The Living Market

BTC Drops Below 30K, UNI Breaks All-Time High, BCH Drops 10%: The Living Market

BTC drops below 30k and the rest of the biggest crypto take a hit. UNI breaks all-time high, and Bitcoin Cash faces new threats to remain within the Top 10 CoinMarketCap Rank. The Crypto Market Cap continues to shed value and bitcoin’s dominance decreases. Volume is not high enough to offset systematic risk due to Covid-19 and its economic effects.

  • Bitcoin ($30,352.61, -5.87%) dips below 30k for the second time in the past week. Following the new all-time high ($41,941.56) on January 8, 2021, bitcoin has undergone a downward trend of lower highs. Yet, investors have shown significant interest in BTC near $30,000 as it’s considered a bargain and a solid support level.
  • UNI breaks a new all-time high ($14.46) amidst a turbulent market. At the time of writing, the price slid back to $14.78 gaining +11.33% for the day. With $8.43 billion TVL, Uniswap dominates the Decentralized Exchanges market (Uniswap Dominance: 34.12%) and sits on the fourth spot of DeFi Pulse rank.
  • Bitcoin Cash (BCH) bleeds most of the Top 10 largest crypto, trading at $381.98 dropping -10.39% for the day. Considering the recent pump in alt-coins and the increased volume behind new projects, UNI, AAVE, and Stellar (XLM), pose a great threat to dethroning BCH.

Market Structure

  • Crypto’s Market Cap continues to decrease as big coins continue to shed value. Bitcoin’s Market Cap Dominance (62.60%) drops to levels not seen since early December 2020 as Ethereum ($1,301.70, -2.30%) continues to outperform the king.
  • Uncertainty infects the market. The first 2021 U.S. Federal Reserve meeting finished today, and it seems that J. Powell has no intention to ease policy. A surge in cases around the globe and the rise of new strains, coupled with devastating economic data for December (6.7% unemployment rate, spread fear around all the markets. Volatility is due to increase or remain at high levels unless stablecoin volume picks up and more liquidity is injected into the crypto market.
The Living Market
BTC Dominance, BTC, ETH Monthly Chart

News and follow-ups from around the industry

  • Harvard, Yale, and Brown endowments have started to purchase crypto directly from exchanges. This marks a pivotal moment in cross-sectoral crypto adoption.
  • According to Ark Investments Management CEO, Catherine Woods, SEC backing for bitcoin ETF‘s only plausible once market capitalization hits $2 trillion.
  • Ripple faces another class-action lawsuit in Florida, with the Middle District Court of Florida accusing Ripple of selling “millions of dollars” of unregistered XRP.

Top 3 Cryptos by Sector

Market Cap-Large (24/h Δ in price)
Total Market Cap: (-3.63%)*

  • BTC: $30,352.61 (-5.87%)
  • ETH: $1,262.74 (-5.98%)
  • XRP: $0.251 (-6.07%)

Smart Contracts (24/h Δ in price)
Market: (-9.6%)

  • DOT: $15.54 (-8.48%)
  • ADA: $0.314 (-8.29%)
  • EOS: $2.52 (-3.94%)

DeFi (24/h Δ in price)  
Market: (+18.78%)

  • UNI: $14.78 (+11.33%)
  • AAVE: $278.60 (-0.29%)
  • SNX: $15.84 (-6.10%)

Stable Coins (24/h Δ in volume traded)  
Market: (-0.10%)

  • USDT: $13,795,975,804 97 (-1.63%)
  • USDC: $535,103,212(+0.87%)
  • DAI: $195,523,434 (+2.08%)

NFT’s (7day volume traded)  
Market: $5,7839,535.1

  • CryptoPunks: $2,499.238,64
  • Sorare: $966,303.8
  • Superrare: $590,42.93

Wednesday January 27, 2021 20:15 CET

*Market Data from Messari. Crypto Total Market Cap Data from TradingView.

Disclaimer: All information in this publication is provided for general information purposes only. The information provided in this publication does not constitute investment advice and is not intended as such. This publication does not constitute and is not intended as an offer, recommendation, or solicitation to invest in any financial instrument, including cryptocurrencies and the like. The contents contained in the publication represent the personal opinions of the respective authors and are not suitable or intended as a basis for decision-making.