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Today’s crypto movers: Bitcoin (↑0.69%), Ethereum (↑6.39%), OKB (↓3.14%) and Ethereum Classic (↑25.17%)

Posted: 6 September 2022 4:56 am
Ethereum Classic (ETC)

The cryptocurrency market is trading sideways as investors await a new catalyst.

Bitcoin trades around $20,000 for 11 consecutive days. This is likely to continue until we see another catalyst either in the form of inflation data or interest rates increase.

The overall crypto market saw prices change by 2.26% in the last 24 hours, which is similar to what we’ve been seeing in the past two weeks.

Trading volume over the last 24 hours was 35% higher than the recent 7-day average, meaning more investors are taking advantage of the current prices.

The two biggest coins: Bitcoin and Ethereum

Bitcoin is the biggest coin by market cap and its price changed by 0.69% over the last 24 hours.

Bitcoin holds $20,000, which is a major price level. Depending on where it moves next, we could either see $23,000 or $18,500 soon. These are the next two major levels that are likely to stop BTC in the short term.

The second most valuable crypto, Ethereum, saw its price change by 6.39%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.

Ether continues to outperform BTC mostly because of the Merge that is due sometime next week. The price hovers above $1,600, which means $1,750 is the next target. If this price breaks, $2,000 is the next target.

Today’s biggest gainers and losers

Big gains happened for Ethereum Classic (ETC) up 25.17%; Flux (FLUX), which rose 16.48%; and Ravencoin (RVN) which was up 13.49%. (All figures are based on the last 24 hours of trading at time of writing.)

Ethereum Classic (ETC) is a legacy chain created by forking Ethereum (ETH) after its major hack in 2016. It preserves the original ETH blockchain without countering its past decentralized autonomous organization (DAO) hack. The rally could be due to ETH miners considering a switch to ETC.

Flux (FLUX) is a proof-of-work (PoW) blockchain network. It provides a foundation for decentralized applications and connects to many blockchains via parallel assets. Its FLUX token collateralizes nodes and rewards miners and node operators. The token fuels transactions and allows purchasing resources. The recent gain could be due to anticipation of some ETH miners shifting to FLUX after ETH’s proof-of-stake (PoS) Merge update.

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. Speculation of some ETH miners migrating to RVN after ETH’s PoS Merge update could be causing the rally.

The largest drops were for OKB (OKB), down 3.14%; UNUS SED LEO (LEO), which fell 2.83%; and The Sandbox (SAND), which was down 2.32%.

OKB (OKB) is a cryptocurrency released by the OK Blockchain Foundation and Maltese crypto exchange OKX. With the token, users pay trading fees, vote in governance on the platform and hold for rewards.

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

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.

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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