Today’s crypto movers: Bitcoin (↑2.77%), Ethereum (↑2.90%), Axie Infinity (↓6.01%) and Elrond (↑8.64%)

Posted: 17 May 2022 7:40 am
Elrond (EGLD)

The overall crypto market is up 2.54% in the past 24 hours. Elrond and Maker had the biggest gains among the top 100 cryptocurrencies.

The crypto market enjoys a short relief after weeks of downward pressure. Bitcoin still leads the altcoins slightly higher with a move above $30,000.

Overall, the crypto market saw prices change by 2.54%, which is one of the biggest gains this month.

Trading volume over the last 24 hours was 2.27% higher than the recent seven-day average, which shows minimal activity as bulls and bears await for a strong signal.

Price volatility was 0.98%, meaning prices moved mostly on one side without major fluctuations.

The two biggest coins: Bitcoin and Ethereum

Bitcoin (BTC) is the biggest coin by market cap and its price changed by 2.77%. Bitcoin now represents 43.37% of the overall market cap of the 250 biggest coins.

We’re seeing a continuation of the recent pullback that started when Bitcoin dropped as low as $26,000. The downward momentum is still strong, meaning this could be a bull trap.

The second most valuable crypto, Ethereum (ETH), saw its price change by 2.90%. Ethereum’s market cap is 43.1% of Bitcoin’s value.

Ether held its ground above $2,000, which is a good signal for a move back to $2,500.

Today’s biggest gainers and losers

The coin with the biggest percentage gain (out of the top 100) was Elrond (EGLD). Its 24 hour increase was 8.64%. The increase means EGLD is now the 34th biggest coin with a market cap of US $2.24 billion.

Elrond (EGLD) is a blockchain protocol that uses sharding to offer fast transaction speeds. It uses its EGLD token for staking, rewarding validators and paying transaction fees.

The recent gain follows an announcement that HATOM, EGLD’s first lending platform, should release in late 2022.

Maker (MKR) and IOTA (MIOTA) were also top gainers with 8.53% and 7.32% respectively.

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.

IOTA (MIOTA) seeks to provide efficient, secure, lightweight and real-time micro-transactions without fees. It doesn’t use blocks like most blockchains. Instead, it validates transactions by approving 2 previous transactions from another node. It uses its MIOTA token to account for transactions.

The biggest loser in the 100 biggest coins was Axie Infinity (AXS). Its drop over the last day was 6.01%. After the fall, AXS is now the 48th biggest coin with a market cap of US $1.32 billion.

Axie Infinity (AXS) is the governance token of a blockchain-based trading and battling game.

AXS uses the Ronin Network, which suffered a hack earlier this year. The hacker appears to have resumed washing the stolen funds, which may have caused the price drop.

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