On January 22, Sky’s SKY token rose about +8% in 24 hours, moving against a softer crypto market. SKY, the governance token of Sky Protocol, traded between $0.066 and $0.067 across major exchanges, including Binance, Coinbase, and Kraken. Trading volume over the day ranged from roughly $20M to $40M, while the project’s market value stood close to $1.5Bn. Sky Protocol emerged from the rebrand of MakerDAO and supports the USDS stablecoin. The move came as broader conditions stayed weak. Total crypto mar ...

Market Overview - Extreme fear continues to dominate the crypto trading environment, with the Crypto Fear and Greed gauge rising to 18, only slightly above last week's low of 10, indicating significant market stress [1] - Bitcoin is trading above $90,000, reflecting a 4% increase over the past day, but remains in liquidation zones rather than entering new territory [1] Altcoin Performance - Most altcoins exhibit weak weekly charts, but a few, including Kaspa, Flare, and SKY, have shown double-digit gains despite market caution [2] - Kaspa is trading near $0.059, up approximately 16% in 24 hours, driven by heavy trading volume and open interest [2][3] Kaspa Insights - The interest in Kaspa is linked to its proof of work design, which targets fast confirmation times and parallel block production, maintaining miner engagement despite broader market weaknesses [3] - Liquidity on larger exchanges remains stable, supporting rotations between Bitcoin, stablecoins, and Kaspa, which helps the token retain intraday gains [3] Flare Insights - Flare's FLR token is trading near $0.015, up about 13% on the day, with 24-hour trading volume exceeding last week's average [4] - The interest in Flare is attributed to its focus on data feeds, cross-chain connectivity, and reward programs that incentivize holders and participants in staking [4][5] SKY Insights - SKY is trading near $0.047, reflecting an 11% increase in 24 hours, and is categorized within the smaller cap bracket, where price swings can be more pronounced during quieter market conditions [6]

Market Overview - The crypto market experienced a significant boost with Bitcoin (BTC) rising to $91,700 and Ether (ETH) reaching $3,030, following a strong recovery in equities led by tech stocks [1] - Bitcoin's 5.4% gain over the past 24 hours outperformed 18 of the 20 largest crypto tokens by market cap, indicating a shift in trader focus towards Bitcoin rather than lower liquidity altcoins [2] Derivatives and Trading Activity - Bitcoin's 30-day implied volatility index (BVIV) decreased to 50%, recovering from a spike to 65% the previous week, suggesting a stabilization in market expectations [5] - Traders engaged in a bullish year-end call-condor structure for Bitcoin, with a premium of $6.5 million, indicating expectations for a potential "Santa rally" [5] - Open interest for Bitcoin remained consistent with price gains, indicating that the recent price movement was driven by spot buying rather than futures activity [5] Altcoin Market Dynamics - The altcoin market showed signs of strength, with notable gains in tokens like SKY (10%), DASH, ETHFI, and AVAX (6.7% to 7.7%) [5] - However, not all altcoins performed well, as Ethena (ENA) and Bittensor (TAO) both dropped by more than 2%, indicating mixed sentiment across the market [5] - The average relative strength index (RSI) for the crypto market is approaching "overbought" territory, suggesting a potential pullback unless demand and volume can be sustained [5] Future Outlook - The performance of the altcoin market is closely tied to Bitcoin's next moves; a break above the downtrend towards $100,000 could lead to altcoins following suit, while a decline back to the low $80,000 level may result in underperformance among altcoins [5]