Today’s crypto movers: Bitcoin (↑0.89%), Ethereum (↑2.18%), Bitcoin Gold (↓1.82%) and Flow (↑34.12%)

Posted: 5 August 2022 6:09 am
Flow (FLOW)

The crypto market trades sideways as investors and traders await employment data.

Market participants have scaled back their activity until the job report comes out on Friday.

The overall crypto market saw prices change by 1.97% in the last 24 hours, which continues the recent rally.

Trading volume over the last 24 hours was 2.95% lower than the recent 7-day average, meaning there’s not much activity taking place yet.

The two biggest coins: Bitcoin and Ethereum

Bitcoin is the biggest coin by market cap and its price changed by 0.89% over the last 24 hours.

Bitcoin trades around $23,000 for one week now. Holding this key support level means we could see $25,000 soon.

The second most valuable crypto, Ethereum, saw its price change by 2.18%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.

Ether is pushed down by the 100-day simple moving average. A break above this level means $2,000 is the next target to watch in the coming weeks.

Today’s biggest gainers and fallers

Big gains happened for Flow (FLOW) up 34.12%; Trust Wallet Token (TWT), which rose 11.90%; and Waves (WAVES) which was up 10.85%. (All figures are based on the last 24 hours of trading at time of writing.)

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 recent gain could be due to Instagram adding Flow Blockchain NFTs.

Trust Wallet Token (TWT) is the token of a mobile cryptocurrency wallet that supports tokens from many blockchains, including TRON, Ethereum and Binance. TWT offers access to decentralized exchange (DEX) services, discounts on purchases and governance. The price climbed as TWT announced that it is a main partner wallet for Instagram’s NFT initiative.

Waves (WAVES) is a multi-purpose blockchain platform that supports various use cases, including decentralized applications (dApps) and smart contracts. WAVES is an uncapped supply token used for standard payments such as block rewards. The price is climbing in anticipation of an announcement from Waves’ CEO on CoinDesk TV and video.

The largest drops were for Bitcoin Gold (BTG), down 1.82%; THORChain (RUNE), which fell 1.67%; and Near Protocol (NEAR), which was down 1.35%.

Bitcoin Gold (BTG) began in 2017 as a Bitcoin fork that retained similarities to BTC. Decentralized finance (DeFi) and dApps developers can use it in ways they can’t use Bitcoin.

THORChain (RUNE) is a decentralized liquidity protocol that allows users to keep full custody of their assets during cross-network exchanges. It uses the RUNE token for the ecosystem’s base currency, platform governance and security.

Near Protocol (NEAR) is an L1 blockchain designed as a community-run cloud computing platform. It reduces limitations such as slow transaction speeds, low throughput and poor interoperability. The drop comes as NEAR encourages its users to switch to other wallets.

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