The cryptocurrency markets continue to show buoyancy despite global market capitalisation failing to break above US$1tn after flirting with the barrier for the past three sessions.
Bitcoin (BTC) added another 1.5% on Monday, closing the session above US$21,000 for the first time since early November, in those bright days before FTX’s implosion crashed the entire sector.
Bitcoin bears looked in control on Tuesday morning, with the BTC/USDT pair remaining just below US$21,200.
Bitcoin (BTC) tests the pre-FTX resistance point – Source: currency.com
The real test will be breaking above the US$21,300 resistance line, which is where the pair was changing hands just prior to the November collapse.
Ethereum (ETH) also closed 1.5% higher on Monday, though the second-largest cryptocurrency has further to go before cancelling all of its post-collapse losses.
Currently changing hands at US$1,565, the ETH/USDT pair needs to stabilise above US$1,650 to truly prove it’s back in the game.
Filecoin (FIL) has emerged as a top mover in the altcoin space, with the decentralised cloud storage protocol added over 25% in the past week.
But the strongest gains go to Decentraland after the Australian Open chose the play-to-earn game to host the tennis tournament’s interactive AOmetaverse entertainment and commercial zone.
Decentraland’s native MANA token has surged over 80% this week, rbinging its market value to a four-month high of US$1.35bn.
Game, Set, Match!@AOmetaverse has returned to Decentraland!
???? On the big screens: #AO23 Practice courts, 24/7 Classic matches
???? New AO Tennis Club, Beach Bar
???? Rod Laver Tennis Challenge
???? Daily quests for Wearables
-143, 74 pic.twitter.com/Z3VOICGmOU
— Decentraland (@decentraland) January 15, 2023
Total value locked in the decentralised finance (DeFi) space remains at US$45.2bn, encouraged by Lido’s 20% increase over seven days and strong growth at Aave, Convex Finance and Justlend.