Today’s crypto movers: Bitcoin (↑1.27%), Ethereum (↑3.40%), ApeCoin (↓3.88%) and Ethereum Classic (↑7.07%)
The crypto market stalled as traders and investors await Fed’s interest rate decision.
Market participants have scaled back their investments in anticipation of the Fed’s interest rate decision and the GDP numbers release today. Both could be the catalyst to push the markets in either direction.
The overall crypto market saw prices change by 1.58% in the last 24 hours, which shows investor indecision.
Trading volume over the last 24 hours was 18% lower than the recent 7-day average, meaning market participants are reluctant to commit their funds for now.
The two biggest coins: Bitcoin and Ethereum
Bitcoin is the biggest coin by market cap and its price changed by 1.27% over the last 24 hours.
Bitcoin successfully held $21,000, meaning we could see another attempt at $25,000 soon. However, the downward pressure still remains and any move higher could turn out to be a bull trap.
The second most valuable crypto, Ethereum, saw its price change by 3.4%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.
Ether trades slightly below $1,500. A move above this price is required if we are to see Ether move to $1,700 and potentially decouple from Bitcoin. For that to happen, however, we may first have to wait for the Ethereum Merge.
Today’s biggest gainers and losers
Big gains happened for Ethereum Classic (ETC) up 7.07%; Monero (XMR), which rose 6.82%; and Qtum (QTUM) which was up 5.39%. (All figures are based on the last 24 hours of trading at time of writing.)
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. The recent gain could be due to mining pool Antpool investing $10 million to support the ETC ecosystem.
Monero (XMR) facilitates private, anonymous transactions that obscure senders and recipients through advanced cryptography. It allows users to make fast and inexpensive payments without fear of censorship.
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 31 July hard fork.
The largest drops were for ApeCoin (APE), down 3.88%; Uniswap (UNI), which fell 3.65%; and Flow (FLOW), which was down 3.10%.
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 recent loss follows news that a New York law firm is organizing a lawsuit against Yuga Labs. The case will argue that Yuga Labs falsely marketed APE and BAYC NFTs as growth assets with guaranteed returns.
Uniswap (UNI) is one of the most prominent decentralized trading protocols. It features an automated market maker (AMM) that solves liquidity issues with automated solutions. Its UNI token facilitates governance. The recent loss accompanies a discussion on UNI’s proposed fee switch, which would direct part of the protocol’s fees from liquidity providers (LPs) to UNI holders.
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.
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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.