, the top 100 is filled with red prices. At the top we mainly find DeFi platforms on Ethereum that use staking. It is a clear sign of the uncertainty surrounding the upcoming update.
Arbitrum (ARB), gmx (GMX), bitget token (BGB), frax share, singularitynet (AGIX) and optimism (OP) are down about 5%. Chiliz (CHZ) and kaspa (KAS) are down nearly 6%. Conflux (CFX) is down nearly 9%. The day’s biggest losers are rocket pool (RPL) and lido (LDO), both losing 9.4% of their value.
Rocket Pool’s deposit pool ceiling was recently increased, to prepare for Atlas next week.
This saw 13,000 ETH of liquid staking deposits received in 12hrs – our biggest day since launch & a great sign for decentralized staking!
Monitor the pool here: https://t.co/0wRsNcyARh
— Rocket Pool (@Rocket_Pool) April 11, 2023
SOL, ETC, RDX, INJ some rates up
Still, we have some other exceptions in the top 100 besides solana. Ethereum classic (ETC) is up 1%, radix (RDX) is up 4% and injective (INJ) is up 4.5% to $6.63 .
1/ Injective with @EclipseFND has released Cascade: the first ever Solana SVM rollup for the IBC ecosystem 🚀
Cascade brings the $9 Billion+ @solana developer ecosystem to @Injective_enabling a new age of hyper scalable multichain dApps.https://t.co/mhEhmSqn9I
— Injective 🥷 (@Injective_) March 30, 2023
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