Today’s crypto movers: Bitcoin (↑7.99%), Ethereum (↑1.88%), Curve DAO Token (↓1.24%) and Flow (↑22.24%)

Posted: 20 July 2022 5:24 am
Flow (FLOW)

The crypto market moved higher as Bitcoin reclaims a major resistance zone.

Bitcoin pushed through $23,000, an important price level, pulling most altcoins high with it. This move opens the way for $25,000 next.

The overall crypto market saw prices change by 6.81% in the last 24 hours, which is a similar move to what we saw two days ago.

Trading volume over the last 24 hours was 37% higher than the recent 7-day average, meaning lots of short positions were liquidated.

The two biggest coins: Bitcoin and Ethereum

Bitcoin is the biggest coin by market cap and its price changed by 7.99% over the last 24 hours.

Bitcoin holds above $23,000 after trading in a narrow range for a month. This move means the new range now shifts between $21,500 and $25,000 until we get a new catalyst to move the price decisively in either direction.

The second most valuable crypto, Ethereum, saw its price change by 1.88%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.

Ether took a breather after moving almost 30% in a few days following the Ethereum Merge news. The price stands above $1,500, meaning we could see $1,800 next.

Today’s biggest gainers and losers

Big gains happened for Flow (FLOW) up 22.24%; Fantom (FTM), which rose 16.57%; and Enjin Coin (ENJ) which was up 16.10%. (All figures are based on the last 24 hours of trading at time of writing.)

Flow (FLOW) is a layer-1 (L1) blockchain created by the team behind CryptoKitties, Dapper Wallet and NBA Top Shot. It uses its FLOW token for payments, network reserves, participation, fees and governance. The recent gain accompanies Joyride Games launching its casual games platform on FLOW.

Fantom (FTM) is a directed acyclic graph L1 blockchain-based smart contract platform. It aims to provide decentralized finance (DeFi) services while balancing security, decentralization and scalability.

Enjin Coin (ENJ) provides an ecosystem of interconnected, blockchain-based gaming products. It uses its ENJ token to buy, sell and trade NFTs.

The largest drops were for Curve DAO Token (CRV), down 1.24%; and Ethereum Classic (ETC), which fell 0.56%.

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

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 DAO hack.

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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