Today’s crypto movers: Bitcoin (↓2.31%), Ethereum (↓4.07%), Helium (↓14.48%) and Chiliz (↑2.25%)

Posted: 19 May 2022 5:03 am
Chiliz (CHZ)

The overall crypto market is down 3.31% in the past 24 hours. Chiliz and Axie Infinity were the top performers among the top 100 cryptocurrencies.

Bitcoin still trades around $30,000, keeping most altcoins in limbo with it. This means that the markets are waiting for a catalyst to push the price. The downward momentum still holds, however, so any push may help the bears in the short term.

Overall, the crypto market saw prices change by -3.31%, which is a similar drop to what we saw few days ago.

Trading volume over the last 24 hours was 7.95% higher than the recent seven-day average, meaning crypto markets are still hesitant.

Price volatility was 1.6%, which shows a relatively one-sided price movement.

The two biggest coins: Bitcoin and Ethereum

Bitcoin (BTC) is the biggest coin by market cap and its price changed by -2.31%. Bitcoin now represents 43.82% of the overall market cap of the 250 biggest coins.

Bitcoin trades flat around $30,000, which is typical after a huge drop like the one we saw last week. Traders now wait for macro catalyst to drive the price significantly in one direction. The downward momentum is strong in the short term, but we may see a prolonged sideways movement in the months to come.

The second most valuable crypto, Ethereum (ETH), saw its price change by -4.07%. Ethereum’s market cap is 42.17% of Bitcoin’s value.

Ether had a bigger drop than Bitcoin and traded below $2,000 after a few days of flat trading above this price. This opens the way toward $1,700 once again.

Today’s biggest gainers and losers

The coin with the biggest percentage gain (out of the top 100) was Chiliz (CHZ). Its 24 hour increase was 2.25%. The increase means CHZ is now the 67th biggest coin with a market cap of US $691 million.

Chiliz (CHZ) operates Socios, a blockchain-based entertainment and sports platform. Users buy fan tokens for sports clubs with CHZ tokens. They vote with these tokens on team decisions, such as jersey design or team match-ups.

Chiliz announced the start of Scoville testnet phase 2 last Tuesday. This phase will provide a decentralized exchange (DEX) and fan token test surveys. Excitement for this phase may have caused the recent rally.

The other two top-performing cryptocurrencies were Axie Infinity (AXS) and Huobi Token (HT). AXS gained 2.04%, while HT gained 1.79%.

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

Huobi Token (HT) is cryptocurrency exchange Huobi Global’s token. Huobi uses HT for trading fee discounts, membership, voting, rewards and access to events.

The biggest loser in the 100 biggest coins was Helium (HNT). Its drop over the last day was 14.48%. After the fall, HNT is now the 58th biggest coin with a market cap of US $1.74 billion.

Helium (HNT) is a decentralized blockchain network for the Internet of Things (IoT) devices. Its mainnet allows low-powered wireless devices to communicate and send data.

The overall market’s decline yesterday may have caused the price drop. The recent loss has no connection to any news.

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