Today’s crypto movers: Bitcoin (↓3.57%), Ethereum (↓5.57%), Decentraland (↓8.04%) and Bitcoin Cash (↑2.52%)

Posted: 25 July 2022 5:16 am
Bitcoin Cash (BCH)

The crypto market traded lower as Bitcoin pulled back below $23,000.

Bitcoin returned below $23,000 and now trades around $21,000, pulling most altcoins down with it.

The overall crypto market saw prices change by -3.69% in the last 24 hours, which is a larger move compared to previous days.

Trading volume over the past 24 hours was 4% higher than the recent 7-day average, indicating that some market participants bought in the recent pullback.

The two biggest coins: Bitcoin and Ethereum

Bitcoin is the biggest coin by market cap and its price changed by -3.57% over the last 24 hours.

Bitcoin is back at $21,000, which is now the price support level of the new trading range. Despite that, Bitcoin still faces heavy downward pressure.

The second most valuable crypto, Ethereum, saw its price change by -5.57%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.

Ether still holds above $1,500. Unless something drastic happens, we could see Ether attempt to reclaim $1,700 next.

Today’s biggest gainers and losers

Big gains happened for Bitcoin Cash (BCH) up 2.52%; Synthetix (SNX), which rose 0.69%; and PancakeSwap (CAKE) which was up 0.51%. (All figures are based on the last 24 hours of trading at time of writing.)

Bitcoin Cash (BCH) forked from Bitcoin in 2017. It aims to be faster and cheaper than Bitcoin while satisfying similar needs. Its BCH token facilitates payments and smart contracts.

Synthetix (SNX) is a decentralized finance (DeFi) protocol that gives on-chain exposure to various crypto and non-crypto assets. Its “synths” track and deliver asset returns without requiring users to hold the underlying asset. The price climb continues last week’s bullish trend. Synthetix’s partnership with Jump Crypto helped sustain this rally.

PancakeSwap (CAKE) is an automated market maker (AMM) for trading tokens and yield farming for rewards. Users farm, stake and participate in governance with its CAKE token.

The largest drops were for Decentraland (MANA), down 8.04%; Flow (FLOW), which fell 7.54%; and Axie Infinity (AXS), which was down 7.37%.

Decentraland (MANA) is a virtual reality platform powered by the Ethereum blockchain. It allows users to create, experience and monetize content and applications. With its MANA tokens, users get LAND tokens and buy assets on the Decentraland marketplace.

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.

Axie Infinity (AXS) is the governance token of a blockchain-based trading and battling game.

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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