Today’s crypto movers: Bitcoin (↑13.09%), Ethereum (↑17.16%), TerraUSD (↓74.39%) and Maker (↑51.63%)

Posted: 13 May 2022 4:56 am
Maker (MKR)

The overall crypto market is up 14.83% in the past 24 hours. Maker was the biggest gainer among the top 100 cryptocurrencies.

The crypto market moved higher as Bitcoin failed to hold below $30,000.

Overall, the crypto market saw prices change by 14.83%, which shows we may be nearing the bottom.

Trading volume over the last 24 hours was 57% higher than the recent seven-day average, meaning forced liquidations still happen. It also means there are more buyers at these prices.

Price volatility was 2.91%, which shows relatively one-sided price moves.

The two biggest coins: Bitcoin and Ethereum

Bitcoin (BTC) is the biggest coin by market cap and its price changed by 13.09%. Bitcoin now represents 44.9% of the overall market cap of the 250 biggest coins.

Bitcoin dropped as low as $25,800, but the price quickly returned near the $30,000 mark. The price has to hold here and attempt to reclaim $35,000 if we are to see further gains.

The second most valuable crypto, Ethereum (ETH), saw its price change by 17.16%. Ethereum’s market cap is 45.54% of Bitcoin’s value.

Ether returned back at $2,000 after trading as low as $1,720. This is a major price zone that has to hold if we are to see Ether bounce back to $2,500 and higher in the days to come.

Today’s biggest gainers and losers

The coin with the biggest percentage gain (out of the top 250) was Maker (MKR). Its 24 hour increase was 51.63%. The increase means MKR is now the 42nd biggest coin with a market cap of US $1.52 billion.

Maker (MKR) is the governance token for MakerDAO and Maker Protocol. The Maker ecosystem is one of the earliest projects in decentralized finance (DeFi). Maker is a lending and borrowing platform that operates DAI, a stablecoin soft-pegged to the US dollar.

The recent gain could be due to investors fleeing from Terra’s stablecoin, UST, which has lost its peg. Maker’s stablecoin DAI offers an alternative to UST.

The biggest loser in the 200 biggest coins was TerraUSD (UST). Its drop over the last day was 74.39%. After the fall, UST is now the 37th biggest coin with a market cap of US $1.85 billion.

TerraUSD (UST) is the decentralized and algorithmic stablecoin of the Terra blockchain. It is a scalable, yield-bearing coin intended to be value-pegged to the US dollar (USD).

The recent loss continues UST’s breakdown as it falls to US$0.11, losing its peg to USD.

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