Today’s crypto movers: Bitcoin (↓1.81%), Ethereum (↓3.04%), Axie Infinity (↓3.74%) and Convex Finance (↑20.81%)

Posted: 6 July 2022 5:23 am
Convex Finance (CVX)

The crypto market traded mostly flat as Bitcoin holds at $20,000.

The crypto market slightly pulled back after Bitcoin pushed above $20,000. The fundamentals still weigh on riskier assets, though. We could see cryptocurrencies struggle to move higher in the coming days.

The overall crypto market saw prices change by -1.68% in the last 24 hours, which is normal after the previous day’s rally.

Trading volume over the last 24 hours was 14% higher than the recent 7-day average, meaning market participants used the rally.

The two biggest coins: Bitcoin and Ethereum

Bitcoin is the biggest coin by market cap and its price changed by -1.81% over the last 24 hours.

Bitcoin traded above $20,000 once again. This is a major price zone that must hold if we are to see a move back to $25,000.

The second most valuable crypto, Ethereum, saw its price change by -3.04%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.

Ether trades between $1,000 and $1,200. A break over the latter opens the way to $1,500.

Today’s biggest gainers and losers

Big gains happened for Convex Finance (CVX) up 20.81%; Curve DAO Token (CRV), which rose 11.55%; and Basic Attention Token (BAT) which was up 5.72%. (All figures are based on the last 24 hours of trading at time of writing.)

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 value locked (TVL) as possible, allowing it to control a significant stake in Curve Finance.

Curve DAO Token (CRV) is a stablecoin decentralized exchange (DEX) that uses an automated market maker (AMM) to manage liquidity. The CRV token is the in-house token for its decentralized autonomous organization (DAO).

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.

The largest drops were for Axie Infinity (AXS), down 3.74%; Algorand (ALGO), which fell 3.39%; and Shiba Inu (SHIB), which was down 3.12%.

Axie Infinity (AXS) is the governance token of a blockchain-based trading and battling game.

Algorand (ALGO) is a proof-of-stake (PoS) decentralized blockchain network supporting many application types. It focuses on fast transactions with low fees.

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.

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.

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