Today’s crypto movers: Bitcoin (↑1.00%), Ethereum (↑2.93%), Arweave (↓0.54%) and Storj (↑18.67%)
The crypto market trades sideways as market participants await a new catalyst.
The crypto market has traded mostly flat with Bitcoin holding $20,000, its strong support zone. Unless major news hit the market, we are likely to see mostly flat trading until the new inflation numbers come out next week.
The overall crypto market saw prices change by 1.25% in the last 24 hours, which is a minor move compared to the past few days.
Trading volume over the last 24 hours was 18% lower than the recent 7-day average, which shows investors and traders have scaled back.
Price volatility was 0.48%, 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 1.00% over the last 24 hours.
Bitcoin successfully holds $20,000 after reclaiming this price zone few days ago. Macroeconomics still point to further downside for riskier assets, but this may change if inflation numbers start to go down.
The second most valuable crypto, Ethereum, saw its price change by 2.93%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.
Ether holds between $1,000 and $1,200 for the past few weeks. Which side breaks first will likely depend on where Bitcoin goes next.
Today’s biggest gainers and losers
Big gains happened for Storj (STORJ) up 18.67%; The Sandbox (SAND), which rose 9.37%; and THORChain (RUNE) which was up 8.63%. (All figures are based on the last 24 hours of trading at time of writing.)
Storj (STORJ) is an open-source cloud storage platform. Its decentralized network of nodes hosts data secured with advanced encryption. It uses its STORJ token to reward nodes and pay for storing data.
The Sandbox (SAND) is a blockchain-based virtual world. It allows users to create, build, buy and sell digital assets in the form of a game. SAND, its utility token, facilitates transactions on the platform. SAND price climb follows Meta Hollywood announcing a new partnership with SAND.
THORChain (RUNE) is a decentralized liquidity protocol that allows users to keep full custody of their assets during cross-network exchanges. It uses the RUNE token for the ecosystem’s base currency, platform governance and security. RUNE posted an explanation of its upcoming integration with Cosmos (ATOM), helping the price continue its rally.
The largest drops were for Arweave (AR), down 0.54%; GateToken (GT), which fell 0.42%; and TRON (TRX), which was down 0.17%.
Arweave (AR) is a decentralized storage network that offers a platform for indefinite data storage. It uses its native AR cryptocurrency to pay miners to store the network’s information.
GateToken (GT) launched in March 2020 as Gate.io’s exchange token. The exchange uses it for fee discounts, access to activities and VIP tiers and other privileges.
Tron (TRX) is a decentralized blockchain-based operating system launched by the Tron Foundation in 2017. It supports smart contracts and decentralized apps (dApps).
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.
