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Today’s crypto movers: Bitcoin (↓0.20%), Ethereum (↓1.07%), Celsius (↓30.78%) and Chiliz (↑17.27%)

Posted: 16 August 2022 6:08 am
Chiliz (CHZ)

The crypto market traded flat as investors and traders await a new catalyst.

Bitcoin held most cryptocurrencies steady as it stopped at $24,000.

The overall crypto market saw prices change by 0.39% in the last 24 hours, which shows market indecisiveness.

Trading volume over the last 24 hours was 12% lower than the recent 7-day average, meaning some market participants have closed their positions and are waiting for a new 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 -0.20% over the last 24 hours.

Bitcoin trades around $24,000 after it failed to push through $25,000. This is a good sign as we may see another attempt to move higher. However, macroeconomic factors still weigh down on riskier assets, meaning a rally at this point could be short lived.

The second most valuable crypto, Ethereum, saw its price change by -1.07%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.

Ether holds at around $1,900. Its current price support level is $1,750 and its resistance level is $2,000. A break of either of these prices is likely to accelerate the move by at least $250 per coin.

Today’s biggest gainers and losers

Big gains happened for Chiliz (CHZ) up 17.27%; STEPN (GMT), which rose 4.91%; and Holo (HOT) which was up 2.05%. (All figures are based on the last 24 hours of trading at time of writing.)

Chiliz (CHZ) operates Socios, a blockchain-based entertainment and sports platform. Users buy fan tokens for sports clubs with CHZ tokens and use these to vote on jersey design, team match-ups and other team decisions.

STEPN (GMT) is a lifestyle app with fun social elements and gamification design. Users with NFT sneakers walk, jog or run outdoors to earn GST, another STEPN-associated token. They can trade these earnings for USD Coin (USDC) or Solana (SOL) or use them to level up and mint new NFT sneakers to lease or sell.

Holo (HOT) is a framework for building peer-to-peer (P2P) decentralized apps (dApps) that don’t need blockchain technology. It pays rewards using its HOT token. HOT announced that it had completed the bulk of the work for its Publish Holochain apps (hApps) milestone. This announcement may have helped the price to climb.

The largest drops were for Celsius (CEL), down 30.78%; Curve DAO Token (CRV), which fell 7.14%; and The Graph (GRT), which was down 7.06%.

Celsius (CEL) provided its users with crypto banking and financial services. It’s currently going through bankruptcy proceedings and facing fraud charges. A new court filing in Celsius’s restructuring proceedings projected that CEL would run out of cash by October. This discovery prompted a large drop in the price.

Curve DAO Token (CRV) is a stablecoin decentralized exchange (DEX) that uses an automated market maker (AMM) to manage liquidity. CRV is the in-house token for its decentralized autonomous organization (DAO).

The Graph (GRT) is an indexer that supports data queries for different networks. Many decentralized finance (DeFi) and Web3 apps power their applications with these queries. The GRT token facilitates staking, voting and rewards.

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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