Mooners and Shakers: Bitcoin and Ethereum stable as altcoins look ready to move

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Bitcoin is hovering around US$30,000, Ethereum has just broken above $2,100, and several altcoins appear to be quivering on the launch pad, ready to take off. Welcome to a hopeful start to Crypto Week.

Before we go any further, let’s get some visual confirmation on said hopium, in the form of a Crypto Fear & Greed greedy index

Yes, as we thought, not much has changed there. It’s a very vague scientific level, of course, but if the needle is moving into the territory of extreme greed, that’s when things tend to get overheated and maybe it’s time to hold on account of the good old wisdom of Warren Buffett. You know this one.

Some last minute news

Hong Kong confirmed its commitment to crypto at a major Web3 conference held in the region. In case you had any doubts that Asia’s major financial hub is becoming a crypto powerhouse, government officials there have all but confirmed the plans.

Speaking at the Hong Kong Web3 Festival late last week, Finance Secretary Paul Chan Mo-po said regarding industry regulation:

I believe everyone has learned from recent events that proper regulation is essential to creating a sustainable development environment and a more ideal space for development.

The US Congress will hold two major hearings on crypto later this week. First, SEC boss Garry Gensler is to be questioned by the US House Committee on Financial Services about the oversight of the Securities and Exchange Commission. Gensler is well known for his strict stance on the industry and believes that all, or most, altcoins are unregistered securities.

The other hearing is related to a bill relating to stablecoins.

Overview of the top 10

With the overall crypto market capitalization at US$1.33 trillion, up 0.6% since yesterday at this time, here is the current state of play among the top 10 tokens according to CoinGecko.

Layer 1 blockchains Ethereum and Cardano have led this latest rally over the past few days, since the former successfully implemented its Shanghai and Capella network upgrades last week.

Staking has once again become a hot topic, and while these two chains are in direct competition with each other, both are increasingly relying on narrative to validate and secure their proof-of-stake networks and also to increase decentralization.

Meanwhile, just to prove the point, the liquid staking derivative token STETH is still, uh, laying claim to its recent claim of a long-term spot in the top 10 crypto market cap stakes.

And meanwhile watch out, Crypto Twitter-hosted chart watchers are apparently swinging altcoin-bullish

Tops and bottoms: 11100

Scanning a market cap range of around US$9.55 billion to around US$439 million across the rest of the top 100, finds some of the biggest 24-hour winners and losers as of press time. (Stats accurate at time of publication, based on data from CoinGecko.com.)

PUMPS

Radix(XRD), (market cap: 906 million USD) +16%

Casper Network (CSPR), (mc: US$625m) +15%

Rocket Pool (RPL), (mc: $1.14 billion) +14%

Injective (INJ), (mc: USD 744 million) +13%

Baby Doge Coin (BABYDOGE), (mc: $573 million) +8%

SLUMPERS

OKB (OKB), (market cap: USD 3.18 billion) -4%

WOO Network (WOO), (mc: $545 million) -3%

Batteries (STX), (mc: $1.18 billion) -1%

MultiversX (EGLD), (mc: US$1.09 billion) -1%

Optimism (OP), (mc: USD 847 million) -1%

around the blocks

A certain relevance and randomness that marked us during our morning trips through the Crypto Twitterverse.

Yeah, that pretty much sums up the current sentiment we were talking about earlier.

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