Today’s crypto movers: Bitcoin (↓1.28%), Ethereum (↓0.71%), ApeCoin (↓9.83%) and Algorand (↑20.64%)

Posted: 3 May 2022 4:50 am
Algorand (ALGO)

The overall crypto market is down 0.77% in the past 24 hours. Algorand dominated the top 250 cryptocurrencies with double-digit gains.

The crypto market traded mostly flat as investors and traders await Fed’s interest rate decision this week. This is likely to be the catalyst for a renewed move in either direction.

Overall, the crypto market saw prices change by -0.77%, which shows bears still control the price for now.

Trading volume over the last 24 hours was 2% higher than the recent seven-day average, meaning not many trades happened compared to most days.

Price volatility was 1.19%, which means 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 -1.28%. Bitcoin now represents 42.19% of the overall market cap of the 250 biggest coins.

Bitcoin traded slightly lower as it failed once again to rally back above $40,000. The price indecision is likely to last until we see the Fed’s interest rate increase and whether it’s already been priced in.

The second most valuable crypto, Ethereum (ETH), saw its price change by 0.71%. Ethereum’s market cap is 46.83% of Bitcoin’s value.

Ether traded mostly flat along with most cryptocurrencies.

Today’s biggest gainers and losers

The coin with the biggest percentage gain (out of the top 250) was Algorand (ALGO). Its 24 hour increase was 20.64%. The increase means ALGO is now the 28th biggest coin with a market cap of US $4.89 billion.

Algorand (ALGO) is a proof-of-stake (PoS), decentralized blockchain network supporting many application types. It’s focused on fast transactions with low fees.

ALGO’s price jumped as it announced a sponsorship and technical partnership deal for the FIFA World Cup.

The biggest loser in the 200 biggest coins was ApeCoin (APE). Its drop over the last day was 9.83%. After the fall, APE is now the 31st biggest coin with a market cap of US $4.27 billion.

ApeCoin (APE) is a decentralized project inspired by Yuga Labs’ Bored Ape Yacht Club (BAYC). The token facilitates the APE Foundation’s APE Ecosystem.

The recent loss continues the drop after last weekend’s Yuga Lab’s Otherside metaverse project’s land sale, which used APE.

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