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Today’s crypto movers: Bitcoin (↑4.01%), Ethereum (↑5.74%), Arweave (↓1.69%) and Optimism (↑39.37%)

Posted: 29 July 2022 6:22 am
Optimism (OP)

The crypto market continued its rally as Bitcoin hits six-week high.

Bitcoin pushed higher, pulling most altcoins up with it.

The overall crypto market saw prices change by 4.42% in the last 24 hours, which is a continuation of the recent rally.

Trading volume over the last 24 hours was 17% higher than the recent seven-day average, meaning more traders and investors are committing their funds.

The two biggest coins: Bitcoin and Ethereum

Bitcoin is the biggest coin by market cap, and its price changed by 4.01% over the last 24 hours.

Bitcoin trades slightly below $25,000. This is the new resistance price within the range of $21,000 and $25,000. A break higher opens the way to $27,000 and potentially back at $30,000. However, the downward pressure remains, which could turn out to be a bull trap.

The second most valuable crypto, Ethereum, saw its price change by 5.74%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.

Ether continues to move higher, reaching $1,750, a major resistance zone. This is where the rally could stall for a while. A break higher opens the way to $2,000.

Today’s biggest gainers and losers

Big gains happened for Optimism (OP), up 39.37%; Ethereum Classic (ETC), which rose 20.40%; and Curve DAO Token (CRV), which was up 16.76%. (All figures are based on the last 24 hours of trading at time of writing.)

Optimism (OP) is a layer-2 (L2) blockchain for Ethereum. It uses optimistic rollups to help Ethereum support faster and cheaper transactions. The OP token provides governance rights.

Ethereum Classic (ETC) is a legacy chain created by forking ETH after its major 2016 hack. It preserves the original Ethereum blockchain without countering its past decentralized autonomous organization (DAO) hack.

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

The largest drops were for Arweave (AR), down 1.69%; Huobi Token (HT), which fell 1.14%; and Polkadot (DOT), which was down 0.24%.

Arweave (AR) provides a decentralized indefinite data storage platform. It uses its native AR cryptocurrency to pay miners to store the network’s information.

Huobi Token (HT) is a cryptocurrency exchange that uses the HT token for fee discounts, membership, voting, rewards and event access.

Polkadot (DOT) is a sharded multi-chain layer-0 (L0) protocol that offers a foundation for a decentralized Internet of blockchains. The DOT token facilitates governance, staking and bonding.

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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