Today’s crypto movers: Bitcoin (↑1.73%), Ethereum (↑1.86%), FTX Token (↓3.51%), Polygon (↑21.75%)
A sleepy market with lower trading volumes.
The overall crypto market saw prices drop by 3.66% in the last 24 hours, which represent a very cold market (according to Finder’s Cryptocurrency Weather Report, which tracks the top 200 coins.)
Trading volume over the last 24 hours was 75% of the 7-day average, reflecting ongoing uncertainty in the market.
The two biggest coins: Bitcoin and Ethereum
Bitcoin is the biggest coin by market cap and its price rose by 1.73% over the last 24 hours.
The second most valuable crypto, Ethereum, saw its price rise by 1.86%
Ethereum’s market cap is 34% of Bitcoin’s total value.
The small rises follow several weeks of values dropping sharply for both coins and for cryptocurrency overall, mirroring a similar trend in traditional investment markets.
Today’s biggest gainers and fallers
Big gains happened for Polygon (MATIC) up 21.75%; Enjin Coin (ENJ), which rose 12.71%; and The Sandbox (SAND) which was up 10.21%. (All figures are based on the last 24 hours of trading at time of writing.)
News events likely triggered some of those changes. Polygon recently announced a partnership with KlimaDAO to offset its carbon emissions. The Sandbox, a blockchain-based virtual world, is partnering with TIME magazine to recreate New York’s iconic Times Square as “TIME Square” in the metaverse.
The largest drops were for FTX Token (FTT), down 3.51%; Hedera (HBAR), which fell 3.12%; and KuCoin Token (KCS), which was down 1.89%.
The fall for FTX Token may have been triggered by FTX CEO Sam Bankman-Fried taking a large stake in troubled platform Voyager Digital.
KuCoin Token is the native token of KuCoin Exchange, which uses it to earn rewards and reduce fees. The drop follows a ban on KuCoin by the Ontario Securities Commission (OSC), alongside a CAD$2 million fine – another example of how the cryptocurrency sector is attracting more regulatory scrutiny in many parts of the world.
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.