Today’s crypto movers: Bitcoin (↑2.01%), Ethereum (↑8.03%), XDC Network (↓1.33%) and Bitcoin Gold (↑27.46%)
The crypto market rises as Bitcoin returns to above $23,000.
Bitcoin led most cryptocurrencies higher as it pushed through the $23,000 mark once again. This is where the market may lose steam as participants await the Federal Reserve rate hike coming next week.
The overall crypto market saw prices change by 3.52% in the last 24 hours, which continues the small bull run that started last week.
Trading volume over the last 24 hours was 16% lower than the recent 7-day average, indicating that market participants are waiting for the next rate hike before they commit their funds.
The two biggest coins: Bitcoin and Ethereum
Bitcoin’s price changed by 2.01% over the last 24 hours. Bitcoin traded briefly below $23,000 but recovered above this important price level.
Its next price range stands between $21,000 and $25,000. Whether it breaks higher or lower depends on the next major catalyst.
The second most valuable crypto, Ethereum, saw its price change by 8.03%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.
Ether trades above $1,600. Its next target is $1,700.
Today’s biggest gainers and losers
Big gains happened for Bitcoin Gold (BTG) up 27.46%; Curve DAO Token (CRV), which rose 25.94%; and ApeCoin (APE) which was up 18.27%. (All figures are based on the last 24 hours of trading at time of writing.)
Bitcoin Gold (BTG) began in 2017 as a user-friendly Bitcoin fork with many similarities to the cryptocurrency. It provides developers of decentralized finance (DeFi) and decentralized apps (dApps) opportunities to use the coin.
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).
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 has been climbing since Yuga Labs’ Otherside Metaverse demo last Saturday.
The largest drops were for XDC Network (XDC), down 1.33%; and Klaytn (KLAY).
XDC Network (XDC) is an enterprise-grade, hybrid blockchain compatible with the Ethereum Virtual Machine (EVM). It has public and private states and interoperable smart contracts. The XDC token powers the network’s smart contracts and transactions.
Klaytn (KLAY) is a public blockchain focused on the metaverse, GameFi and creator economy. It launched in 2019 and has its base in Singapore. The KLAY token is the native digital asset that fuels and secures the Klaytn protocol.
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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.