Mooners and Shakers: US dollar pounds markets, but crypto hangs in; IOTA surges on new token news

Unfortunately for most markets, it’s all about the US dollar at the moment. The DXY has been pummelling other currencies (particularly the British pound) and stock markets in its push higher. But crypto? Yeah, it’s not exactly in terrific shape, but it could be worse.

Right now finding the crypto bottom might have more to do with the US dollar finding its top. Where does the buck stop? That’s the question, as the thing’s been going practically vertical. The DXY is at 20-year-high levels near 114 and has been on a parabolic rise since May 2021.

Meanwhile, Bitcoin perma-mega-bull Michael Saylor is bringing the stats. (Albeit adjusted to a four-year timeframe for Bitcoin.)

Also thinking long term is the popular (200k+ Twitter subs) trader Josh Rager, who is comparing the current situation with the 2019 BTC bottom, which preceded a bull run of stupendously epic proportions. “Not saying history will repeat” – perhaps best to keep those words in mind, while keeping a close watch.

Onto some daily price action and other happenings.

 

Top 10 overview

With the overall crypto market cap at US$977 billion and up about 1% since yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.

There’s a surprising tinge of green in the crypto market majors today, with high-speed layer 1 blockchain Solana (SOL) leading the daily gains, while XRP has eased its foot off the gas after its recent surging.

Scanning some further Twitter-based analysis, Roman Trading seems impressed with Bitcoin’s resilience in the face of the macroeconomic turmoil and isn’t against the idea of a pump, but, frankly, still expects the crypto dominoes to fall again.

Dutchman Michaël van de Poppe is working in “ifs”, which is obviously fair enough. We like his “if”, below, as reclaiming and staying above the 200-week moving average is deemed an important marker for market health.

 

Uppers and downers: 11–100

Sweeping a market-cap range of about US$7.5 billion to about US$383 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)

DAILY PUMPERS

• Terra Luna Classic (LUNC), (market cap: US$2.13 billion) +48%

Terra (LUNA), (mc: US$445 million) +21%

• IOTA (MIOTA), (mc: US$867 million) +15%

• Bitcoin SV (BSV), (mc: US$984 million) +6%

Polkadot (DOT), (mc: US$7.56 billion) +6%

 

Okay, so the Terra coins are surging again. Why? At this point, other than thoughts of potential pumping-and-dumping whale manipulation it’s hard to fathom why.

That said, Interpol is said to be seeking the arrest of  Terra founder Do Kwon, although the price surging on this news seems a little strange.

Meanwhile, Kwon tweeted the following:

Watch this space on that one, and in the meantime, enter LUNA and LUNC trading at your own risk.

As for IOTA, there are things afoot with this unique OG Internet of Things crypto project. It’s nearing the launch of its SMR token and Shimmer – the staging, layer 1 network for the IOTA network.

What does this mean in a nutshell? It means a greater capacity for the IOTA project to build its DAG-based applications geared towards the IoT space. Shimmer is also designed to bring a fee-less digital assets structure to IOTA.

The launch of the SMR token and Shimmer is expected to take place on September 28.

DAILY SLUMPERS

Algorand (ALGO), (market cap: US$2.55 billion) -6%

ApeCoin (APE), (mc: US$1.73 billion) -3%

• Chain (XCN), (mc: US$1.57 million) -2%

DeFiChain (DFI), (mc: US$446 million) -2%

• Stellar (XLM), (mc: US$2.89 billion) -2%

 

Around the blocks

A selection of randomness and pertinence that stuck with us on our morning moves through the Crypto Twitterverse…

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