Today’s crypto movers: Bitcoin (↑2.28%), Ethereum (↑3.47%), STEPN (↓0.27%) and Zilliqa (↑36.62%)

Posted: 5 May 2022 6:37 am
Zilliqa (ZIL)

The overall crypto market is up 3.47% in the past 24 hours. Zilliqa dominated the top 250 cryptocurrencies.

The crypto markets traded relatively flat within the past few days, awaiting for Fed’s interest rate decision. Now that we know 0.75% interest rate hikes are off the table, we may see riskier assets starting to gain some ground or at least trade sideways.

Overall, the crypto market saw prices change by 3.47%, which could hint at the uncertainty regarding the Fed’s policy slowly going away.

Trading volume over the last 24 hours was 17% higher than the recent seven-day average, meaning some investors are getting back into the market.

Price volatility was 1.12%, which shows a relatively steady price environment.

The two biggest coins: Bitcoin and Ethereum

Bitcoin (BTC) is the biggest coin by market cap and its price changed by 2.28%. Bitcoin now represents 41.82% of the overall market cap of the 250 biggest coins.

Bitcoin bounced off the $37,500 support zone and made a run for $40,000. Unfortunately, it failed to break through. We may see another attempt in the coming days. Taking out $40,000 is the first step before going back to $45,000, which Bitcoin has failed to conquer this year.

The second most valuable crypto, Ethereum (ETH), saw its price change by 3.47%. Ethereum’s market cap is 46.78% of Bitcoin’s value.

Ether also tried unsuccessfully to push through the $3,000 resistance price. Ether has to break this price and hold above it if we are to see the price retest April’s high of $3,500.

Today’s biggest gainers and losers

The coin with the biggest percentage gain (out of the top 250) was Zilliqa (ZIL). Its 24 hour increase was 36.62%. The increase means ZIL is now the 71st biggest coin with a market cap of US $1.14 billion.

Zilliqa (ZIL) is a public blockchain that aims to solve the scalability problem. Zilliqa increases its throughput through sharding, splitting the network into smaller, composable parts. The platform added smart contracts and decentralized applications for many financial use cases.

The recent gain has no connection to ZIL-specific news. The rally accompanies a market-wide bounce following Wednesday’s US Federal Open Market Committee (FOMC) meeting.

The biggest loser in the 200 biggest coins was STEPN (GMT). Its drop over the last day was 0.27%. After the fall, GMT is now the 50th biggest coin with a market cap of US $1.97 billion.
STEPN (GMT) is a Web3 lifestyle app with fun social elements and gamification design. Users equipped with NFT sneakers walk, jog or run outdoors to earn GST, another STEPN-associated token. They can trade these earnings for USDC or SOL or use them to level up and mint new NFT sneakers to lease or sell.

The price decline follows STEPN’s 24-hour airdrop of BNBChain Sneakers to SOLANA Genesis Sneaker holders, which ended on 4 May.

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