Today’s crypto movers: Bitcoin (↓3.18%), Ethereum (↓5.95%), Uniswap (↓11.25%) and Polygon (↑3.86%)

Posted: 12 July 2022 6:03 am
Polygon (MATIC)

The crypto market dropped as market participants await inflation numbers.

Bitcoin dropped below $20,000 once again, pulling most altcoins with it, as investors and traders wait for inflation numbers before committing their funds.

The overall crypto market saw prices change by -3.09% in the past 24 hours, continuing the recent pullback.

Trading volume over the past 24 hours was 1% lower than the recent seven-day average, with market participants scaling down.

Two biggest coins: Bitcoin and Ethereum

The biggest coin by market cap, Bitcoin saw its price change by -3.18% over the past 24 hours.

It dropped below $20,000 once again. If inflation numbers turn out to be higher than expected, we may see a drop to $17,500 next.

The second most valuable crypto, Ethereum, saw its price change by -5.95%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.

Ether still holds above $1,000, but if Bitcoin drops to $17,500 or lower, Ether is likely to follow.

Today’s biggest gainers and losers

The market brough big gains for Polygon (MATIC), up 3.86%; Loopring (LRC), which rose 3.13%; and Chiliz (CHZ), which was up 1.00%. (Figures are based on the past 24 hours of trading at the time of writing.)

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 recent gain follows MATIC’s announcement that OnePlanet aims to bring 48 new projects to MATIC.

Loopring (LRC) is a protocol for building decentralized exchanges (DEXs). Its goal is to combine centralized order matching with decentralized order settlement. Loopring uses its LRC token for rewards, staking and governance. The price climb follows GameStop launching its LRC-powered NFT marketplace.

Chiliz (CHZ) operates Socios, a blockchain-based entertainment and sports platform. Users buy fan tokens for sports clubs with CHZ tokens. They vote with these tokens on team decisions, such as jersey design or team match-ups.

The largest drops were for Uniswap (UNI), down 11.25%; Aave (AAVE), which fell 9.71%; and ApeCoin (APE), which was down 7.54%.

Uniswap (UNI) is one of the most prominent decentralized trading protocols. It features an automated market maker (AMM) that solves liquidity issues with automated solutions. Its UNI token facilitates governance. The recent loss follows a phishing attack on a Uniswap v3 liquidity pool, which stole roughly US$3.5 million.

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 price drop follows the news that Celsius withdrew its wrapped Bitcoin (wBTC) collateral from Aave.

ApeCoin (APE) is a decentralized project inspired by Yuga Labs’ Bored Ape Yacht Club (BAYC). The token facilitates the APE Foundation’s APE ecosystem. The price decline continues the current downturn that began after APE’s Otherside metaverse completed its second load test.

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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