Today’s crypto movers: Bitcoin (↓1.76%), Ethereum (↑4.15%), Elrond (↓2.61%) and NEAR Protocol (↑19.33%)
The crypto market moved higher along with the stock market, but pulled back in the late hours.
The crypto market traded higher with Bitcoin pushing to $22,900. This is a strong resistance level that needs to break if we are to see a move to $25,000 in the coming weeks.
The overall crypto market saw prices change by 0.15% in the last 24 hours, which shows there isn’t enough buying pressure to move higher yet.
Trading volume over the last 24 hours was 52% higher than the recent 7-day average, meaning market participants were buying the rally and those who shorted the crypto market closed their positions.
The two biggest coins: Bitcoin and Ethereum
Bitcoin is the biggest coin by market cap and its price changed by -1.76% over the last 24 hours. This follows Bitcoin’s unsuccessful attempt to break through $23,000. The downward pressure still holds, and we may see another drop to $20,000 soon.
The second most valuable crypto, Ethereum, saw its price change by 4.15%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.
Ether’s investors and traders are still carried by the “Merge” euphoria. This cryptocurrency took out its major resistance zone at $1,200 with ease and now trades above $1,500. If it holds, the next price to watch is $1,700.
Today’s biggest gainers and losers
Big gains happened for NEAR Protocol (NEAR) up 19.33%; Ethereum Classic (ETC), which rose 16.89%; and Gala (GALA) which was up 15.27%. (All figures are based on the last 24 hours of trading at time of writing.)
Near Protocol (NEAR) is a layer-1 (L1) blockchain designed as a community-run cloud computing platform. It reduces limitations such as slow transaction speeds, low throughput and poor interoperability.
Ethereum Classic (ETC) is a legacy chain created by forking Ethereum (ETH) after its major 2016 hack. It preserves the original Ethereum blockchain without countering its past decentralized autonomous organization (DAO) hack. ETC is rallying in sympathy with its correlated pair, ETH.
Gala Games (GALA) offers NFTs for specific games. It gives players control of games and in-game assets using blockchain technology. With the GALA token, users can buy items and get rewards for running nodes.
The largest drops were for Elrond (EGLD), down 2.61%; Internet Computer (ICP), which fell 2.08%; and Quant (QNT), which was down 1.88%.
Elrond (EGLD) is a blockchain protocol that uses sharding to offer fast transaction speeds. It uses its EGLD token for staking, rewarding validators and paying transaction fees.
Internet Computer (ICP) aims to turn the public Internet into a world-class computing platform. It’s a decentralized blockchain network with smart contracts that let developers create decentralized applications (dApps). The ICP token facilitates governance, rewards and transaction fees.
Quant (QNT) is an operating system that different blockchains use to interoperate with one another. Its QNT utility token acts as a license key for the ecosystem. It also pays fees and costs for using or creating multi-chain applications (MApps).
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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.
