Today’s crypto movers: Bitcoin (↑1.54%), Ethereum (↑2.4%), Kyber Network Crystal v2 (↓5.34%) and Neo (↑19.73%)

Posted: 23 May 2022 8:04 am
Neo (NEO)

The overall crypto market is up 1.91% in the past 24 hours. Neo was the top performer among the top 100 cryptocurrencies.

The crypto market still holds in a narrow range, awaiting for a catalyst to move prices in either direction.

Overall, the crypto market saw prices change by 1.91%, which is a continuation of the market indecision from the past couple of weeks.

Trading volume over the last 24 hours was 27% higher than the recent seven-day average, which shows a huge increase from the past few days.

Price volatility was 1.12%, 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 1.54%. Bitcoin now represents 43.62% of the overall market cap of the 250 biggest coins.

Bitcoin is still trading at around $30,000 with the downward pressure holding for the near term.

The second most valuable crypto, Ethereum (ETH), saw its price change by 2.4%. Ethereum’s market cap is 42.73% of Bitcoin’s value.

Ether is trading above $2,000, which means it could test $2,500 again in the future. But similar to Bitcoin, the downward pressure remains.

Today’s biggest gainers and losers

The coin with the biggest percentage gain (out of the top 100) was Neo (NEO). Its 24 hour increase was 19.73%. The increase means NEO is now the 61st biggest coin with a market cap of US $868 million.

Neo (NEO) aims to become the foundation of the next generation of Internet. Some compare it to a Chinese version of Ethereum. It uses its NEO token for governance, spending, staking and sending.

The recent gain accompanies the start of Neo’s Polaris Launchpad Demo Week.

Two other top performers were eCash (XEC) and Convex Finance (CVX). The first was up 17.32%, while the second 11.30%.

eCash (XEC) is a rebranded version of the Bitcoin and Bitcoin Cash fork, Bitcoin Cash ABC (BCHA). It uses its token as electronic cash to pay for goods and services.

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, which helps it control a significant stake in Curve Finance.

The biggest loser in the 100 biggest coins was Kyber Network Crystal v2 (KNC). Its drop over the last day was 5.34%. After the fall, KNC is now the 98th biggest coin with a market cap of US $432 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 recent loss is a normal retracement after mid-May’s 157% rally. The retracement has no connection to any news.

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