The crypto market kicked off a new year of trading in a positive mood.
“The entire market is generally stabilizing, accompanied by apathetic market participation,” Arcane Research, which provides analysis of digital asset trends, wrote in a newsletter on Tuesday.
Lido DAO (LDO), the governance token of the Lido decentralized autonomous organization, grabbed the trophy as the top performer so far in 2023 in CMI.
LDO is one of 142 assets out of 163 assets in the CoinDesk Market Index that are trading higher so far in 2023, with 25 assets trading more than 5% above their closing levels on the last day of 2022.
Bitcoin has hovered between $16,000 and $17,000 for 19 consecutive days, after a horrendous 2022 during which the largest cryptocurrency lost 64%.
Looking at sector performance, CoinDesk Market Index sector indexes are in the green across the board during the first few days of the year, led by the Culture and Entertainment sector, up 5% through Tuesday. The decentralized finance (DeFi) sector is up nearly 4%.
Adam Farthing, chief risk officer for Japan at crypto market maker B2C2, predicted that more crypto investors will look for “real-time, real-world applicability, as opposed to betting on the hope of some future potential use-cases.”
“One would expect the winners of 2023 to be those tokens which can demonstrate immediate cash-generative use cases in the real world, which do not depend on future crypto market growth and uptrends,” Farthing wrote in a Tuesday note.
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