Today’s crypto movers: Bitcoin (↑1.15%), Ethereum (↓0.68%), Convex (↓2.30%) and Internet Computer (↑19.42%)

Posted: 3 June 2022 5:07 am
Internet Computer (ICP)

The overall crypto market is up 1.00% in the past 24 hours. Internet Computer and Stepn made double-digit gains.

The crypto market stalled after the big moves in the past few days.

Overall, the crypto market saw prices change by 1.00%, which shows market participants are hesitant to commit to buying or selling.

Trading volume over the last 24 hours was 32% lower than the recent seven-day average, which shows the indecision of market participants.

Price volatility was 0.44%, meaning prices were generally flat.

The two biggest coins: Bitcoin and Ethereum

Bitcoin (BTC) is the biggest coin by market cap and its price changed by 1.15%. Bitcoin now represents 46.17% of the overall market cap of the 200 biggest coins.

Bitcoin stalled around $30,000 after it failed to move to $35,000. Despite that, holding the $30,000 level can open the way for short-term gains. Keep in mind, the downward pressure still remains.

The second most valuable crypto, Ethereum (ETH), saw its price change by -0.68%. Ethereum’s market cap is 38.92% of Bitcoin’s value.

Ether successfully held the $1,800 price level. We could see a test of the recent lows at $1,750, but the price needs to break $2,000 and hold above it 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 Internet Computer (ICP). Its 24 hour increase was 19.42%. The increase means ICP is now the 32nd biggest coin with a market cap of US $2.02 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 gain could be due to ORIGYN’s launch on ICP’s mainnet.

Stepn (GMT) and IOTA (MIOTA) were the other two top gainers among the top 100 cryptocurrencies by market cap. GMT gained 10.62%, while MIOTA earned 8.98%.

STEPN (GMT) is a Web3 lifestyle app with fun social elements and gamification design. Users equipped with NFT sneakers walk, jog or run outdoors to earn GST, another STEPN-associated token. They can trade these earnings for USDC or SOL or use them to level up and mint new NFT sneakers to lease or sell.

IOTA (MIOTA) provides efficient, secure, lightweight and real-time micro-transactions without fees. It doesn’t use blocks like most blockchains. Instead, it validates transactions by approving 2 previous transactions from another node. It uses its MIOTA token to account for transactions.

The biggest loser in the 100 biggest coins was Convex Finance (CVX). Its drop over the last day was 2.30%. After the fall, CVX is now the 80th biggest coin with a market cap of US $552 million.

Convex Finance (CVX) is an influential decentralized finance (DeFi) protocol helping Curve liquidity providers boost rewards. Its sole use case is to accumulate as much total locked value (TVL) as possible, which helps it control a significant stake in Curve Finance.

The recent loss has no connection to any news.

Disclaimer: This page is not financial advice or an endorsement of digital assets, providers or services. Digital assets are volatile and risky, and past performance is no guarantee of future results. Potential regulations or policies can affect their availability and services provided. Talk with a financial professional before making a decision. Finder or the author may own cryptocurrency discussed on this page.

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