Today’s crypto movers: Bitcoin (↓8.06%), Ethereum (↓6.56%), ApeCoin (↓18.20%) and Anchor Protocol (↑14.04%)

Posted: 6 May 2022 4:32 am
Anchor Protocol (ANC)

The overall crypto market is down 6.84% in the past 24 hours. Anchor Protocol was one of the rare cryptocurrencies that survived the drop.

After the Federal Reserve raised interest rates, riskier assets rallied in relief. But it only lasted for a day. Most riskier assets dropped even lower as Bitcoin failed to push through $40,000.

Overall, the crypto market saw prices change by -6.84%, which is the biggest single-day loss within the past few weeks.

Trading volume over the last 24 hours was 36% higher than the recent seven-day average, meaning more liquidations took place on leveraged positions.

Price volatility was 1.92%, which shows prices were mainly dropping without any effort to fight back.

The two biggest coins: Bitcoin and Ethereum

Bitcoin (BTC) is the biggest coin by market cap and its price changed by -8.06%. Bitcoin now represents 41.45% of the overall market cap of the 250 biggest coins.

Bitcoin failed to conquer the $40,000 resistance price and dropped lower, wiping out $37,500. This was a strong support zone in the past. The next support level to keep an eye on is $35,000. A push lower opens the way toward $30,000.

The second most valuable crypto, Ethereum (ETH), saw its price change by -6.56%. Ethereum’s market cap is 47.85% of Bitcoin’s value.

Ether dropped to $2,750, a support price that surprisingly stopped further losses. If we see a break through this level in the coming days, the next level to watch is $2,500.

Today’s biggest gainers and losers

The coin with the biggest percentage gain (out of the top 250) was Anchor Protocol (ANC). Its 24 hour increase was 14.04%. The increase means ANC is now the 85th biggest coin with a market cap of US $749 million.

Anchor Protocol (ANC) is a lending and borrowing protocol that offers up to 18% yield on stablecoin deposits. It uses the ANC token for governance and rewards.

There is no news connected to the recent gain.

The biggest loser in the 200 biggest coins was ApeCoin (APE). Its drop over the last day was 18.20%. After the fall, APE is now the 31st biggest coin with a market cap of US $3.8 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 price decline follows Wednesday’s rally when Elon Musk changed his Twitter profile picture to a collage of BAYC NFTs. BTC’s sudden downward movement also pushed the price down.

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