Today’s crypto movers: Bitcoin (↑3.53%), Ethereum (↑3.00%), Decred (↓10.10%) and Oasis Network (↑24.44%)

Posted: 8 August 2022 5:48 am
News
Oasis Network (ROSE)

The crypto market rallied as Bitcoin tries to push past $25,000.

Bitcoin led most altcoins higher as it tries to take out $25,000. This is a major resistance zone, meaning market participants either short sell or close their long positions at this price.

The overall crypto market saw prices change by 3.41% in the last 24 hours, which is a large move compared to what we’ve seen in the past two weeks.

Trading volume over the last 24 hours was 14% higher than the recent 7-day average, meaning investors and traders have jumped in and helped push the price higher.

The two biggest coins: Bitcoin and Ethereum

Bitcoin is the biggest coin by market cap and its price changed by 3.53% over the last 24 hours.

Bitcoin successfully held $23,000 as a support level and now attempts to push through $25,000. If it succeeds, then $27,500 would be the next target to watch. However, the downward pressure remains and BTC will need a massive catalyst to push higher.

The second most valuable crypto, Ethereum, saw its price change by 3.00%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.

Ether is trading above $1,750, which is a strong price level. If it holds, then $2,000 is the likely target next.

Today’s biggest gainers and losers

Big gains happened for Oasis Network (ROSE) up 24.44%; Flow (FLOW), which rose 10.90%; and Loopring (LRC) which was up 8.95%. (All figures are based on the last 24 hours of trading at time of writing.)

Oasis Network (ROSE) is a privacy-enabled and scalable layer-1 (L1) blockchain network that combines high throughput and low gas fees with secure architecture. This design provides a foundation for Web3 and powers DeFi, GameFi, NFTs, metaverse, data tokenization and data DAOs. The recent climb continues a 2-week 141% rally. It began as ROSE partnered with Meta in late July.

Flow (FLOW) is an 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 continues a rally fueled by Instagram using FLOW as part of its NFT initiative.

Loopring (LRC) is a protocol for building decentralized exchanges (DEXs). Its goal is to combine centralized order matching with decentralized order settlement. Loopring uses its LRC token for rewards, staking and governance.

The largest drops were for Decred (DCR), down 10.10%; Lido DAO (LDO), which fell 3.88%; and Optimism (OP), which was down 3.22%.

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.

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.

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.

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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