Today’s crypto movers: Bitcoin (↑2.82%), Ethereum (↑1.90%), Waves (↓6.97%) and Bitcoin Cash (↑9.74%)
The overall crypto market is up 3% in the past 24 hours. Bitcoin Cash (BHC) made one of the biggest moves, gaining 9%.
The overall crypto market slightly recovered as Bitcoin regained its footing above $40,000. High inflation along with rising interest rates and balance sheet tightening by the Federal Reserve still weigh on the crypto markets.
Overall, we saw prices change by 3.21%, which seems like a profit-taking pullback after the prices consistently dropped since the beginning of April.
Trading volume over the last 24 hours was 2% higher than the recent seven-day average, which could mean market participants are buying the dip.
Price volatility was 0.76%, which is normal, given the recent dip.
The two biggest coins: Bitcoin and Ethereum
Bitcoin (BTC) is the biggest coin by market cap and its price changed by 2.82%. Bitcoin now represents 40.97% of the overall market cap of the 250 biggest coins.
After the recent drop to $39,000, the price has recovered and moved higher. This can be driven either by profit-taking from those who shorted Bitcoin and forceful liquidations for those who used leverage. It can also mean the price bounced off the $40,000 support level and may continue higher.
The second most valuable crypto, Ethereum (ETH), saw its price change by 1.90%. Ethereum’s market cap is 47.64% of Bitcoin’s value.
Ethereum along with most altcoins is still tied to Bitcoin’s moves. Ethereum’s support level stands at $3,000. This level must hold if we are to see gains. If it breaks below, a $2,500 is the next price level to watch.
Today’s biggest gainers and losers
The coin with the biggest percentage gain (out of the top 250) was Bitcoin Cash (BCH). Its 24 hour increase was 9.74%. The increase means BCH is now the 25th biggest coin with a market cap of US $6.52 billion.
Bitcoin Cash (BCH) is a hard fork of Bitcoin, meaning it has a set of differences. The main one is a larger block size, which translates into lower transaction fees and faster transfers on average.
While Bitcoin is thought of as digital gold, Bitcoin Cash advocates call it digital cash and what Satoshi’s original whitepaper originally meant for the network. There appears to be no newsworthy events linking this sudden price appreciation.
The biggest loser in the 200 biggest coins was Waves (WAVES). Its drop over the last day was 6.97%. After the fall, WAVES is now the 49th biggest coin with a market cap of US $2.32 billion.
Waves (WAVES) is a multi-purpose network that makes blockchain technology easy and seamless for everyday Internet users. The protocol supports a wide variety of use cases that demand security and decentralization, such as smart contract implementations, a decentralized exchange and an oracle network.
WAVES losses continue after a Twitter user 0xHamZ called the cryptocurrency “the biggest ponzi in crypto” two weeks ago.
WAVES is the biggest ponzi in crypto
It has recklessly engineered price spikes by borrowing USDC at 35% to buy its own token
Continuous WAVES market cap growth is needed to keep the system stable
WAVES will eventually crash and USDN will break with it
You're on notice🧵
— 0xHamZ (@0xHamz) March 31, 2022
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