Today’s crypto movers: Bitcoin (↓3.77%), Ethereum (↓5.64%), Filecoin (↓8.74%) and Nexo (↑5.97%)

Posted: 10 August 2022 4:39 am
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Nexo (NEXO)

The crypto market pulled back as investors await July’s CPI number.

Market participants scaled down their activity before July’s inflation numbers coming out today.

The overall crypto market saw prices change by -3.86% in the last 24 hours, which is normal given the recent rally.

Trading volume over the last 24 hours was 26% lower than the recent 7-day average, meaning investors and traders are waiting on the sidelines for now.

The two biggest coins: Bitcoin and Ethereum

Bitcoin is the biggest coin by market cap and its price changed by -3.77% over the last 24 hours.

Bitcoin failed to reach $25,000 once again. However, Bitcoin bulls managed to hold $23,000, which is a major price level. Depending on the inflation numbers, we could see either another run to $25,000 or a drop to $21,000.

The second most valuable crypto, Ethereum, saw its price change by -5.64%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.

Ether trades around $1,700, which is a major price level. $2,000 is the next target for the bulls and $1,500 for the bears.

Today’s biggest gainers and losers

Big gains happened for Nexo (NEXO) up 5.97%; LEO (UNUS) UNU, which rose 3.42%; and XDC Network (XDC) which was up 1.07%. (All figures are based on the last 24 hours of trading at time of writing.)

Nexo (NEXO) is a blockchain lending platform. Users can deposit crypto tokens as collateral to receive instant loans from Nexo. Its NEXO token gives interest discounts, payments, dividends and other benefits. The recent gain follows Nexo adding FTX (FTT) and Huobi Global (HT) tokens to its platform.

UNUS SED LEO (LEO) is a utility token for the iFinex ecosystem. It allows Bitfinex users to save money on trading fees.

XDC Network (XDC) is an enterprise-grade, hybrid blockchain compatible with the Ethereum Virtual Machine (EVM). It has public and private states and interoperable smart contracts. The XDC token powers the network’s smart contracts and transactions. The price is climbing after XDC’s co-founder joined the Dubai Digital Assets Business Group.

The largest drops were for Filecoin (FIL), down 8.74%; Elrond (EGLD), which fell 8.71%; and Theta Network (THETA), which was down 7.98%.

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.

Elrond (EGLD) is a blockchain protocol that uses sharding to offer fast transaction speeds. It uses its EGLD token for staking, rewarding validators and paying transaction fees.

Theta Network (THETA) is a blockchain-powered network built for video streaming. The Theta mainnet is a decentralized network where users share bandwidth and peer-to-peer (P2P) computing resources. YouTube and Twitch co-founders serve as advisors.

Trying to get a handle on the markets? Cut through the noise with our overview of the best cryptos to buy right now, explore some 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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