Today’s crypto movers: Bitcoin (↑2.07%), Ethereum (↑1.20%), Klatyn (↓2.93%) and Secret (↑14.68%)
The overall crypto market is up 0.95% in the past 24 hours. Secret saw the biggest gains among the top 250 cryptocurrencies.
This was the first day of consolidation after most cryptocurrencies dropped by more than 5%. Typically, this shows profit-taking by those who shorted the market.
Overall, the crypto market saw prices change by 0.95%, which shows a respite after the drop.
Trading volume over the last 24 hours was 3% higher than the recent seven-day average, meaning most leveraged positions were closed during the dip and not many buyers are trying to push prices higher.
Price volatility was 0.51%, which shows relatively calm trading day.
The two biggest coins: Bitcoin and Ethereum
Bitcoin (BTC) is the biggest coin by market cap and its price changed by 2.07%. Bitcoin now represents 41.59% of the overall market cap of the 250 biggest coins.
After Bitcoin dropped to $37,700, it slowly started to recover. $40,000 remains a strong resistance price that must be broken if we are to see further buying pressure. Otherwise, we could see a drop to $37,500 within the next few days.
The second most valuable crypto, Ethereum (ETH), saw its price change by 1.20%. Ethereum’s market cap is 46.67% of Bitcoin’s value.
Similar to most altcoins, Ether moves in synchrony with Bitcoin. After the drop to $2,760, the price started to recover slowly. $3,000 is the strong resistance zone that prevents a move higher. But if Bitcoin pushes past $40,000, Ether will likely follow.
Today’s biggest gainers and losers
The coin with the biggest percentage gain Secret (SCRT). Its 24 hour increase was 14.68%. The increase means SCRT is now the 93rd biggest coin with a market cap of US $788 million.
Secret (SCRT) is a privacy-oriented blockchain built on Cosmos. It uses the SCRT token for staking, voting, paying network transaction fees, operating network nodes and delegation to validators for rewards.
Anticipation of its 11 May Shockwave Alpha upgrade may have contributed to the recent gain.
The biggest faller in the 200 biggest coins was Klatyn (KLAY). Its drop over the last day was 2.93%. After the fall, KLAY is now the 49th biggest coin with a market cap of US $2.36 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 loss comes as Klaytn partners with Adgorithmics for a customer loyalty NFT incentive program.
Disclaimer: This page is not financial advice or an endorsement of digital assets, providers or services. Digital assets are volatile and risky, and past performance is no guarantee of future results. Potential regulations or policies can affect their availability and services provided. Talk with a financial professional before making a decision. Finder or the author may own cryptocurrency discussed on this page.