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Today’s crypto movers: Bitcoin (↓3.98%), Ethereum (↓4.29%), Avalanche (↓6.84%) and Bitcoin Gold (↑19.24%)

Posted: 24 May 2022 5:35 am
Bitcoin Gold (BTG)

The overall crypto market is down 3.60% in the past 24 hours. Bitcoin Gold dominated the top 100 cryptocurrencies.

Most cryptocurrencies dropped in the past 24 hours as Bitcoin slid slightly below $30,000 once again.

Overall, the crypto market saw prices change by -3.60%, which is a drop similar to what we’ve seen in the past two weeks.

Trading volume over the last 24 hours was 10% higher than the recent seven-day average, meaning traders and investors are slowly waking up.

Price volatility was 1.11%, which shows a 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 -3.98%. Bitcoin now represents 43.22% of the overall market cap of the 250 biggest coins.

Bitcoin trades around the $30,000 price level for a third week now. This relatively flat move to the side can be seen as a minor retrace from the larger downward move.

The second most valuable crypto, Ethereum (ETH), saw its price change by -4.29%. Ethereum’s market cap is 43.09% of Bitcoin’s value.

Ether slightly pushed below $2,000, a price level it held for two weeks. This opens up the way for $1,700 next. But a larger move in either direction will likely depend on what Bitcoin does next.

Today’s biggest gainers and losers

The coin with the biggest percentage gain (out of the top 100) was Bitcoin Gold (BTG). Its 24 hour increase was 19.24%. The increase means BTG is now the 99th biggest coin with a market cap of US $396 million.

Bitcoin Gold (BTG) began in 2017 as a user-friendly Bitcoin fork with many similarities. It provides DeFi and dApps developers opportunities to use the coin.

The recent gain has no connection to any news.

Other two top performers were Loopring (LRC) and Stacks (STX). LRC gained 14.19%, while STX gained 11.30%.

Loopring (LRC) is a protocol for building decentralized exchanges (DEXs). Its goal is to combine centralized order matching with decentralized order settlement. Loopring uses its LRC token for rewards, staking and governance.

Stacks (STX) is a layer-1 (L1) blockchain that brings smart contracts and dApps to Bitcoin. Stacks uses its STX token for staking, fees and adding contracts to the blockchain.

The biggest loser in the 100 biggest coins was Avalanche (AVAX). Its drop over the last day was 6.84%. After the fall, AVAX is now the 13th biggest coin with a market cap of US $7.84 billion.

Avalanche (AVAX) is an L1 network focused on scalability and transaction processing speed. It uses the AVAX token to pay fees, secure the platform through staking and account between subnets.

The price drop is a typical market fluctuation without any connection to the news.

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