Today’s crypto movers: Bitcoin (↓1.76%), Ethereum (↓0.59%), Ethereum Classic (↓6.56%) and Filecoin (↑29.73%)

Posted: 1 August 2022 6:30 am
Filecoin (FIL)

The crypto market stalled after last week’s rally.

The crypto market traded mostly flat during the weekend as Bitcoin held $23,000.

The overall crypto market saw prices change by -0.24% in the last 24 hours, which is normal given the recent rally.

Trading volume over the last 24 hours was 4.8% lower than the recent 7-day average, which shows market participants are waiting for the next catalyst to jump back in.

The two biggest coins: Bitcoin and Ethereum

Bitcoin is the biggest coin by market cap and its price changed by -1.76% over the last 24 hours.

Bitcoin failed to push above $25,000 but it managed to hold at above $23,000, which opens the possibility for another potential rally soon. Downward pressure still remains, though, meaning we could see another drop in the coming weeks.

The second most valuable crypto, Ethereum, saw its price change by -0.59%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.

Ether bounced off of $1,750. The current support zone lies between $1,500 and $1,600. A break above $1,750 paints $2,000 as the next target.

Today’s biggest gainers and losers

Big gains happened for Filecoin (FIL) up 29.73%; Kadena (KDA), which rose 15.44%; and BitTorrent-New (BTT) which was up 10.20%. (All figures are based on the last 24 hours of trading at time of writing.)

Filecoin (FIL) is a decentralized storage system aiming to “store humanity’s most important information”. Users make transactions with FIL, the blockchain’s native currency.

Kadena (KDA) is a proof-of-work (PoW) platform that combines a layer-1 (L1) public chain protocol with a layer-2 (L2) network. This combination provides high throughput while maintaining security and scalability. The recent gain is due to the 1 August release of Kaddex, a gas-free decentralized exchange (DEX).

BitTorrent (BTT) is a peer-to-peer (P2P) file-sharing platform released in 2001. TRON (TRX), a blockchain platform, purchased BitTorrent in 2018. BitTorrent uses the BTT token to compensate providers and buy bandwidth, storage and other resources.

The largest drops were for Ethereum Classic (ETC), down 6.56%; Polygon (MATIC), which fell 5.19%; and Bitcoin Cash (BCH), which was down 4.17%.

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

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

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.

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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.

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