Today’s crypto movers: Bitcoin (↓1.73%), Ethereum (↓5.78%), Filecoin (↓27.14%) and Chiliz (↑21.52%)
The crypto market pulled back as last week’s rally loses steam.
Market participants have scaled back their activity as they await a new catalyst to push the prices.
The overall crypto market saw prices change by -3.17% in the last 24 hours, which is a typical retracement after several days of gains.
Trading volume over the last 24 hours was 7% higher than the recent 7-day average, meaning more positions were closed.
The two biggest coins: Bitcoin and Ethereum
Bitcoin is the biggest coin by market cap and its price changed by -1.73% over the last 24 hours.
Bitcoin trades below $23,000, meaning it could go as low as $21,000. This is a major support price that has to hold if we are to see another test of $25,000 in the next few weeks.
The second most valuable crypto, Ethereum, saw its price change by -5.78%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.
Ether holds above $1,500 for now. This opens the way for another test of $1,700.
Today’s biggest gainers and losers
Big gains happened for Chiliz (CHZ) up 21.52%; Cronos (CRO), which rose 1.91%; and Theta Network (THETA) which was up 1.88%. (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. They vote with these tokens on team decisions, such as jersey design or team match-ups. The recent gain could be due to Chiliz’s $100 million investment to help FC Barcelona use NFTs and the metaverse.
Cronos (CRO) is the token of the Cronos Chain that Crypto.com developed to help its financial services, payments and trading features. Holders can stake the token to earn transaction processing fees or to pay these fees. The price is climbing in anticipation of a network upgrade on Wednesday.
Theta Network (THETA) is a blockchain-powered network built for video streaming. YouTube and Twitch co-founders serve as advisors. The Theta mainnet is a decentralized network where users share bandwidth and peer-to-peer (P2P) computing resources.
The largest drops were for Filecoin (FIL), down 27.14%; Internet Computer (ICP), which fell 16.21%; and EOS (EOS), which was down 13.63%.
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.
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 decentralized applications (dApps). The ICP token facilitates governance, rewards and transaction fees.
EOS (EOS) is a platform designed to allow developers to build dApps. It prioritizes ease of use, enterprise flexibility and compliance, consumer security and scalability.
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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.