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Today’s crypto movers: Bitcoin (↑0.87%), Ethereum (↑0.66%), Celsius (↓14.89%) and EOS (↑9.30%)

Posted: 22 August 2022 5:11 am

The crypto market stalled after Bitcoin held a major support level.

Bitcoin bounced off of $21,000, holding most cryptocurrencies afloat.

The overall crypto market saw prices change by 0.79% in the last 24 hours, which is a normal retrace after a major drop.

Trading volume over the last 24 hours was 28% lower than the recent 7-day average, which shows most liquidations already happened.

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 managed to hold $21,000, which is a major support level. If it holds in the coming days, we could see BTC attempt to reclaim $23,000. However, macroeconomic factors still weigh down on crypto and a rally could be short-lived.

The second most valuable crypto, Ethereum, saw its price change by 0.66%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.

Ether is trading at $1,550, which is its own support level. If it holds successfully in the coming days, ETH could rally back to $1,750 and potentially $2,000 once again.

Today’s biggest gainers and losers

Big gains happened for EOS (EOS) up 9.30%; Chiliz (CHZ), which rose 5.61%; and Ethereum Classic (ETC) which was up 0.49%. (All figures are based on the last 24 hours of trading at time of writing.)

EOS (EOS) is a platform that allows developers to build decentralized apps (dApps). It prioritizes ease of use, enterprise flexibility and compliance, consumer security and scalability. The price is climbing ahead of next week’s Yield+ launch, which aims to incentivize decentralized finance (DeFi) dApps on EOS.

Synthetix (SNX) is a DeFi protocol that gives on-chain exposure to various crypto and non-crypto assets. Its “synths” track other assets, letting users profit without trading the underlying asset.

Elrond (EGLD) is a blockchain protocol that uses sharding to offer fast transaction speeds. It uses its EGLD token for staking, rewarding validators and paying transaction fees.

The largest drops were for Celsius (CEL), down 14.89%; XDC Network (XDC), which fell 3.36%; and Decred (DCR), which was down 0.62%.

Celsius (CEL) provided crypto banking and financial services to users. It’s going through bankruptcy proceedings and facing fraud charges.

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.

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.

The minor loss is a typical market fluctuation as the price tests support near US$29.08. It may also relate to the community’s current vote on a new treasury spend proposal.

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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