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Today’s crypto movers: Bitcoin (↑1.77%), Ethereum (↓1.00%), Terra Classic (↓11.14%) and ApeCoin (↑6.52%)

Posted: 12 September 2022 3:56 am
ApeCoin (APE)

The crypto market moved higher as short sellers get liquidated.

Bitcoin reclaimed two major price levels during the weekend: $20,000 and $21,000. The next level to watch is $23,000.

The overall crypto market saw prices change by 0.56% in the last 24 hours, which is a minor move compared to the past few days.

Trading volume over the last 24 hours was 8% higher than the recent 7-day average, meaning short seller liquidations hadn’t stopped.

The two biggest coins: Bitcoin and Ethereum

Bitcoin is the biggest coin by market cap and its price changed by 1.77% over the last 24 hours.

Bitcoin trades above $22,000 where a congestion of the 50 and 100 simple moving averages takes place. Typically, this can act as a resistance level that could halt further advance. The major resistance level, though, stands at $23,000. If BTC manages to reach this point and even move higher, more liquidations could take place and potentially move the price to $25,000.

The second most valuable crypto, Ethereum, saw its price change by -1.00%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.

Ether trades at $1,750, which is a major price level. ETH has to hold if we are to see a move to $2,000 soon. Otherwise, $1,500 is the next level to watch.

Today’s biggest gainers and losers

Big gains happened for ApeCoin (APE) up 6.52%; PancakeSwap (CAKE), which rose 4.35%; and NEM (XEM) which was up 3.63%. (All figures are based on the last 24 hours of trading at time of writing.)

ApeCoin (APE) is a decentralized project inspired by Yuga Labs’ Bored Ape Yacht Club (BAYC). The token facilitates the APE Foundation’s APE ecosystem.

PancakeSwap (CAKE) is an automated market maker (AMM) for trading tokens and yield farming for rewards. Users farm, stake and participate in governance with its CAKE token.

NEM (XEM) began in 2015 as a hard fork of NXT, an open-source blockchain payment network. In 2021, NEM released a new platform called Symbol. It gives companies a foundation to build blockchain products in Java programming language. Its XEM token incentivizes public network nodes and pays for and records transactions.

The largest drops were for Terra Classic (LUNC), down 11.14%; EOS (EOS), which fell 6.41%; and Litecoin (LTC), which was down 4.34%.

Terra Classic (LUNC) is the Terra (LUNA) blockchain’s original token. On 28 May 2022, LUNA tokens changed to LUNC following the implosion of Terra’s stablecoin, TerraUSD (UST). The token’s purpose is questionable as the original Terra chain has no clear future.

The price is retracing some of its recent 597% climb. Part of this rally followed news that LUNC tokens would burn as parts of transactions. Traders speculated that this would raise the token’s value.

EOS (EOS) is a platform that allows developers to build decentralized apps. It prioritizes ease of use, enterprise flexibility and compliance, consumer security and scalability.

Litecoin (LTC) is a fork of Bitcoin with several differences that help it offer fast and inexpensive payments. Its LTC token transmits value and rewards LTC’s miners. The recent loss follows LTC featuring in the apocalyptic TV series Last Light.

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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