Today’s crypto movers: Bitcoin (↑2.96%), Ethereum (↑9.67%), eCash (↓5.85%) and Lido DAO (↑12.35%)

Posted: 30 August 2022 5:31 am
News
Lido DAO (LDO)

The crypto market moved higher as Bitcoin reclaimed a major support level.

Bitcoin is trading back above $20,000. This move pulled most cryptocurrencies higher.

The overall crypto market saw prices change by 4.6% in the last 24 hours, which is a common retrace after the sell-off.

Trading volume over the last 24 hours was 7% lower than the recent 7-day average, meaning there were no more liquidations.

The two biggest coins: Bitcoin and Ethereum

Bitcoin is the biggest coin by market cap and its price changed by 2.96% over the last 24 hours.

Bitcoin trades above $20,000, meaning we could see another attempt at $23,000 soon. A break below this level opens the way toward $18,500. Despite the macroeconomic forces weighing on the crypto market, we could see a move higher in the coming days.

The second most valuable crypto, Ethereum, saw its price change by 9.67%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.

Ether is back above $1,500. However, a strong catalyst is needed to propel the price toward $1,750.

Today’s biggest gainers and losers

Big gains happened for Lido DAO (LDO) up 12.35%; Flow (FLOW), which rose 11.96%; and Compound (COMP) which was up 11.22%. (All figures are based on the last 24 hours of trading at time of writing.)

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 to govern the treasury.

Flow (FLOW) is a layer-1 (L1) blockchain created by the team behind CryptoKitties, Dapper Wallet and NBA Top Shot. It uses its FLOW token for payments, network reserves, participation, fees and governance.

The price climb follows Facebook’s announcement of a new integration that will allow users to showcase their NFTs from several blockchains including FLOW.

Compound (COMP) is a decentralized finance (DeFi) lending and borrowing protocol. Users can borrow from the protocol or lend to receive yield. The token facilitates the protocol’s governance.

The rally accompanies the announcement of Compound III’s launch.

The largest drops were for eCash (XEC), down 5.85%; and Klaytn (KLAY), which fell 0.27%.

eCash (XEC) is a rebranded version of the Bitcoin and Bitcoin Cash fork, Bitcoin Cash ABC (BCHA). Its token serves as electronic cash to pay for goods and services.

The recent loss is a typical retracement following Sunday’s 73% rally. The bullish spike accompanied news that the Avalanche post-consensus would go live on the eCash mainnet on 14 September.

Klaytn (KLAY) is a public blockchain focused on the metaverse, GameFi and creator economy. It launched in 2019 and has its base in Singapore. The KLAY token is the native digital asset that fuels and secures the Klaytn protocol.

The price fell after portfolio rebalancer and automated market maker Klex launched on Klaytn.

Trying to get a handle on the markets? Cut through the noise with our overview of the best cryptos to buy right now, explore some 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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