Today’s crypto movers: Bitcoin (↑5.57%), Ethereum (↑6.84%), PancakeSwap (↓7.12%) and Dogecoin (↑19.66%)
The overall crypto market is up 5.19% in the past 24 hours. Dogecoin is back, gaining 19%.
After Bitcoin dropped below $40,000, pulling most altcoins down with it, we saw a rally to that same round number. This can be attributed to both profit-taking by those who shorted the market and buying by those who saw the drop as an opportunity to buy crypto.
Overall, the crypto market saw prices change by 5.19%, which is a huge move compared to the last few trading sessions.
Trading volume over the last 24 hours was 25% higher than the recent seven-day average, meaning investors and traders used the “cheaper” prices to accumulate.
Price volatility was 1.46%, which is higher than the last few days.
The two biggest coins: Bitcoin and Ethereum
Bitcoin is the biggest coin by market cap and its price changed by 5.57%. Bitcoin now represents 41.21% of the overall market cap of the 250 biggest coins.
Bitcoin traded back above $40,000 after dropping to $38,200 in the past 24 hours. This shows that $40,000 and slightly below is still considered a bargain at which investors and traders are accumulating the coin. To see a move higher, Bitcoin needs to stay above $40,000.
The second most valuable crypto, Ethereum (ETH), saw its price change by 6.84%. Ethereum’s market cap is 48.15% of Bitcoin’s value.
Ether moved higher after it bottomed out at $2,800. Its current price still hovers around $3,000, but we need to see ETH hold above this price if we are to see further gains.
Today’s biggest gainers and losers
The coin with the biggest percentage gain (out of the top 250) was Dogecoin (DOGE). Its 24 hour increase was 19.66%. The increase means DOGE is now the 10th biggest coin with a market cap of US $21.3 billion.
Dogecoin (DOGE) is based on the famous “doge” Internet meme and features a Shiba Inu on its logo. Tesla CEO Elon Musk posted several tweets on social media that Dogecoin is his favorite coin.
Its price is soaring as Elon Musk buys Twitter.
The biggest loser in the 200 biggest coins was PancakeSwap (CAKE). Its drop over the last day was 7.12%. After the fall, CAKE is now the 49th biggest coin with a market cap of US $2.37 billion.
PancakeSwap (CAKE) is an automated market maker (AMM) – a decentralized finance (DeFi) application allowing users to exchange tokens, providing liquidity via farming and earning fees in return. It uses the CAKE token for yield farming, staking and governance.
The recent loss could be from traders “selling the news” of CAKE’s fixed-staking release.
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