Today’s crypto movers: Bitcoin (↓1.42%), Ethereum (↓2.93%), Chiliz (↓4.50%) and Theta Fuel (↑24.63%)
The crypto market stands still as investors await Fed’s Jerome Powell speech.
The crypto market traded sideways for seven consecutive days as investors and traders waited for the next catalyst.
The overall crypto market saw prices change by -1.45% in the last 24 hours, which is a similar move to what we saw in the past few days.
Trading volume over the last 24 hours was 3% lower than the recent 7-day average, meaning market participants don’t want to commit their funds just yet.
The two biggest coins: Bitcoin and Ethereum
Bitcoin is the biggest coin by market cap and its price changed by -1.42% over the last 24 hours.
Bitcoin trades above $21,000. This is a major support zone that is likely to hold if the Federal Reserve signals a slowdown in interest rate hikes. If this happens, $25,000 would be the next target. Otherwise, we may see BTC at $20,000 and $19,000 in the coming weeks.
The second most valuable crypto, Ethereum, saw its price change by -2.93%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.
Ether trades at $1,650. Its two major price levels to watch are $1,500 and $1,750. Whichever price breaks first will likely push the price either to $1,300 or $2,000.
Today’s biggest gainers and fallers
Big gains happened for Theta Fuel (TFUEL) up 24.63%; Decred (DCR), which rose 8.49%; and Shiba Inu (SHIB) which was up 5.69%. (All figures are based on the last 24 hours of trading at time of writing.)
Theta Fuel (TFUEL) is the second token on the Theta blockchain that serves as the utility token. The Theta blockchain is a decentralized network built for video streaming. Its users share bandwidth and peer-to-peer (P2P) computing resources. Theta plans to release its Metachain this December. The recent gain accompanies Theta’s open-sourcing of the first part of Metachain’s code.
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.
Shiba Inu (SHIB) is a meme coin that uses its SHIB token to transfer value through payments. SHIB’s community creates utility and an ecosystem for the token. The climb follows the largest 100 ETH whales purchasing US$37 million worth of SHIB tokens. There is no news suggesting a reason for these purchases.
Chiliz (CHZ) operates Socios, a blockchain-based entertainment and sports platform. With CHZ tokens, users can buy fan tokens for sports clubs and vote on jersey design, team match-ups and other team decisions.
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 apps (dApps).
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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