Today’s crypto movers: Bitcoin (↓0.02%), Ethereum (↓1.87%), NEAR Protocol (↓11.32%) and Holo (↑6.47%)

Posted: 1 June 2022 3:51 am
Holo (HOT)

The overall crypto market is down 0.36% in the past 24 hours. Holo and Kusama performed best among the top 100 cryptocurrencies.

The crypto market lost ground after a few days of gains. Bitcoin successfully held above $31,000, which opens the way to test $35,000. If BTC moves higher, it will pull most altcoins up with it.

Overall, the crypto market saw prices change by -0.36%, which is normal after a few days of gains as some traders take profit.

Trading volume over the last 24 hours was 7% lower than the recent seven-day average, meaning those who got in during the brief rally are still holding.

Price volatility was 0.54%, which shows a minimal price fluctuation.

The two biggest coins: Bitcoin and Ethereum

Bitcoin (BTC) is the biggest coin by market cap and its price changed by – 0.02%. Bitcoin now represents 46.30% of the overall market cap of the 200 biggest coins.

Bitcoin stopped after rising above $31,000. This means we could see BTC try to break $35,000 next. However, the long-term downward momentum still holds, meaning we could see another leg lower before we start to see a meaningful move higher.

The second most valuable crypto, Ethereum (ETH), saw its price change by -1.87%. Ethereum’s market cap is 38.93% of Bitcoin’s value.

Ether failed to move above $2,000, which now acts as a strong resistance zone. A break higher opens the way toward $2,500, while a failure means we could see ETH retest $1,750 once again.

Today’s biggest gainers and losers

The coin with the biggest percentage gain (out of the top 100) was Holo (HOT). Its 24 hour increase was 6.47%. The increase means HOT is now the 91st biggest coin with a market cap of US $479 million.

Holo (HOT) is a framework for building peer-to-peer decentralized apps (dApps) that don’t need blockchain technology. It pays rewards using its HOT token.

The recent gain has no connection to any news. It may be the result of buying as the price catches up to Bitcoin’s recent rally.

Kusama (KSM) and Oasis Network (ROSE) were the two other top-performers among the 100 cryptocurrencies by market cap. KSM gained 4.29%, while ROSE was up 4.19%.

Kusama (KSM) is an experimental blockchain with a similar codebase to Polkadot (DOT). It provides features that are not yet available on DOT. These features encourage developers to use KSM as a preparatory network. It uses its KSM token for paying fees, staking, bonding and participating in governance.

Oasis Network (ROSE) is a privacy-enabled and scalable layer-1 (L1) blockchain network. It combines high throughput and low gas fees with secure architecture. This design provides a foundation for Web3 and powers DeFi, GameFi, NFTs, metaverse, data tokenization and data DAOs.

The biggest loser in the 100 biggest coins was NEAR Protocol (NEAR). Its drop over the last day was 11.32%. After the fall, NEAR is now the 22nd biggest coin with a market cap of US $4.06 billion.

Near Protocol (NEAR) is an L1 blockchain designed as a community-run cloud computing platform. It reduces limitations such as slow transaction speeds, low throughput and poor interoperability.

The recent loss has no connection to any news. It is a normal retracement following yesterday’s 13.67% rally.

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