Today’s crypto movers: Bitcoin (↓2.44%), Ethereum (↓2.53%), NEAR Protocol (↓4.74%) and Kyber Network Crystal v2 (↑30.41%)

Posted: 18 May 2022 7:05 am
Kyber Network (KNC)

The overall crypto market is down 1.48% in the past 24 hours. Kyber Network Crystal v2 made double-digit gains within the top 100 cryptocurrencies.

After Bitcoin dropped below $30,000 and returned back above this price, the market seems to have stalled. Market participants are likely awaiting a catalyst to make their move.

Overall, the crypto market saw prices change by 1.48%, which shows market indecisiveness.

Trading volume over the last 24 hours was 10.48% lower than the recent seven-day average, which shows liquidations are over and buyers haven’t lined up yet at these prices.

Price volatility was 0.89%, meaning prices didn’t fluctuate much.

The two biggest coins: Bitcoin and Ethereum

Bitcoin (BTC) is the biggest coin by market cap and its price changed by -2.44%. Bitcoin now represents 43.29% of the overall market cap of the 250 biggest coins.

Bitcoin trades around the $30,000 price level for the past few days with minimal volume. This shows investors and traders are awaiting for a catalyst to move the price in either direction.

The second most valuable crypto, Ethereum (ETH), saw its price change by -2.53%. Ethereum’s market cap is 43.21% of Bitcoin’s value.

Ether trades above $2,000, which is a good sign for Ether bulls. But there is still downward momentum that may keep the price from performing well in the coming days.

Today’s biggest gainers and losers

The coin with the biggest percentage gain (out of the top 100) was Kyber Network Crystal v2 (KNC). Its 24 hour increase was 30.41%. The increase means KNC is now the 99th biggest coin with a market cap of US $ 409 million.

Kyber Network Crystal v2 (KNC) is a protocol hub that aggregates liquidity to provide secure and instant transactions on decentralized applications (dApps). It aims to give decentralized finance (DeFi) dApps, decentralized exchanges (DEXs) and other users easy access to liquidity pools that provide the best rates.

The recent price climb is likely connected to LunarCrush top 10 altcoins where KNC is listed at the top.

The other two top-performing altcoins were Zcash (ZEC) and Convex Finance (CVX). The first is up 8.53% in the past 24 hours, while the latter is up 5.78%.

Zcash (ZEC) is a decentralized cryptocurrency focused on privacy and anonymity. It uses the zero-knowledge succinct non-interactive argument of knowledge (zk-SNARK) proof technology that allows network nodes to verify transactions without revealing sensitive transaction information.

Convex Finance (CVX) is an influential DeFi protocol that helps Curve liquidity providers boost rewards. Its sole use case is to accumulate as much total locked value (TVL) as possible. This TVL helps it achieve its goal of controlling a significant stake in Curve Finance.

The biggest loser in the 100 biggest coins was NEAR Protocol (NEAR). Its drop over the last day was 4.74%. After the fall, NEAR is now the 21st biggest coin with a market cap of US $4.44 billion.

Near Protocol (NEAR) is a layer-1 (L1) blockchain designed as a community-run cloud computing platform. It reduces limitations such as slow transaction speeds, low throughput and poor interoperability.

The price drop follows Pocket Network’s addition of support for NEAR.

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