Today’s crypto movers: Bitcoin (↑3.20%), Ethereum (↑3.67%), XDC Network (↓3.50%) and Waves (↑110.75%)

Posted: 31 May 2022 6:31 am
Waves (WAVES)

The overall crypto market is up 2.70% in the past 24 hours. Waves and Axie Infinity dominated among the top 100 cryptocurrencies.

The crypto market moved higher, following the stock market rally. After three weeks of trading around $30,000 and below, Bitcoin has finally moved over $31,000, pulling most altcoins with it.

Overall, the crypto market saw prices change by 2.70%, which is a continuation of the two-day rally.

Trading volume over the last 24 hours was 39% higher than the recent seven-day average, meaning traders and investors are getting back in.

Price volatility was 0.92%, which shows minimal price fluctuation.

The two biggest coins: Bitcoin and Ethereum

Bitcoin (BTC) is the biggest coin by market cap and its price changed by 3.20%. Bitcoin now represents 44.9% of the overall market cap of the 200 biggest coins.

Bitcoin pushed above $31,000 for the first time since it crashed from $40,000. After weeks of trading in a narrow range around $30,000, this move could be a good news for Bitcoin bulls. However, the downward momentum still holds. This could be a relief rally before we see another attempt to break lower.

The second most valuable crypto, Ethereum (ETH), saw its price change by 3.67%. Ethereum’s market cap is 39.97% of Bitcoin’s value.

Ether bounced back to $2,000, but the resistance holds for now. We need to see the price move higher and hold if we are to see another test of $2,500.

Today’s biggest gainers and losers

The coin with the biggest percentage gain (out of the top 100) was Waves (WAVES). Its 24 hour increase was 110.75%. The increase means WAVES is now the 60th biggest coin with a market cap of US $920 million.

Waves (WAVES) is a multi-purpose blockchain platform that supports various use cases, including decentralized applications (dApps) and smart contracts. The WAVES token is an uncapped supply token used for standard payments such as block rewards.

The recent gain accompanies the WAVES team’s announcement of a revival plan.

Axie Infinity (AXS) and Helium (HNT) were two other top-performing cryptocurrencies. AXS gained 41.78%, while HNT gained 22.39%.

Axie Infinity (AXS) is the governance token of a blockchain-based trading and battling game.

Helium (HNT) is a decentralized blockchain network for Internet of Things (IoT) devices. Launched in 2019, its mainnet allows low-powered wireless devices to communicate and send data.

The biggest faller in the 100 biggest coins was XDC Network (XDC). Its drop over the last day was 3.50%. After the fall, XDC is now the 84th biggest coin with a market cap of US $532 million.

XDC Network (XDC) is an enterprise-grade, hybrid blockchain compatible with Ethereum Virtual Machine (EVM). It has public and private states and interoperable smart contracts. The XDC token powers the network’s transactions and smart contracts.

The recent loss has no connection to any news.

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