Most major altcoins — such as SOL, LUNA and AVAX — are losing ground to BTC over the past 24 hours.
The wider cryptocurrency market is down more than 3.5% over the past 24 hours as sellers remain in control. The price of BTC is only down an even 1.0% across global cryptocurrency exchanges, but altcoins are taking a beating. Second-ranked cryptocurrency ETH is down more than 4.5%, while primary competitor SOL is down nearly 5.5%. LUNA and AVAX, meanwhile, are down nearly 5% and 3.5%, respectively.
The dominant narrative in the cryptocurrency market is that the United States’ Federal Reserve’s indication that it may raise rates ahead of expectations is responsible for the drop in BTC prices. Causing alarm, however, is the fact that there haven’t been as many liquidations as one would expect — suggesting that cryptocurrency prices may fall even lower than original bearish expectations. Open interest remains elevated, which is also not something that buyers want to see at the moment.
NFT Snapshot: Samsung opens store in Decentraland
After announcing support for nonfungible tokens in its 2022 line of televisions, Samsung — specifically, Samsung Electronics America — has opened a virtual store in leading Ethereum-based metaverse platform Decentraland. The virtual-reality store is a digital version of its real-life flagship 837 store, which is located in Manhattan.
In a press release on Samsung’s official website, Senior Vice President of Corporate Marketing and Communications at SEA noted: “The metaverse empowers us to transcend physical and spatial limits to create unique virtual experiences that could not happen otherwise.”
Meanwhile, video game retailer GameStop is reportedly making serious headway in its efforts to enter the NFT space. A Wall Street Journal article providing further details on the company’s efforts has led to a stock price increase of almost 20%.
Top altcoin gainers and losers: ATOM leads large-caps
- MXT/USDT +5.99%
- CNTM/USDT +5.97%
- ATOM/USDT +4.96%
- BZZ/USDT -10.41%
- KOL/USDT -13.39%
- RIO/USDT -14.44%
Cosmos’ ATOM is the top-performing major cryptocurrency on OKEx today, per the exchange’s default time settings. That said, few altcoins are seeing gains of any note. On the side of losses, lower-capitalization altcoins are taking the biggest hits.
BTC technical analysis: Sellers firmly in control, buyers in hiding
The price of BTC continues to collapse after falling through major support, and is now testing the lows it put in on its last major collapse. The response from buyers has thus far been muted — and the four-hour ribbon of exponential moving averages may continue to provide resistance. BTCUSDT is in real danger of falling to lower levels.
ETH technical analysis: Losing ground against BTC
ETH is not holding up well against BTC. The leading altcoin is taking further losses against the cryptocurrency market leader and has turned decidedly bearish. It may catch a bounce in the near-term — after which the four-hour EMA ribbon may act as resistance.
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Source: https://www.okex.com/academy/en/crypto-market-down-samsung-decentraland-crypto-market-daily/