Today’s crypto movers: Bitcoin (↑4.50%), Ethereum (↑4.17%), Klatyn (↓2.20%) and STEPN (↑36.89%)
The overall crypto market is down 4% in the past 24 hours. STEPN dominated with a 36% gain.
The crypto market followed Bitcoin’s dip below $40,000. As Bitcoin recovered above this price point, most altcoins should follow.
Overall, the crypto market saw prices change by -4.37%, which is almost the same as the day before.
Trading volume over the last 24 hours was 36% higher than the recent seven-day average, which means more forced liquidations happened in leveraged long positions as the market dropped. It could also mean that more buy orders were filled as Bitcoin bounced back above $40,000.
Price volatility was 1.34%, which shows minimal moves in the crypto market overall.
The two biggest coins: Bitcoin and Ethereum
Bitcoin (BTC) is the biggest coin by market cap and its price changed by 4.50%. Bitcoin now represents 41.05% of the overall market cap of the 250 biggest coins.
Bitcoin saw its price dip below the $40,000 price level after trading in a narrow range for a few days. This move was short-lived as the price returned above that level. This was likely caused by multiple buy orders being filled below $40,000, which as a support price is being seen as a bargain by some investors.
The second most valuable crypto, Ethereum (ETH), saw its price change by 4.17%. Ethereum’s market cap is 48.15% of Bitcoin’s value.
Similar to Bitcoin, Ether managed to get back above $3,000 after dipping below for a short period of time. Trading above $3,000 opens the way for a move back to $3,500.
Today’s biggest gainers and losers
The coin with the biggest percentage gain (out of the top 250) was STEPN (GMT). Its 24 hour increase was 36.89%. The increase means STEPN is now the 55th biggest coin with a market cap of US $1.93 billion.
STEPN (GMT) is a Web3 app with fun social elements and gamification design. Users equipped with NFT sneakers walk, jog or run outdoors to earn GST, which is another token associated with STEPN. They can trade these earnings for USDC or SOL or use them to level up and mint new NFT sneakers to lease or sell.
The recent gain is likely associated with the launch of a unique collection of NFT sneakers in partnership with the sports brand ASICS on the Binance NFT marketplace. Also, the company behind the STEPN app started using their Q1 profits to buy back GMT and initiate burn. The team is buying 10,000 SOL (~$ 1 million) worth of GMT every day until the fund runs out. This will drop GMT’s supply, which in turn should affect the GMT price.
The biggest loser in the 200 biggest coins was Klatyn (KLAY). Its drop over the last day was 2.20%. After the fall, KLAY is now the 46th biggest coin with a market cap of US $2.66 billion.
Klaytn (KLAY) is a public blockchain focused on the metaverse, GameFi and creator economy. It launched in 2019 and has its base in Singapore. The KLAY token is the native digital asset that fuels and secures the Klaytn protocol.
The recent drop is a normal continuation of Klay’s downtrend, unrelated to any news.
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