Today’s crypto movers: Bitcoin (↓5.53%), Ethereum (↓2.83%) and Luna (↓54.67%)
The overall crypto market is down 5.01% in the past 24 hours. Not a single cryptocurrency in the top 100 made any gains.
The entire crypto market suffered major losses as Bitcoin sliced through major support zones and briefly traded below $30,000.
Overall, the crypto market saw prices change by -5.01%, which was a massive drop compared to most days this year.
Trading volume over the last 24 hours was 129% higher than the recent seven-day average, meaning leveraged long positions were liquidated as cryptocurrencies took out their support prices.
Price volatility was 2.91%, which shows a relatively one-sided price action.
The two biggest coins: Bitcoin and Ethereum
Bitcoin (BTC)is the biggest coin by market cap and its price changed by -5.53%. Bitcoin now represents 41.73% of the overall market cap of the 250 biggest coins.
Bitcoin continued its drop that started last week. BTC managed to wipe out several price support zones and even pierced below $30,000. Bitcoin must hold above this number and attempt to reclaim $35,000 in the days to come if we are to see more gains.
The second most valuable crypto, Ethereum (ETH), saw its price change by -2.83%. Ethereum’s market cap is 46.37% of Bitcoin’s value.
Ether also dropped lower but stopped at $2,250. Unlike Bitcoin, it didn’t make new lows for the year. Regardless, if the price doesn’t recover above $2,500, we may see Ether aiming for $2,000.
Today’s biggest gainers and losers
In the past 24 hours, there were no cryptocurrencies in the top 100 by market cap that had any gains.
The biggest loser in the 100 biggest coins was Terra (Luna). Its drop over the last day was 54.67%. After the fall, LUNA is now the 14th biggest coin with a market cap of US $10.5 billion.
Terra (LUNA) is a blockchain protocol using fiat-pegged stablecoins to power payments systems. Terra uses its native token, LUNA, to stabilize the price of the protocol’s stablecoins. It also uses the token to submit and vote on governance proposals.
The recent loss comes from the second depegging in the last week of Terra’s stablecoin, UST. 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.
