Crypto-Less NFTs

Chart of the Day

With the imminent crossing of its 50-and 200-day moving averages hanging like a Sword of Damocles over BTC, the largest cryptocurrency by market cap has lost its recovery momentum from the previous 2 days, and is now trapped in a loss consolidation phase just below the $43k region. In a similar vein, ETH has also now drawn down to test its support at the $3,300 level after encountering heavy resistance at the $3,400 level. Whilst BTC and ETH are continuing their sideways movements, a few L1 tokens have put in stellar performances on the back of fresh capital inflows and growing transaction volumes.

For instance, the FTM/ETH pair managed to hit new highs this week. NEAR, the native token of Near Protocol, is also up by almost 20% from 7 days ago due to a recent explosion of developer activity on its network. This strong start to the year by both Fantom and Near is all the more extraordinary if we were to consider the prevailing bearish sentiment that has plagued (and is currently still plaguing) the broader crypto market ever since 2022 first rolled around, and goes to show that there is still a lot of value in keeping an eye out for application-level protocols with true utility and potential regardless of market cycle.