Today’s crypto movers: Bitcoin (↑5.29%), Ethereum (↑5.35%), Polkadot (↓5.07%) and Theta Network (↑12.71%)

Posted: 6 June 2022 4:16 am
News
Theta Network (THETA)

The overall crypto market is up 4.51% in the past 24 hours. Theta Network and Cardano made double-digit gains.

The crypto market moved higher during the weekend as Bitcoin traded above $31,000 once again.

Overall, the crypto market saw prices change by 4.51%, which is a bigger move compared to the previous few days.

Trading volume over the last 24 hours was 33% higher than the recent seven-day average, meaning traders and investors bought in and helped push the prices higher.

Price volatility was 0.64%, which shows minimal price fluctuation.

The two biggest coins: Bitcoin and Ethereum

Bitcoin (BTC) is the biggest coin by market cap and its price changed by 5.29%. Bitcoin now represents 46.15% of the overall market cap of the 200 biggest coins.

Bitcoin traded above $31,000 once again after falling below $30,000 in the past few days. The fundamentals still point lower, which means this could be a bull trap.

The second most valuable crypto, Ethereum (ETH), saw its price change by 5.35%. Ethereum’s market cap is 38.18% of Bitcoin’s value.

Ether bounced off the $1,750 level last week and aims for $2,000 once again. ETH has to break $2,000 and hold above this price 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 Theta Network (THETA). Its 24 hour increase was 12.71%. The increase means THETA is now the 45th biggest coin with a market cap of US $1.33 billion.

Theta Network (THETA) is a blockchain-powered network built for video streaming. It’s advised by the co-founder of YouTube and of Twitch. The Theta mainnet operates as a decentralized network where users share bandwidth and computing resources peer-to-peer (P2P).

The recent gain has no connection to any news and is the result of the overall market’s weekend rally.

Two other top gainers among the top 100 cryptocurrencies by market cap were Cardano (ADA) and Tezos (XTZ). ADA gained 11.07%, while XTZ gained 10.95%.

Cardano (ADA) is a proof-of-stake (PoS) blockchain with smart contracts that allow developers to build decentralized applications (dApps) on its platform. It uses its ADA token to pay transaction fees and vote in governance.

Tezos (XTZ) is a blockchain network built on smart contracts. It designed its network to evolve without the danger of a hard fork. It uses its XTZ token for dApp interaction and staking to secure the network.

The biggest loser in the 100 biggest coins was Polkadot (DOT). Its drop over the last day was 5.07%. After the fall, DOT is now the 11th biggest coin with a market cap of US $9.71 billion.

Polkadot (DOT) offers a foundation for a decentralized Internet of blockchains. It’s a sharded multi-chain layer-0 (L0) protocol with DOT tokens that facilitate governance, staking and bonding.

The recent loss follows Sunday’s start of a parachain auction.

Trying to get a handle on the markets? Cut through the noise with our overview of the best cryptos to buy right now, explore some strategies for how to trade crypto or see if there's a better platform for you with our guide to the best crypto exchanges.

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