by Coinstrooper Crypto Articles
Quick Take
  • The crypto market is up today, but the change at the time of the writing is so low that the market is unchanged.
  • The cryptocurrency market capitalisation increased by just 0.1%.
  • Also, 75 of the top 100 coins have gone up over the past 24 hours.
  • At the same time, the total crypto trading volume is at $108 billion.

What Happened

Delayed job and retail reports released in the US on Tuesday increased uncertainty among investors across markets. The reports showed that the US labour market continues to weaken.

Meanwhile, the Marshall Islands has launched a nationwide universal basic income (UBI) program that allows citizens to receive payments via cryptocurrency.

Market Context

The crypto market is up today, but the change at the time of the writing is so low that the market is unchanged. The cryptocurrency market capitalisation increased by just 0.1%. It now stands at $3.03 trillion. Also, 75 of the top 100 coins have gone up over the past 24 hours. At the same time, the total crypto trading volume is at $108 billion.

At the time of writing, four of the top 10 coins per market capitalization have seen their prices decrease and four increase over the past 24 hours (not taking the stablecoins into account).

However, it’s notable that most changes are so low that the prices are practically unchanged.

Bitcoin (BTC) is up by just 0.1% since this time yesterday, currently trading at $86,388.

It’s followed by Dogecoin (DOGE)’s 0.6% rise to the price of $0.1298.

On the other side, Tron (TRX) saw the category’s highest fall of just 0.2%, currently trading at $0.2792.

Volatility Remains High Despite Stabilised Market

According to Glassnode, risk hedging rose during the market plunge several weeks ago. Bitcoin’s price entered the low-$80,000 range.

“This coincided with a rise in expected price dispersion, indicating higher uncertainty,” the analysts said.

However, they found that market conditions have stabilized. Moreover, expectations for extreme moves have moderated.

Yet, “implied volatility remains elevated relative to the exceptionally low-volatility regime observed over the prior six months, suggesting a shift toward a more active volatility environment.”

Why It Matters

Crypto Winners & Losers

Ethereum (ETH) is down by just 0.1%, now changing hands at $2,924.

Details

XRP is the only coin with a change above 1%. It’s up 1.2%, now standing at $1.9.

Looking at the top 100 coins, 75 coins saw increases, even if minor.

The highest among these is Midnight (NIGHT)’s 4.5% to $0.05944, followed by Monero (XMR)’s rise 4.2% to $429.

On the other hand, Aster (ASTER) decreased the most: 9.2% to $0.7421.

Bittensor (TAO) is next, having dropped 6.2% to $246.

Every resident citizen is entitled to quarterly payments of roughly $200, or about $800 annually. The first payments were distributed in late November.

Levels & Events to Watch Next

At the time of writing on Wednesday morning, BTC stood at $86,388. The day started with a low of $86,248 and climbed to $87,918, before decreasing again to the intraday low level.

It’s down 6.7% in a week, moving in the $85,704–$93,042 range. It also decreased 31.4% to $126,080.