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Today’s crypto movers: Bitcoin (↓4.08%), Ethereum (↓7.50%), Bitcoin Cash (↓8.06%) and Trust Wallet Token (↑5.78%)

Posted: 26 July 2022 6:08 am
Trust wallet (TWT)

The crypto market retreated as participants await the Fed’s interest rate decision on Wednesday.

Most altcoins traded lower with Bitcoin, stalling at $21,000.

The overall crypto market saw prices change by -4.41% in the last 24 hours, which is a bigger drop compared to the past few days.

Trading volume over the last 24 hours was 16% higher than the recent 7-day average, meaning some long positions were liquidated with the drop.

The two biggest coins: Bitcoin and Ethereum

Bitcoin is the biggest coin by market cap and its price changed by -4.08% over the last 24 hours.

Bitcoin dropped to $21,000, which is a major support zone. If it holds, we may see another attempt toward $25,000. Whether it moves higher or lower will likely depend on the Fed’s interest rate decision and the GDP numbers, both of which come out Wednesday.

The second most valuable crypto, Ethereum, saw its price change by -7.50%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.

Ether lost $1,500 and now trades at around $1,400. The next major support price to keep an eye on is $1,250.

Today’s biggest gainers and losers

Big gains happened for Trust Wallet Token (TWT) up 5.78%; Qtum (QTUM), which rose 4.04%; and OKB (OKB) which was up 2.40%. (All figures are based on the last 24 hours of trading at time of writing.)

Trust Wallet Token (TWT) is the token of a mobile cryptocurrency wallet that supports tokens from many blockchains, including TRON, Ethereum and Binance. The TWT token offers access to decentralized exchange (DEX) services, discounts on purchases and governance. The recent gain could be due to BitMart listing TWT.

Qtum (QTUM) is a proof-of-stake (PoS) smart contract blockchain platform. It was the first PoS blockchain to use Bitcoin’s UTXO model with smart contracts. The token’s functionality includes paying fees, staking, transferring value and voting in governance. The price is climbing before QTUM’s hard fork which is expected on 31 July.

OKB (OKB) is a cryptocurrency released by the OK Blockchain Foundation and Maltese crypto exchange OKX. With the token, users pay trading fees, vote in governance on the platform and hold for rewards.

The largest drops were for Bitcoin Cash (BCH), down 8.06%; NEAR Protocol (NEAR), which fell 7.93%; and Polygon (MATIC), which was down 7.68%.

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.

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.

Polygon (MATIC) is a Coinbase- and Binance-backed layer-2 (L2) Ethereum-scaling solution for creating scaling chains. It uses its MATIC token for governance, security, payment settlement and fees.

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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