Today’s crypto movers: Bitcoin (↑0.06%), Ethereum (↑0.77%), EOS (↓2.29%) and Ravencoin (↑11.19%)

Posted: 5 September 2022 6:47 am
News
Ravencoin (RVN)

The crypto market trades sideways as investors await the inflation data.

Bitcoin still trades flat around $20,000, keeping most cryptocurrencies stable.

The overall crypto market saw prices change by 4.36% in the last 24 hours, which keeps most cryptocurrencies trading flat considering the previous losses.

Trading volume over the last 24 hours was 18% higher than the recent 7-day average, meaning market participants are entering positions at these prices.

The two biggest coins: Bitcoin and Ethereum

Bitcoin is the biggest coin by market cap and its price changed by 0.06% over the last 24 hours.

Bitcoin trades at around $20,000, which is a major price level. If it holds, we could see a move higher to $23,000. Otherwise, a drop to $18,500 is possible.

The second most valuable crypto, Ethereum, saw its price change by 0.77%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.

Ether trades above $1,500. It has to hold this level if we are to see an attempt at $1,750 and potentially $2,000 soon.

Today’s biggest gainers and losers

Big gains happened for Ravencoin (RVN) up 11.19%; Chainlink (LINK), which rose 7.32%; and The Sandbox (SAND) which was up 4.60%. (All figures are based on the last 24 hours of trading at time of writing.)

Ravencoin (RVN) is a fork of Bitcoin’s (BTC) code. It solves problems with transferring assets while trading on blockchains. Burning RVN tokens issues tokenized assets on Ravenchain. The recent gain could be due to hopes that some Ethereum miners will move to RVN after Ethereum’s Merge update.

Chainlink (LINK) creates an abstraction layer over other blockchains. It helps blockchains interact with external payment methods, events and data feeds. The LINK token facilitates data transfers and node operator rewards and deposits. The rally continues as BMM Testlabs gave LINK its verifiable random function (VRF) compliance certification.

The Sandbox (SAND) is a blockchain-based virtual world. It allows users to create, build, buy and sell digital assets through a game. Its utility token SAND facilitates transactions on the platform. The price bounced from support near US$0.9442 as SAND’s Alpha Season 3 continues.

The largest drops were for EOS (EOS), down 2.29%; Chiliz (CHZ), which fell 2.01%; and Flow (FLOW), which was down 1.03%.

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.

Chiliz (CHZ) operates Socios, a blockchain-based entertainment and sports platform. With CHZ tokens, users can buy fan tokens for sports clubs and vote on jersey design, team match-ups and other team decisions.

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.

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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