Today’s crypto movers: Bitcoin (↓5.11%), Ethereum (↓5.82%), Solana (↓12.42%) and Waves (↑14.77%)

Posted: 2 June 2022 5:37 am
News
Waves (WAVES)

The overall crypto market is down 4.89% in the past 24 hours. Waves dominated the top 100 cryptocurrencies.

The crypto market had a rough day as Bitcoin failed to hold $31,000 and traded lower, pulling most altcoins with it.

Overall, the crypto market saw prices change by -4.89%, which is a huge drop compared to previous days.

Trading volume over the last 24 hours was 14% higher than the recent seven-day average, which shows increased profit-taking.

Price volatility was 1.46%, meaning prices generally moved in one direction without fluctuations.

The two biggest coins: Bitcoin and Ethereum

Bitcoin (BTC) is the biggest coin by market cap and its price changed by -5.11%. Bitcoin now represents 46.02% of the overall market cap of the 200 biggest coins.

Bitcoin returned below $30,000, the same price level it’s been stuck at for the past three weeks. Short-term, we may see another move higher to test the $32,500 level. However, the long-term downward momentum still holds and we may see another drop to $27,500 before seeing a meaningful recovery.

The second most valuable crypto, Ethereum (ETH), saw its price change by -5.82%. Ethereum’s market cap is 38.92% of Bitcoin’s value.

Ether is back at $1,800 with the potential of testing the previous low at $1,750. A move above $2,000 is needed if we are to see a rally in this layer-1 network.

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 14.77%. The increase means WAVES is now the 51st biggest coin with a market cap of US $1.07 billion.

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 announcement of WAVES’ intention “to move to a decentralized governance model and open-source its entire codebase”.

Monero (XMR) was another cryptocurrency that saw its price go up while most cryptocurrencies fell. XMR was up 1.04% in the past 24 hours.

Monero (XMR) facilitates private, anonymous transactions that obscure senders and recipients through advanced cryptography. It allows users to make fast, inexpensive payments without fear of censorship.

The biggest loser in the 100 biggest coins was Solana (SOL). Its drop over the last day was 12.42%. After the fall, SOL is now the 9th biggest coin with a market cap of US $13.5 billion.

Solana (SOL) improves scalability by combining proof-of-history (PoH) with proof-of-stake (PoS). Its design facilitates dApp creation.

The recent loss follows a bug that caused an SOL network outage for 4.5 hours.

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