Today’s crypto movers: Bitcoin (↑2.38%), Ethereum (↑4.10%), UNUS SED LEO (↓5.77%) and Basic Attention Token (↑23.22%)

Posted: 16 June 2022 4:18 am
Basic Attention Token (BAT)

The overall crypto market is up 3.94% in the past 24 hours. Three cryptocurrencies among the top 100 gained more than 20%.

The Federal Reserve raised interest rates by 0.75%, which was priced in the markets. This caused a relief rally in riskier assets, including crypto.

Overall, the crypto market saw prices change by 3.94%, which shows the market had already priced in the rate hike.

Trading volume over the last 24 hours was 25% higher than the recent seven-day average, meaning investors and traders had bought the weakness, while some positions were forcefully liquidated.

Price volatility was 1.86%, which shows minimal price fluctuations.

The two biggest coins: Bitcoin and Ethereum

Bitcoin (BTC) is the biggest coin by market cap and its price changed by 2.38%. Bitcoin now represents 44.46% of the overall cryptocurrency market cap.

Bitcoin bounced back from the $20,000 price level as the Federal Reserve increased interest rates by 0.75%. This shows the rate hike has already been priced in the market. However, the downward pressure still holds and we may see further weakness, or sideway moves, in the weeks to come.

The second most valuable crypto, Ethereum (ETH), saw its price change by 4.10%. Ethereum’s market cap is 34.57% of Bitcoin’s value.

Ether bounced off its own support level at $1,000. It has to hold this level if we are to see further gains.

Today’s biggest gainers and losers

The coin with the biggest percentage gain (out of the top 100) was Basic Attention Token (BAT). Its 24 hour increase was 23.22%. The increase means BAT is now the 69th biggest coin with a market cap of US $495 million.

Basic Attention Token (BAT) is a blockchain digital advertising platform on the Brave browser. It rewards users for watching ads and gives advertisers a better return. It uses its BAT token as a unit of exchange in its advertising ecosystem.

The recent gain has no connection to any news.

Two other top performers were Theta Network (THETA) and Elrond (EGLD). THETA gained 21.05%, while EGLD gained 20.08%.

Theta Network (THETA) is a blockchain-powered network built for video streaming. YouTube and Twitch co-founders serve as advisors. The Theta mainnet is a decentralized network where users share bandwidth and peer-to-peer (P2P) computing resources.

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.

The biggest loser in the 100 biggest coins was UNUS SED LEO (LEO). Its drop over the last day was 5.77%. After the fall, LEO is now the 15th biggest coin with a market cap of US $4.81 billion.

UNUS SED LEO (LEO) is a utility token for the iFinex ecosystem. It allows Bitfinex users to save money on trading fees.

The recent loss could be due to investors pulling funds from Tether (USDT). Tether has affiliations with Bitfinex.

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.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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