Today’s crypto movers: Bitcoin (↑4.26%), Ethereum (↑5.08%), Curve DAO Token (CRV) (↓11.74%) and Kyber Network Crystal v2 (↑25.76%)

Posted: 20 May 2022 6:02 am
Kyber Network Crystal (KNC)

The overall crypto market is up 4.28% in the past 24 hours. Kyber Network Crystal v2 and 0x gained over 20%, beating the top 100 cryptocurrencies.

Bitcoin bounced back above $30,000, pulling most altcoins higher with it. Despite that, BTC has been trading in a narrow range in the past few days and we are yet to see a larger move on either side. Until that happens, the crypto market will also trade flat.

Overall, the crypto market saw prices change by 4.28%, which is a larger move compared to previous trading days.

Trading volume over the last 24 hours was 0.22% higher than the recent seven-day average, meaning most investors and traders are standing on the sidelines.

Price volatility was 0.65%, showing 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 4.26%. Bitcoin now represents 43.94% of the overall market cap of the 250 biggest coins.

Despite the large move in the past 24 hours, Bitcoin traders and investors are still hesitant to commit large funds on their trades.

The second most valuable crypto, Ethereum (ETH), saw its price change by 5.08%. Ethereum’s market cap is 42.27% of Bitcoin’s value.

Ether is trading above $2,000 once again. This price level has to hold if we are to see a move to $2,500 in the near future. Such move, however, will likely be tied either to Bitcoin or to the Ethereum 2.0 merge.

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 25.76%. The increase means KNC is now the 93rd biggest coin with a market cap of US $477 million.

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

The price surge has no connection to any news. It is a normal retracement of KNC’s 81.25% drop that began on 29 April

Other two top performers were 0x (ZRX) and Kadena (KDA). 0x gained 22.89%, while KDA gained 10.20%.

0x (ZRX) is an infrastructure protocol to exchange ERC20 tokens and other assets on the Ethereum blockchain. It enables users to trade without relying on centralized entities. With the ZRX token, users can pay trading fees, take part in governance and stake it for rewards.

Kadena (KDA) is a proof-of-work (PoW) platform that combines a layer-1 (L1) public chain protocol with a layer-2 (L2) network. This combination provides high throughput while maintaining security and scalability.

The biggest loser in the 100 biggest coins was Curve DAO Token (CRV). Its drop over the last day was 11.74%. After the fall, CRV is now the 87th biggest coin with a market cap of US $3.83 billion.

Curve DAO Token (CRV) is a stablecoin DEX that uses an automated market maker (AMM) to manage liquidity. The CRV token is the in-house token for its decentralized autonomous organization (DAO).

The drop accompanies a community proposal to remove incentives from pools for Terra’s stablecoin, UST. This proposal argues that these incentives could continue to drop the price of CRV. Yet, some say the proposal is insensitive to UST holders after last week’s losses.

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