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Today’s crypto movers: Bitcoin (↓0.96%), Ethereum (↑0.05%), Chiliz (↓5.03%) and Nexo (↑13.11%)

Posted: 31 August 2022 6:21 am
Nexo (NEXO)

The crypto market stalled as investors await a new catalyst.

Market participants held crypto prices stable as they await a new catalyst. This will likely be the inflation numbers and Fed’s interest rate decision both due in September.

The overall crypto market saw prices change by -0.24% in the last 24 hours, which shows little interest by investors and trades to push prices in either direction.

Trading volume over the last 24 hours was 12% higher than the recent 7-day average, meaning some market participants have entered positions during the sell-off.

The two biggest coins: Bitcoin and Ethereum

Bitcoin is the biggest coin by market cap and its price changed by -0.96% over the last 24 hours.

Bitcoin held the $20,000 price level, which is a good sign for the bulls. This opens the way toward $21,000 first and then $23,000. A break lower, however, means we could see BTC at $18,500.

The second most valuable crypto, Ethereum, saw its price change by 0.05%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.

ETH trades at $1,550.There is a strong resistance level at this price, meaning we could see a drop to $1,400 next. However, with the Merge date confirmed for September, Ether could try another attempt higher as market participants speculate on post-merge prices.

Today’s biggest gainers and losers

Big gains happened for Nexo (NEXO) up 13.11%; Lido DAO (LDO), which rose 12.23%; and NEAR Protocol (NEAR) which was up 6.55%. (All figures are based on the last 24 hours of trading at time of writing.)

Nexo (NEXO) is a blockchain lending platform. Users can deposit crypto tokens as collateral to receive instant loans from Nexo. The NEXO token gives yield discounts, payments, dividends and other benefits.

The recent gain accompanies Nexo allocating additional funds to its token buy back program. It will purchase US$50 million of its own tokens over the next 6 months.

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

Near Protocol (NEAR) is a layer-1 (L1) blockchain designed as a community-run cloud computing platform. It reduces limitations such as slow transaction speeds, low throughput and poor interoperability.

The recent gain continues a 3-day bullish trend. This surge began as NearPay launched its wallet in Europe and the UK.

The largest drops were for Chiliz (CHZ), down 5.03%; OKB (OKB), which fell 4.04%; and Internet Computer (ICP), which was down 3.77%.

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.

OKB (OKB) is a cryptocurrency released by the OK Blockchain Foundation and Maltese crypto exchange OKX. With the token, users pay trading fees, vote in governance on the platform and hold for rewards.

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).

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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