Today’s crypto movers: Bitcoin (↑6.93%), Ethereum (↑5.88%), UNUS SED LEO (↓1.81%) and Aave (↑16.55%)

Posted: 8 July 2022 5:28 am
Aave (AAVE)

The crypto market moved higher as Bitcoin attempts to break a major resistance zone around $21,500.

The crypto market had one of the best days following the rally in stocks.

The overall crypto market saw prices change by 4.78% in the last 24 hours, which is a huge gain compared to most days this summer.

Trading volume over the last 24 hours was 21% higher than the recent 7-day average, which shows market participants joined in the rally.

The two biggest coins: Bitcoin and Ethereum

Bitcoin is the biggest coin by market cap and its price changed by 6.93% over the last 24 hours.

Bitcoin attempted to break $21,500 and move higher with the rally in stocks. The downward pressure remains, meaning we could see further downside or prolonged sideways move. This could change if the inflation numbers start to go down.

The second most valuable crypto, Ethereum, saw its price change by 5.88%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.

Ether pushed past $1,200. If it holds above this price, we could easily see $1,500 next.

Today’s biggest gainers and fallers

Big gains happened for Aave (AAVE) up 16.55%; IoTeX (IOTX), which rose 13.27%; and Polygon (MATIC) which was up 12.57%. (All figures are based on the last 24 hours of trading at time of writing.)

Aave (AAVE) is a decentralized finance (DeFi) protocol that allows people to lend and borrow crypto. It uses its token for governance and fee discounts to holders. The recent gain follows Aave announcing its plan to launch a stablecoin.

IoTeX (IOTX) powers and connects decentralized apps (dApps), smart devices and digital assets. It’s a layer-1 (L1) blockchain compatible with the Ethereum virtual machine (EVM). It uses its IOTX token to pay for transactions and to stake and register devices.

Polygon (MATIC) is a Coinbase- and Binance-backed layer-2 (L2) Ethereum-scaling solution that developers use to create scaling chains. It uses its MATIC token for governance, security, payment settlement and fees. The price appreciation follows an announcement of Reddit’s NFT avatar marketplace, which will be built on MATIC.

The largest drops were for UNUS SED LEO (LEO), down 1.81%; Huobi Token (HT), which fell 0.63%; and Basic Attention Token (BAT), which was down 0.44%.

UNUS SED LEO (LEO) is a utility token for the iFinex ecosystem. It allows Bitfinex users to save money on trading fees.

Huobi Token (HT) is a cryptocurrency exchange that uses Huobi Global’s HT token for trading fee discounts, membership, voting, rewards and access to events.

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.

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.

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