Today’s crypto movers: Bitcoin (↑0.24%), Ethereum (↑2.59%), Filecoin (↓4.49%) and Celsius (↑37.38%)

Posted: 9 August 2022 6:02 am
News
Celsius (CEL)

The crypto market stalled as investors and traders await July’s inflation data.

Bitcoin stopped short of $25,000 as market participants await the CPI data due Wednesday.

The overall crypto market saw prices change by 0.25% in the last 24 hours, which shows market participants are indecisive.

Trading volume over the last 24 hours was 73% higher than the recent 7-day average, meaning more positions were closed.

The two biggest coins: Bitcoin and Ethereum

Bitcoin is the biggest coin by market cap and its price changed by 0.24% over the last 24 hours.

Bitcoin failed to push through $25,000. BTC could move higher if the CPI numbers come lower than expected on Wednesday.

The second most valuable crypto, Ethereum, saw its price change by 2.59%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.

Ether holds above $1,750. This means $2,000 is the next target in sight for ETH bulls.

Today’s biggest gainers and losers

Big gains happened for Celsius (CEL) up 37.38%; The Graph (GRT), which rose 14.65%; and Zcash (ZEC) which was up 13.87%. (All figures are based on the last 24 hours of trading at time of writing.)

Celsius (CEL) provided its users with crypto banking and financial services. It’s currently going through bankruptcy proceedings and facing fraud charges. The recent gain results from a community-driven Twitter initiative that uses the hashtag #CELShortSqueeze and aims to liquidate shorters. It’s reminiscent of last year’s “meme stock” rallies like GameStop’s (GME) price surge.

The Graph (GRT) is an indexer that supports data queries for different networks. Many decentralized finance (DeFi) and Web3 apps power their applications with these queries. The GRT token is used for staking, voting and rewards. The price climb follows Loopring’s (LRC) subgraph release on GRT’s network.

Zcash (ZEC) is a decentralized cryptocurrency focused on privacy and anonymity. It uses the zero-knowledge succinct non-interactive argument of knowledge (zk-SNARK) proof technology that allows network nodes to verify transactions without revealing sensitive transaction information. The rally accompanies ZEC’s annual Zcon3 conference in Las Vegas on 7–9 August.

The largest drops were for Filecoin (FIL), down 4.49%; UNUS SED LEO (LEO), which fell 2.18%; and Theta Network (THETA), which was down 2.02%.

Filecoin (FIL) is a decentralized storage system aiming to “store humanity’s most important information”. Users make transactions with FIL, the blockchain’s native currency.

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

Theta Network (THETA) is a blockchain-powered network built for video streaming. The Theta mainnet is a decentralized network where users share bandwidth and peer-to-peer (P2P) computing resources. YouTube and Twitch co-founders serve as advisors.

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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