Today’s crypto movers: Bitcoin (↓3.12%), Ethereum (↓4.69%), Theta Network (↓7.51%) and STEPN (↑5.01%)
The overall crypto market is down 4.22% in the past 24 hours. STEPN made the biggest gains among the top 250 cryptocurrencies.
Bitcoin has been trading above $40,000 since mid-March. But recent hawkish comments from the Federal Reserve caused all risk assets, including crypto, to drop. Federal Reserve Chair Jerome Powell said it was likely to raise interest rates by a half-point at the Fed’s next meeting in May. High-interest rates make borrowing money more costly, which means less money is available for buying riskier assets.
Overall, the crypto market saw prices change by -4.22%, which is a larger drop than what we saw in the past few days.
Trading volume over the last 24 hours was 28% higher than the recent seven-day average, meaning more liquidations happened below $40,000.
Price volatility was 0.65%, 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 -3.12%. Bitcoin now represents 41.21% of the overall market cap of the 250 biggest coins.
Bitcoin hovered slightly above $40,000 in the past two weeks. We saw a decisive move below this price in the past three trading sessions, which may indicate further losses. With $40,000 out of the way, the next stop stands at $37,500.
The second most valuable crypto, Ethereum (ETH), saw its price change by -4.69%. Ethereum’s market cap is 48.15% of Bitcoin’s value.
Ether followed Bitcoin lower, breaking its $3,000 support price. The next support price stands at $2,750 where buy orders typically outweigh sell orders. A break through this level opens the way toward $2,500. But it if holds, we may see a retest of $3,000 once again.
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 5.01%. The increase means GMT is now the 51st biggest coin with a market cap of US $1.93 billion.
STEPN (GMT) is a Web3 lifestyle app with fun social elements and gamification design. Users equipped with non-fungible token (NFT) sneakers walk, jog or run outdoors to earn GST. They can trade these earnings for USD Coin (USDC) or Solana (SOL) or use them to level up and mint new NFT sneakers to lease or sell.
The recent gain comes after STEPN’s developers announced a new GMT use case to be rolled out: Shoe-minting on all qualities will require GMT.
The biggest loser in the 200 biggest coins was Theta Network (THETA). Its drop over the last day was 7.51%. After the fall, THETA is now the 41st biggest coin with a market cap of US $2.79 billion.
Theta Network (THETA) is a blockchain-powered network for video streaming. Theta mainnet operates as a decentralized network where users share bandwidth and computing resources peer-to-peer (P2P). The co-founder of YouTube and the co-founder of Twitch are advisors.
Traders continue to “sell the news” after Wednesday’s announcement of BridgeTower Capital’s Theta node validator launch.
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