Today’s crypto movers: Bitcoin (↑3.20%), Ethereum (↑2.64%), Internet Computer (↓4.38%) and Chainlink (↑11.60%)

Posted: 8 June 2022 5:50 am
Chainlink (LINK)

The overall crypto market is up 2.52% in the past 24 hours. Chainlink made double-digit gains among the top 100 cryptocurrencies by market cap.

The crypto market saw a rebound after trading lower earlier during the day. Bitcoin moved back above $30,000, but its price is still bound in a narrow range.

Overall, the crypto market saw prices change by 2.52%, which is a relatively big move, given the price traded way lower at one point.

Trading volume over the last 24 hours was 13% higher than the recent seven-day average, meaning there was some activity within the whipsaw move.

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 46.95% of the overall cryptocurrency market cap.

Bitcoin started the day lower, trading at $29,000. Later, it recovered all losses and moved to $31,000. The downward pressure remains and any rally at the moment is likely to be a bull trap.

The second most valuable crypto, Ethereum (ETH), saw its price change by 2.64%. Ethereum’s market cap is 37.29% of Bitcoin’s value.

Ether remains stuck between $1,750 and $1,850. A break higher means Ether could test $2,000 once again. But any major move will likely depend on what Bitcoin does next or how the Ether 2.0 merge would go.

Today’s biggest gainers and losers

The coin with the biggest percentage gain (out of the top 100) was Chainlink (LINK). Its 24 hour increase was 11.60%. The increase means LINK is now the 21st biggest coin with a market cap of US $3.9 billion.

Chainlink (LINK) helps blockchains interact with external payment methods, events and data feeds. It does this by creating an abstraction layer over other blockchains. The LINK token facilitates data transfers and node operator rewards and deposits.

The recent gain follows LINK’s new roadmap, which includes token staking.

Two other cryptocurrencies that dominated the top 100 were Arweave (AR) and Decred (DCR). AR gained 9.31%, while DCR gained 8.69%.

Arweave (AR) is a decentralized storage network that offers a platform for indefinite data storage. It uses its native AR cryptocurrency to pay “miners” to store the network’s information.

Decred (DCR) is a blockchain-based cryptocurrency launched in February 2016. Decred created its token and protocol to facilitate open governance, community interaction and sustainable funding policies.

The biggest faller in the 100 biggest coins was Internet Computer (ICP). Its drop over the last day was 4.38%. After the fall, ICP is now the 38th biggest coin with a market cap of US $1.59 billion.

Internet Computer (ICP) aims to turn the public Internet into a world-class computing platform. It’s a decentralized blockchain network with smart contracts that let developers create decentralized applications (dApps). It uses the ICP token for governance, rewards and transaction fees.

The recent loss follows a bug fix executed by Proposal 52627.

Trying to get a handle on the markets? Explore strategies for how to trade crypto or see if there's a better platform for you with our guide to the best crypto exchanges.

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