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Today’s crypto movers: Bitcoin (↑2.32%), Ethereum (↑6.91%), Klaytn (↓0.35%) and Helium (↑45.39%)

Posted: 8 September 2022 5:33 am
Helium (HNT)

The crypto market rallies as Bitcoin attempts to reclaim a major price level.

Bitcoin moved closer to $20,000 in an attempt to reclaim this major support level. The move pulled most cryptocurrencies high with it.

The overall crypto market saw prices change by 3.77% in the last 24 hours, which is a huge move compared to most trading days during the past week.

Trading volume over the last 24 hours was 18% lower than the recent 7-day average, meaning most liquidations took place and the move higher is pushed by lower volume.

The two biggest coins: Bitcoin and Ethereum

Bitcoin is the biggest coin by market cap and its price changed by 2.32% over the last 24 hours.

Bitcoin trades at $19,200, trying to get back above $20,000. If BTC fails to reclaim this level, we could see another leg down to $17,500, which is another major level. A break above $20,000 paves the way to $23,000.

The second most valuable crypto, Ethereum, saw its price change by 6.91%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.

Ether trades at $1,600, which opens the way toward $1,750. We could see a move toward this level and potentially $2,000 as the date of the Merge approaches.

Today’s biggest gainers and losers

Big gains happened for Helium (HNT) up 45.39%; EOS (EOS), which rose 20.47%; and Curve DAO Token (CRV) which was up 12.94%. (All figures are based on the last 24 hours of trading at time of writing.)

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 recent gain began in anticipation of a Twitter space discussing HNT’s HIP-70 proposal. The price climbed 83%, crashed 40.83% and has since bounced from support.

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. The price bounced from support near US$1.405 a couple of weeks ahead of EOS’s hard fork.

Curve DAO Token (CRV) is a stablecoin decentralized exchange (DEX) that uses an automated market maker (AMM) to manage liquidity. CRV is the in-house token for its decentralized autonomous organization (DAO). CRV uploaded the initial code for its new stablecoin crvUSD as the price tested support near US$1.048.

The largest drop was only for Klaytn (KLAY), down 0.35%.

Klaytn (KLAY) is a public blockchain focused on the metaverse, GameFi and creator economy. It launched in 2019 and has its base in Singapore. The KLAY token is the native digital asset that fuels and secures the Klaytn protocol.

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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