Today’s crypto movers: Bitcoin (↑2.72%), Ethereum (↑3.04%), ApeCoin (↓11.83%) and NEAR (↑14.72%)
The overall crypto market is up 2.49% in the past 24 hours. NEAR Protocol made the biggest gains in the top 250 cryptocurrencies.
The crypto market is recovering after two days of losses. Bitcoin bounced off the $37,500 price support zone and pulled most altcoins higher with it.
Overall, the crypto market saw prices change by 2.49%, which shows a day of price recovery.
Trading volume over the last 24 hours was 11% higher than the recent seven-day average, meaning traders covered some of their short positions and investors shyly bought in the weakness.
Price volatility was 1.9%, which shows relatively low price movement.
The two biggest coins: Bitcoin and Ethereum
Bitcoin (BTC) is the biggest coin by market cap and its price changed by 2.72%. Bitcoin now represents 42.16% of the overall market cap of the 250 biggest coins.
After Bitcoin dropped to $37,500, which is a strong support zone, we saw the price bounce off and recover the losses of the previous day. For now, Bitcoin seems stuck in a narrow descending channel. The main price zones to keep an eye on are $40,000 and $37,500.
The second most valuable crypto, Ethereum (ETH), saw its price change by 3.04%. Ethereum’s market cap is 46.73% of Bitcoin’s value.
Ether also wiped out all the previous day losses, but it needs to move above $3,000 if we are to see further gains. $2,750 is Ether’s support zone, followed by $2,500.
Today’s biggest gainers and losers
The coin with the biggest percentage gain (out of the top 250) was NEAR Protocol (NEAR). Its 24 hour increase was 14.72%. The increase means NEAR is now the 20th biggest coin with a market cap of US $7.7 billion.
Near Protocol (NEAR) is a layer-1 blockchain designed as a community-run cloud computing platform. It reduces limitations such as slow transaction speeds, low throughput and poor interoperability.
The recent gain comes as the price tests possible support at $10.328 without any news drivers.
The biggest loser in the 200 biggest coins was ApeCoin (APE). Its drop over the last day was 11.83%. After the fall, APE is now the 29th biggest coin with a market cap of US $4.5 billion.
ApeCoin (APE) is a decentralized project inspired by Yuga Labs’ Bored Ape Yacht Club (BAYC) project. The token facilitates the APE Foundation’s APE Ecosystem.
The recent loss follows the hyped Yuga Lab’s Otherside metaverse land sale, which used ApeCoin. At first, Yuga Labs announced the land sale will go via an auction system, but later it switched to a flat-rate land plots. This cause those who hoarded APE for the auction to sell it.
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