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Today’s crypto movers: Bitcoin (↑2.36%), Ethereum (↑4.64%), Hedera (↓6.17%) and Optimism (↑21.04%)

Posted: 3 August 2022 6:38 am
Optimism (OP)

The crypto market continued higher as Bitcoin holds a key support level.

Bitcoin moved above $23,000, leading most altcoins high with it.

The overall crypto market saw prices change by 2.71% in the last 24 hours, which is a continuation of the move higher that started in July.

Trading volume over the last 24 hours was 6.52% lower than the recent 7-day average, meaning the move higher could be a bull trap.

The two biggest coins: Bitcoin and Ethereum

Bitcoin is the biggest coin by market cap and its price changed by 2.36% over the last 24 hours.

Bitcoin successfully held $23,000, which opens the way toward $25,000 next. Keep in mind, the downward pressure remains, meaning we could see another move lower before another bull run starts.

The second most valuable crypto, Ethereum, saw its price change by 4.64%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.

Ether trades around $1,650, which means $1,750 is the next resistance level to watch. A failure to move higher means we could see the price trade back around $1,500.

Today’s biggest gainers and losers

Big gains happened for Optimism (OP) up 21.04%; Lido DAO (LDO), which rose 17.70%; and Synthetix (SNX) which was up 13.60%. (All figures are based on the last 24 hours of trading at time of writing.)

Optimism (OP) is a layer-2 (L2) blockchain for Ethereum. It uses optimistic rollups to help Ethereum support faster and cheaper transactions. The OP token provides governance rights. The recent gain may be in anticipation of OP’s upcoming Bedrock upgrade.

Lido DAO (LDO) provides liquid staking for Ethereum, which allows staking while participating in on-chain activities. It uses its LDO token to vote on protocol parameters and govern the treasury.

Synthetix (SNX) is a decentralized finance (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.

The largest drops were for Hedera (HBAR), down 6.17%; Theta Network (THETA), which fell 5.41%; and UNUS SED LEO (LEO), which was down 4.22%.

Hedera (HBAR) is a distributed ledger network that uses hashgraph technology and serves as a platform for decentralized applications (dApps). It uses its HBAR token to power its services and secure its network.

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.

UNUS SED LEO (LEO) is a utility token for the iFinex ecosystem. It allows Bitfinex users to save money on trading fees.

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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