Today’s crypto movers: Bitcoin (↓0.87%), Ethereum (↓3.60%), Nexo (↓4.92%) and Shiba Inu (↑34.20%)
The crypto market retreats as Bitcoin fails to push through a major resistance level.
Bitcoin pulled most cryptocurrencies lower as it failed to take over $25,000.
The overall crypto market saw prices change by -1.74% in the last 24 hours, which shows the market losing steam.
Trading volume over the last 24 hours was 33% higher than the recent 7-day average, meaning more positions were closed in the recent rally.
The two biggest coins: Bitcoin and Ethereum
Bitcoin is the biggest coin by market cap and its price changed by -0.87% over the last 24 hours.
Bitcoin briefly moved above $25,000 but failed to hold onto its gains. The pullback means we could see $23,000 next. This price has to hold if we are to see another attempt at $25,000. Otherwise, $21,000 would be the next target.
The second most valuable crypto, Ethereum, saw its price change by -3.60%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.
Ether failed to push through $2,000 and is now trading at around $1,900. Ether’s support price is $1,750.
Today’s biggest gainers and losers
Big gains happened for Shiba Inu (SHIB) up 34.20%; Celsius (CEL), which rose 16.65%; and Dogecoin (DOGE) which was up 9.82%. (All figures are based on the last 24 hours of trading at time of writing.)
Shiba Inu (SHIB) is a meme coin calling itself the “Dogecoin killer”. It uses its SHIB token to transfer value through payments. SHIB’s community creates utility and an ecosystem for the token.
Celsius (CEL) provided its users with crypto banking and financial services. It’s currently going through bankruptcy proceedings and facing fraud charges. The price climb may result from unconfirmed rumors that Ripple (XRP) might take over CEL’s assets.
Dogecoin (DOGE) is based on the famous doge Internet meme and features a Shiba Inu on its logo. Tesla CEO Elon Musk posted several tweets on social media indicating that Dogecoin is his favorite coin.
The largest drops were for Nexo (NEXO), down 4.92%; Decred (DCR), which fell 4.59%; and Quant (QNT), which was down 3.67%.
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. NEXO showed interest in acquiring its competitor Vauld after the latter experienced trouble. Indian authorities have frozen US$46.5 million of Vauld’s assets. This may be contributing to NEXO’s drop.
Decred (DCR) is a blockchain-based cryptocurrency launched in February 2016. It created its token and protocol to facilitate open governance, community interaction and sustainable funding policies.
Quant (QNT) is an operating system that different blockchains use to interoperate with one another. Its QNT utility token acts as a license key for the ecosystem. It also pays fees and costs for using or creating multi-chain applications (MApps).
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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.
