Today’s crypto movers: Bitcoin (↑6.35%), Ethereum (↑11.43%), UNUS SED LEO (↓3.47%) and Celsius (↑31.69%)
The crypto market rallies as inflation cools.
Bitcoin led most cryptocurrencies higher as it attempted to reclaim $25,000 once again.
The overall crypto market saw prices change by 7.11% in the last 24 hours, which is a massive move that we haven’t seen since July.
Trading volume over the last 24 hours was 38% higher than the recent 7-day average, meaning more investors and traders are jumping in.
The two biggest coins: Bitcoin and Ethereum
Bitcoin is the biggest coin by market cap and its price changed by 6.35% over the last 24 hours.
Bitcoin aims at $25,000 after the CPI numbers came lower than expected. This means investors bet that the Federal Reserve will turn dovish soon and stop raising interest rates.
The second most valuable crypto, Ethereum, saw its price change by 11.43%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.
Ether continues higher with the $2,000 target in sight. This is a huge price level, and a strong catalyst is needed for ETH to break through.
Today’s biggest gainers and losers
Celsius (CEL) provided its users with crypto banking and financial services. It’s currently going through bankruptcy proceedings and facing fraud charges. The recent gain could be due to Ripple (XRP) showing interest in buying CEL’s assets.
Lido DAO (LDO) provides liquid staking for Ethereum, which allows staking while participating in on-chain activities. It uses its LDO token to vote on protocol parameters and to govern the treasury. The price continues a month-long rally supported by Tuesday’s announcement of a partnership with CIAN.
Aave (AAVE) is a decentralized finance (DeFi) protocol that allows people to lend and borrow crypto. It uses its token for governance and fee discounts to holders. The rally accompanies yesterday’s launch of AAVE’s Block Analitica platform.
The largest drop was for UNUS SED LEO (LEO).
UNUS SED LEO (LEO) is a utility token for the iFinex ecosystem. It allows Bitfinex users to save money on trading fees.
The recent loss could be due to the US Department of Justice’s (DOJ) potential criminal investigation into Bitfinex.