Crypto News: USDC overthrows Solana; Almost on the rise as cryptos plunge again; Fed blamed for liquidation

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USDC Coin has overtaken Solana to become the No.5 crypto as the once-hot, high-speed Layer 1 blockchain struggles to cope with denial-of-service attacks.

As of December 26, USDC was ranked eighth by Coinmarketcap, also behind Cardano and XRP. But those coins have suffered double-digit losses since, while USDC’s supply edged up.

Its market capitalization of US $ 42.3 billion still places it far behind the leading stablecoin Tether, which also dominates the overall crypto market in terms of transaction volume.

But the USDC is doing strong. Its circulating supply is more than nine times that of a year ago, while Tether’s market cap has roughly tripled.

Close to the pumps again

Near Protocol has been the biggest winner in the past 24 hours, increasing 15.2% to US $ 15.47. It hit an all-time high of $ 17.60 on January 4.

There is a consensus among everyone I know who is smarter than me and who has had massive home runs in the past with evaluation protocols. $ NEAR is grossly undervalued.

– Ryan Cantering Clark (@CanteringClark) January 9, 2022

Cosmos (ATOM) had advanced 8.6% to $ 38, making it the second biggest winner. Oasis Network followed with a gain of 6.6 percent.

Gnosis was the biggest loser, losing 15.4% to $ 403, followed by THORChain, down 8.6%.

The crypto market drops 1.7%

Overall, the crypto market was valued at US $ 1.94 trillion, down 1.71% from yesterday.

Bitcoin was down 0.5% to $ 41,747, while Ethereum was down 2.9% to $ 3,070.

Coingecko “Momentum works both ways”

Pepperstone chief researcher Chris Weston offered his take on the crypto sale this morning on Ausbiz, telling the streaming TV service that while there are some interesting and innovative things going on in the industry, Bitcoin had been one of the main beneficiaries of the monetary stimulus measures. put in place during the coronavirus crisis.

“He was a liquidity beneficiary – and you know, you buy everything in a world of QE (quantitative easing); you buy everything at zero and negative interest rates, ”Weston said.

“The opposite is true now.

“The quantitative tightening, which we are leading in the lead, is designed specifically to get people off the risk curve, is designed to lower asset prices and tighten financial conditions.

“And Bitcoin is caught in that – you’re not fighting the Fed. You are basically small right now. … It’s a dynamic vehicle, and dynamics work both ways.

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