The crypto markets show no signs of recovery. The global cryptocurrency market cap dropped by 1.8% in the last 24 hours, falling to $821 billion. Furthermore, investor sentiment has not improved either. According to Coinshares, 75% of the fund inflows went into short investments.
Meanwhile, the FTX contagion is spreading fast. Rumors about Genesis Trading’s solvency issues have caused another stir among investors. There is talk that DCG (Digital Currency Group) might liquidate its GBTC (Grayscale Bitcoin Trust) positions to fill holes in its balance sheet.
With that said, let’s take a look at…
Top Crypto Tokens to keep your eye on
Bitcoin (BTC): BTC has dropped below the $16k mark creating immense selling pressure for miners, whose revenue continues to move sideways while the asset’s price plummets.
Although Bitcoin (BTC) had inflows of $14 million, net flows were negative $4.3 million when short investments were taken into account. Short Bitcoin assets under management are currently at US$173 million, getting close to its peak of $186 million.
Thus, there is a lot of pressure on the original crypto’s price to go lower. As such, the situation could present an opportunity for newcomers to buy cheap Bitcoin.
At press time, BTC was trading at $15,839.15, down by 2.5% in the last 24 hours.
Litecoin (LTC): Litecoin (LTC) is currently the best-performing coin in the last seven days. The token is up by 9.6% over the last week. With Solana (SOL) taking a hit over the FTX collapse, investors may be pulling out of their SOL investments and putting them in LTC.
Moreover, LTC was integrated into Moneygram, Google Cloud, and Blockbank.
Additionally, the number of LTC wallets reached 162 million, getting close to Ethereum’s 166 million.
At press time, LTC was trading at $62.01, up by 1.7% in the last 24 hours.
Cronos (CRO): Crypto.com is one of the official sponsors of the FIFA World Cup Qatar 2022, and Cronos (CRO) is its native token. The FIFA World Cup is one of the biggest sporting events on the planet, and as such, the world’s eyes are going to be on Crypto.com.
The event could lead to many newcomers coming on board with the exchange and consequently coming across its token, CRO. Therefore it would make sense to keep your eyes glued on CRO’s performance during the next few weeks.
At press time, CRO was trading at $0.063128, down by 2.4% in the last 24 hours.