Today’s crypto movers: Bitcoin (↓5.51%), Ethereum (↓8.39%), Ethereum Classic (↓15.37%) and UNUS SED LEO (↑1.20%)

Posted: 7 September 2022 4:17 am

The crypto market drops as Bitcoin fails to hold key price level.

After trading at around $20,000 for 11 days, Bitcoin dropped to $18,500, pulling most cryptocurrencies down with it.

The overall crypto market saw prices change by -5.6% in the last 24 hours, which is a major move compared to the past two weeks.

Trading volume over the last 24 hours was 22% higher than the recent 7-day average, meaning more positions were liquidated with the drop.

The two biggest coins: Bitcoin and Ethereum

Bitcoin is the biggest coin by market cap and its price changed by -5.51% over the last 24 hours.

Bitcoin trades above $18,500. This is another major support level. If it fails to hold, we could see a drop to $17,000 soon. Otherwise, BTC may attempt to get back over $20,000.

The second most valuable crypto, Ethereum, saw its price change by -8.39%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.

Ether trades at $1,500. This is a major price level that has to hold if we are to see $1,750 and potentially $2,000 soon.

Today’s biggest gainers and losers

Big gains happened only for UNUS SED LEO (LEO), which is up 1.20% (Figures are based on the last 24 hours of trading at time of writing.)

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

The largest drops were for Ethereum Classic (ETC), down 15.37%; Uniswap (UNI), which fell 11.39%; and Litecoin (LTC), which was down 10.92%.

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.

Uniswap (UNI) is one of the most prominent decentralized trading protocols. It features an automated market maker (AMM) that solves liquidity issues with automated solutions. Its UNI token facilitates governance.

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.

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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