Today’s crypto movers: Bitcoin (↓8.77%), Ethereum (↓17.92%) and Luna (↓96.33%)

Posted: 12 May 2022 5:29 am
Terra (LUNA)

The overall crypto market is down 13.89% in the past 24 hours. All cryptocurrencies in the top 100 were in the red.

The crypto markets made new lows this year weighed down by the TerraUSD stablecoin failing to hold its peg at $1, Bitcoin dropping below $30,000 and the worse-than-expected inflation numbers released yesterday.

Overall, the crypto market saw prices change by -13.89%, which was one of the biggest drops this year.

Trading volume over the last 24 hours was 103% higher than the recent seven-day average, meaning a lot of liquidations occurred. According to Coinglass, in the past 24 hours, $1.28 billion worth of cryptocurrencies were liquidated.

The two biggest coins: Bitcoin and Ethereum

Bitcoin (BTC) is the biggest coin by market cap and its price changed by -8.77%. Bitcoin now represents 44.38% of the overall market cap of the 250 biggest coins.

Bitcoin failed to hold above $30,000 and traded lower. Unless it recovers above this price and holds, we may see $25,000 next.

The second most valuable crypto, Ethereum (ETH), saw its price change by -17.92%. Ethereum’s market cap is 45.54% of Bitcoin’s value.

Similar to Bitcoin, Ether broke its own support price at $2,000 and traded as low as $1,713. This is another support zone that may keep Ether bouncing between these two prices. A move below opens the way toward $1,500.

Today’s biggest gainers and losers

There were no cryptocurrencies in the top 100 by market cap that were in the green in the past 24 hours.

The biggest loser in the 100 biggest coins was Terra (LUNA). Its drop over the last day was 96.33%. After the fall, LUNA is now the 79th biggest coin with a market cap of US $423 million.

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 lost its peg to the US dollar. This puts pressure on LUNA as new coins are minted in an attempt to help UST reclaim the peg. The stablecoin’s backers have also been selling Bitcoin holdings to help this effort, adding to the downward pressure on BTC.

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