Crypto market recovering, techs drag SPX500 down

The crypto market was higher over the past 24 hours, as the majority of top 10 cryptos were in the green at time of writing. Bond prices have tumbled in the first week of 2022, with the worst week for 10-year bonds since 2019.

Tech stocks were among the worst affected sectors in the SPX500 as investors sold growth stocks more broadly in response to the Fed minutes and bond market sell off. The IT sector fell 4.69% while health care was down 4.65%.

Real estate was the worst performing sector, however, falling 4.95%. On Friday, the NASDAQ100 fell 1.10% while the SPX500 was down 0.41% and the DJ30 was off marginally by 0.01%.

Top cryptos

Bitcoin registered small gains, trading above $42,000 at the time of writing. Ethereum climbed around 1%, while Solana and XRP registered small gains. Cardano was the only top 10 crypto in the red this morning, registering minor losses.

Polygon is the 14th biggest coin by market cap and the top 20’s biggest winner today. Currently, the live price is $2.10 with a 24-hour trading volume of $1.13 billion. Polygon’s native token MATIC has gained almost 6% in the last 24 hours.

Top movers

Immutable X, the first layer-two scaling solution for NFTs on Ethereum, is one of the strongest performers in the top 100 biggest coins by market cap today. It gained an impressive 14% in the last 24 hours on news of an upcoming Binance listing.

NEAR Protocol is a layer-one blockchain that was designed as a community-run cloud computing platform and that eliminates some of the limitations that have been bogging competing blockchains, such as low transaction speeds, low throughput and poor interoperability. It is the second-biggest gainer along with Kadena, adding 9% to its value today.

Kadena has been doing well recently. It has the only scalable layer 1 PoW blockchain along with Pact, the safest smart contract language.

Zcash is a decentralized cryptocurrency focused on privacy and anonymity and one of today’s biggest gainers. It was up 8% at the time of writing.

Oasis Network (ROSE), a privacy-focused layer 1 blockchain built for open finance and a responsible data economy using the Cosmos SDK, is up 7% in the last 24 h. The SDK will allow Oasis to interact with the ecosystem of the Cosmos (ATOM)-enabled blockchain when its Inter Blockchain Communication Protocol launches.

Fantom and Arweave are still going strong. They’ve been bullish over the past week. Today, each gained 6%.

In the top 100, Gnosis is the biggest loser. Ranking #98, the decentralized prediction market built on the Ethereum protocol is down 9% in the last 24 h. YFI, the token of Yearn.Finance, and Bora both lost 6% today.