Today’s crypto movers: Bitcoin (↓3.78%), Ethereum (↓3.37%), Luna (↓60.93%) and Symbol (↑11.00%)

Posted: 11 May 2022 6:03 am
Symbol (XYM)

The overall crypto market is down 5.94% in the past 24 hours. Symbol made double digit gains.

The crypto market remained low for a second day as Bitcoin tries to find a bottom at $30,000.

Overall, the crypto market saw prices change by -5.94%, which shows the downward pressure still remains.

Trading volume over the last 24 hours was 52% higher than the recent seven-day average, meaning forced liquidations of leveraged positions are still high.

Price volatility was 2.47%, which shows minimal price fluctuation.

The two biggest coins: Bitcoin and Ethereum

Bitcoin (BTC) is the biggest coin by market cap and its price changed by -3.78%. Bitcoin now represents 41.86% of the overall market cap of the 250 biggest coins.

Bitcoin sees heavy selling pressure around $31,000. As long as BTC stays above $30,000, there could be an attempt to reclaim $35,000 and continue the long-term bull run. However, fundamentals and lack of buyers at these prices show we may see further downside or a prolonged sideways trading.

The second most valuable crypto, Ethereum (ETH), saw its price change by -3.37%. Ethereum’s market cap is 48.22% of Bitcoin’s value.

Ether bounced off the $2,250 price level. If it holds above this price, next target would be $2,500.

Today’s biggest gainers and losers

The coin with the biggest percentage gain (out of the top 250) was Symbol (XYM). Its 24 hour increase was 1.00%. The increase means XYM is now the 101st biggest coin with a market cap of US $432 million.

Symbol (XYM) is a blockchain platform with a consensus algorithm called proof-of-stake plus (PoS+), rule-based tokens called mosaics, namespaces, multi-signature accounts and aggregate transactions. It uses its token XYM to reward public nodes for verifying and recording transactions.

The price may be climbing in anticipation of the upcoming release of the improved Supernode program.

The biggest loser in the 200 biggest coins was Terra (LUNA). Its drop over the last day was 60.93%. After the fall, LUNA is now the 32nd biggest coin with a market cap of US $2.5 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 significant loss comes as Terra’s stablecoin UST loses its peg to the US dollar.

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