Today’s crypto movers: Bitcoin (↑5.53%), Ethereum (↑6.98%), Bitcoin Gold (↓3.91%) and Stepn (↑24.49%)

Posted: 30 May 2022 3:52 am
Stepn (GMT)

The overall crypto market is up 6.05% in the past 24 hours. Stepn and Elrond dominated among the top 100 cryptocurrencies.

After trading in a narrow range for the past three weeks, Bitcoin moved slightly higher, pulling most altcoins up with it.

Overall, the crypto market saw prices change by 6.05%, which is a stronger recovery compared to previous trading days in the past three weeks.

Trading volume over the last 24 hours was 27% higher than the recent seven-day average, which shows some investors and traders have decided to buy the weakness.

Price volatility was 1.2%, 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 5.53%. Bitcoin now represents 44.82% of the overall market cap of the 200 biggest coins.

Bitcoin traded in a narrow descending channel for the past three weeks and it finally moved higher in the past 24 hours. This opens the way for a move to $35,000 if BTC manages to hold above $30,000.

The second most valuable crypto, Ethereum (ETH), saw its price change by 6.98%. Ethereum’s market cap is 39.09% of Bitcoin’s value.

Ether bounced off $1,750, which is a strong support zone and moved closer to $2,000. ETH needs to break this number and hold above it if we are to see a move to $2,500.

Today’s biggest gainers and losers

The coin with the biggest percentage gain (out of the top 100) was Stepn (GMT). Its 24 hour increase was 24.49%. The increase means GMT is now the 67th biggest coin with a market cap of US $719 million.

STEPN (GMT) is a Web3 lifestyle app with fun social elements and gamification design. Users equipped with NFT sneakers walk, jog or run outdoors to earn GST, another STEPN-associated token. They can trade these earnings for USDC or SOL, or use them to level up and mint new NFT sneakers to lease or sell.

The price climb is a rebound following last week’s drop, which came when STEPN announced a ban on Chinese users due to regulatory concerns.

Elrond (EGLD) and Lido DAO (LDO) were another two cryptocurrencies among the top 100 that outperformed. EGLD gained 20.51%, while LDO gained 16.44%.

Elrond (EGLD) is a blockchain protocol that uses sharding to offer fast transaction speeds. It uses its EGLD token for staking, rewarding validators and paying transaction fees.

Lido DAO (LDO) provides liquid staking for Ethereum, which allows staking while participating in on-chain activities.

The biggest loser in the 100 biggest coins was Bitcoin Gold (BTG). Its drop over the last day was 3.91%. After the fall, BTG is now the 97th biggest coin with a market cap of US $406 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 loss has no connection to any news.

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