Key Factors
- Cryptocurrencies markets have stabilized on Sunday after tumbling on Saturday, with the Bitcoin worth within the mid-$18,000s.
- LEO has outperformed the remainder of the crypto market this weekend, recovering 15% from Saturday’s lows.
- The token fell as little as $4.30 on Saturday however has since recovered again to near-$5.0.
Cryptocurrency markets appeared to broadly stabilize on Sunday after experiencing sharp draw back on Saturday in a continuation of latest bearish strikes because of the more and more hawkish US Federal Reserve and rising US recession fears. Having slipped as little as the $760 billion on Saturday, whole cryptocurrency market capitalization was final simply above $800 billion, down greater than $400 billion or over 30% within the final two weeks alone.
The world’s largest cryptocurrency by market capitalization Bitcoin was final altering palms close to $18,500 and down about 2.0% on the day, having slumped greater than 7% alone on Saturday to interrupt under the vital psychological $20,000, $19,000 and $18,000 ranges earlier than printing recent annual lows within the mid-$17,000s. Ethereum, the world’s second-largest cryptocurrency by market cap, was final buying and selling within the mid-$900s per token, having dipped to recent 2022 lows within the $800s on Saturday.
UNUS SED LEO – Coin of the Day
In keeping with CoinMarketCap knowledge, crypto trade Bitfinex’s utility token UNUS SED LEO is the most effective performing cryptocurrency within the high 20 by market cap over the past 24 hours. LEO, which provides holders discounted buying and selling charges on the Bitfinex trade, dipped from round $5.0 per token to as little as $4.30 on Saturday in tandem with the meltdown in Bitcoin and different cryptocurrencies.
However LEO has since seen a pointy restoration again to shut to the $5.0 per token degree, a 15% bounce from Saturday lows. The bounce comes at a time when most different cryptocurrencies have did not mount a restoration from this weekend’s losses and is in becoming with the cryptocurrency’s latest outperformance versus most of its main rivals.
Certainly, in 2022, whereas a lot of the remainder of the cryptocurrency market has suffered from excessive international inflation, a weakening international economic system, hawkish central banks and a bear market in international equities, UNUS SED LEO has been a really robust performer. Although it has pulled again aggressively from February’s all-time highs within the $8.50 space, it nonetheless trades over 30% larger on the 12 months.
Whereas the cryptocurrency market has shed over $1.2 trillion in worth (or over 60%) because the begin of April, LEO has solely dropped about 13%. Some have argued that LEO’s distinctive tokenomics imply the cryptocurrency will be seen as a comparative secure haven in comparison with different tokens.
iFinex, Bitfinex’s mother or father firm, has dedicated to buying after which burning LEO tokens equal to 27% of the corporate’s revenues. The burn mechanism to “proceed to 100% of tokens have been redeemed”, iFinex mentioned when it launched the token again in 2019. This implies the token is deflationary, a property that some in crypto suppose helps protect a token’s worth.
