Today’s market movers: Bitcoin (↑1.48%), Ethereum (↑2.16%), Near ( ↓9.00%) and ApeCoin (↑7.50%)

Posted: 11 April 2022 4:53 am

The overall crypto market is down 6% in the past 24 hours. ApeCoin (APE) gained 7.50%.

During the weekend, the crypto market saw a slight pullback mostly caused by low trading volume. The Federal Reserve’s hawkish stance on interest rates and the plan to tighten their balance sheet still weigh on the crypto market.

Overall, the crypto market saw prices change by -6.09%, which is a slightly bigger drop than the day before.

Trading volume over the last 24 hours was 28.55% lower than the recent seven-day average, which is normal considering it was Sunday.

Price volatility was 2.6%, which is in line with a low-volume trading day.

Of the top 10 tokens, 10 gained in value while of the top 200, 178 gained in value.

Of the top 200 tokens, the average change in price was 2.34%.

The two biggest coins: Bitcoin and Ethereum

Bitcoin (BTC) is the biggest coin by market cap and its price changed by 1.48%. Bitcoin now represents 40.18% of the overall market cap of the 250 biggest coins.

During the weekend, Bitcoin saw a minor drop. This can be attributed to lower trading volume and limited market participation. Also, the price now hovers around $42,000, which is a minor support zone where buy orders typically outweigh sell orders.

The second most valuable crypto, Ethereum (ETH), saw its price change by 2.16%. Ethereum’s market cap is 48.15% of Bitcoin’s value.

Ether still mimics Bitcoin’s moves. This could slightly start to change when Ethereum 2.0 upgrade goes live.

Today’s biggest gainers and losers

The coin with the biggest percentage gain was ApeCoin (APE). Its 24-hour increase was 7.50%. The increase means APE is now the 41st biggest coin with a market cap of US $3.16 billion.

APE is a decentralized project inspired by Yuga Labs’ Bored Ape Yacht Club project. The token facilitates the APE Foundation’s APE ecosystem. The recent gain is not tied to any news and is a regular market fluctuation.

The biggest loser in the 200 biggest coins was Near Protocol (NEAR). Its drop over the last day was 9.00%. After the fall, NEAR is now the 19th biggest coin with a market cap of US $10.52 billion.

Near Protocol (NEAR) is a layer 1 blockchain designed as a community-run cloud computing platform. It eliminates some limitations that bog competing blockchains, such as low transaction speeds, low throughput and poor interoperability. The recent drop is a normal retracement after last week’s 35.56% rally near all-time highs.

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