Today’s crypto movers: Bitcoin (↓3.25%), Ethereum (↓2.93%), ApeCoin (↓10.64%) and TRON (↑18.47%)
The overall crypto market is down -2.24% in the past 24 hours. TRON made the biggest gains among the top 250 cryptocurrencies.
The crypto market was down after several days of gains. Bitcoin still leads the way for most altcoins with a move lower to test the $40,000 support price. Bitcoin’s next move will draw the path for the crypto market.
Overall, the crypto market saw prices change by -2.24%, which is the largest drop in the past several days.
Trading volume over the last 24 hours was 50% higher than the recent seven-day average, meaning more people sold into the previous rally.
Price volatility was 1.67%, which shows prices didn’t fluctuate much.
The two biggest coins: Bitcoin and Ethereum
Bitcoin (BTC) is the biggest coin by market cap and its price changed by -3.25%. Bitcoin now represents 41.05% of the overall market cap of the 250 biggest coins.
After a quiet day of consolidation, Bitcoin made another attempt to break through the $40,000 support level. This is typically the zone where buy orders outweigh sell orders. If Bitcoin remains above $40,000, we may see another attempt at $45,000 in the near future.
The second most valuable crypto, Ethereum (ETH), saw its price change by -2.93%. Ethereum’s market cap is 48.15% of Bitcoin’s value.
After rallying 10% in the past few days, Ether pulled back slightly below $3,000. This is Ether’s support level and it has to hold if we are to see further gains. If this price level breaks, we may see Ether drop to $2,750.
Today’s biggest gainers and losers
The coin with the biggest percentage gain (out of the top 250) was TRON (TRX). Its 24 hour increase was 18.47%. The increase means TRX is now the 22nd biggest coin with a market cap of US $6.92 billion.
TRON (TRX) is a blockchain-based operating system focused on high transaction speeds. It provides the base for a decentralized platform for content sharing and entertainment.
The recent gain came as founder Justin Sun announced Tron’s launch of a new algorithmic stablecoin called USDD.
The biggest faller in the 200 biggest coins was ApeCoin (APE). Its drop over the last day was 10.64%. After the fall, APE is now the 33rd biggest coin with a market cap of US $4.04 billion.
ApeCoin (APE) is a decentralized project inspired by Yuga Labs’ Bored Ape Yacht Club. The token facilitates the APE Foundation’s APE Ecosystem.
The recent loss is a normal retracement after the week’s 60.57% rally. This surge came from rumors that Yuga Labs’ upcoming Otherside metaverse project would use APE.
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