Today’s crypto movers: Bitcoin (↓4.97%), Ethereum (↓8.93), Polygon (↓9.45%) and 0x (↑6.20%)
The crypto market trades lower as Bitcoin drops below $20,000.
Bitcoin traded below $20,000 once again, pulling most altcoins lower with it. Macroeconomic factors continue to weigh down on crypto, but this drop could be attributed to multiple financial institutions and crypto hedge funds being either completely liquidated or forced to close some of their positions recently.
The overall crypto market saw prices change by -4.91% in the last 24 hours, which is a bigger drop compared to previous days.
Trading volume over the last 24 hours was 3% higher than the recent 7-day average, meaning more positions were opened and closed as the prices dropped.
Price volatility was 2.05%, which shows minimal price fluctuation.
The two biggest coins: Bitcoin and Ethereum
Bitcoin is the biggest coin by market cap and its price changed by -4.97% over the last 24 hours.
Bitcoin dropped below $20,000 once again this month. The next price level to watch stands at $17,500.
The second most valuable crypto, Ethereum, saw its price change by -8.93%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.
Ether holds above $1,000, but we may see this price being broken soon.
Today’s biggest gainers and losers
Big gains happened for 0x (ZRX) up 6.20%; Basic Attention Token (BAT), which rose 3.03%; and Shiba Inu (SHIB) which was up 2.94%. (All figures are based on the last 24 hours of trading at time of writing.)
0x (ZRX) is an infrastructure protocol to exchange ERC20 tokens and other assets on the Ethereum blockchain. It enables users to trade without relying on centralized entities. With the ZRX token, users can pay trading fees, take part in governance and stake it for rewards.
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.
Shiba Inu (SHIB) is a meme coin calling itself the “Dogecoin killer”. It uses its SHIB token to transfer value through payments. Its community creates utility and an ecosystem for the token.
The largest drops were for Polygon (MATIC), down 9.45%; Axie Infinity (AXS), which fell 8.63%; and ApeCoin (APE), which was down 8.42%.
Polygon (MATIC) is a Coinbase- and Binance-backed layer-2 (L2) Ethereum-scaling solution that developers use to create various scaling chains. It uses its MATIC token for governance, security, payment settlement and fees.
Axie Infinity (AXS) is the governance token of a blockchain-based trading and battling game.
ApeCoin (APE) is a decentralized project inspired by Yuga Labs’ Bored Ape Yacht Club (BAYC). The token facilitates the APE Foundation’s APE ecosystem.
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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.
