Today’s crypto movers: Bitcoin (↑0.72%), Ethereum (↑2.67%), UNUS SED LEO (↓6.76%) and EOS (↑11.87%)

Posted: 2 September 2022 6:23 am

The crypto market stalled as investors wait for a new catalyst.

Bitcoin still holds around $20,000, keeping most cryptocurrencies afloat. The immediate catalyst that could push prices is likely to be the August jobs report due today.

The overall crypto market saw prices change by 1.28% in the last 24 hours, which shows market participants’ indecision to move prices in either direction.

Trading volume over the last 24 hours was 5% lower than the recent 7-day average, meaning traders and investors are standing on the sidelines.

The two biggest coins: Bitcoin and Ethereum

Bitcoin is the biggest coin by market cap and its price changed by 0.72% over the last 24 hours.

Bitcoin hovers around $20,000, which is a major price level. A break lower opens the way toward $18,500, while holding above this price means we could see $23,000 soon.

The second most valuable crypto, Ethereum, saw its price change by 2.67%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.

Ether continues to hold above $1,500. Similar to Bitcoin, if ETH holds this level, we could see an attempt at $1,750 and $2,000 soon. Especially since the Merge date is less than two weeks from now.

Today’s biggest gainers and losers

Big gains happened for EOS (EOS) up 11.87%; Decred (DCR), which rose 7.32%; and Litecoin (LTC) which was up 5.90%. (All figures are based on the last 24 hours of trading at time of writing.)

EOS (EOS) is a platform that allows developers to build decentralized apps (dApps). It prioritizes ease of use, enterprise flexibility and compliance, consumer security and scalability. The gain follows a support test near US$1.37 as EOS’s major upgrade approaches.

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.

Litecoin (LTC) is a Bitcoin fork with several differences that help it offer fast and inexpensive payments. Its LTC token transmits value and rewards LTC’s miners.

The largest drops were for UNUS SED LEO (LEO), down 6.76%; Helium (HNT), which fell 5.00%; and Nexo (NEXO), which was down 2.92%.

UNUS SED LEO (LEO) is a utility token for the iFinex ecosystem. It allows Bitfinex users to save money on trading fees. The loss is a typical market retracement following the recent 17% rally. This climb culminated with the news that Kyle Roche will withdraw from a lawsuit against Bitfinex.

Helium (HNT) is a decentralized blockchain network for Internet of Things (IoT) devices. Its mainnet allows low-powered wireless devices to communicate and send data. The price dropped after Helium proposed moving its network to Solana’s (SOL) blockchain.

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 price fell after Kyle Roche withdrew from a lawsuit against Nexo. It climbed 34% in the 3 days before this news.

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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