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Today’s crypto movers: Bitcoin (↓1.89%), Ethereum (↑0.59%), Internet Computer (↓4.22%) and Ankr (↑49.27%)

Posted: 12 August 2022 5:33 am
Ankr (ANKR)

The crypto market dropped as Bitcoin failed to reclaim an important price level.

Bitcoin dropped shy of $25,000, pulling most cryptocurrencies down with it.

The overall crypto market saw prices change by -0.94% in the last 24 hours, which is normal given the recent rally.

Trading volume over the last 24 hours was 20% lower than the recent 7-day average, meaning fewer positions were closed at these prices.

The two biggest coins: Bitcoin and Ethereum

Bitcoin is the biggest coin by market cap and its price changed by -1.89% over the last 24 hours.

Bitcoin failed to reclaim $25,000. This means we’ll likely see $23,000 next.

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 still outperforms Bitcoin as the Merge deadline looms. Ether’s next major price level is $2,000, but a break above it will likely require a major catalyst.

Today’s biggest gainers and loser

Big gains happened for Ankr (ANKR) up 49.27%; Ethereum Classic (ETC), which rose 7.38%; and XDC Network (XDC) which was up 6.75%. (All figures are based on the last 24 hours of trading at time of writing.)

Ankr (ANKR) provides decentralized infrastructure for Web3 that helps decentralized applications (dApps), stakers and developers use many blockchains. The ANKR token rewards node providers and stakers and pays for blockchain requests. The recent gain follows Binance’s venture capital arm Binance Labs investing in Ankr.

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. The rally might have a connection to ETH’s upcoming Merge. This update could encourage ETH miners to move to ETC.

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 largest drops were for Internet Computer (ICP), down 4.22%; Monero (XMR), which fell 3.84%; and FTX Token (FTT), which was down 3.71%.

Internet Computer (ICP) aims to turn the public Internet into a world-class computing platform. It’s a decentralized blockchain network with smart contracts that let developers create dApps. The ICP token facilitates governance, rewards and transaction fees.

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. The recent loss precedes XMR’s network upgrade scheduled for 13 August.

FTX Token (FTT) is the native cryptocurrency for the FTX derivatives and trading platform. The exchange uses the FTT token to unlock lower trading fees and other benefits.

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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