Today’s crypto movers: Bitcoin (↑7.52%), Ethereum (↑4.45%), Helium (↓10.06%) and OKB (↑45.39%)

Posted: 9 September 2022 6:29 am
News
OKB (OKB)

The crypto market rallies as Bitcoin pushes through a major price level.

Bitcoin reclaimed $20,000 and inches closer to $21,000 after bouncing off from the yearly lows just two days ago.

The overall crypto market saw prices change by 5.93% in the last 24 hours, which is a massive move. The last time we saw such daily gains was in July of this year.

Trading volume over the last 24 hours was 19% higher than the recent 7-day average, meaning a lot of short positions were liquidated during the rally.

The two biggest coins: Bitcoin and Ethereum

Bitcoin is the biggest coin by market cap and its price changed by 7.52% over the last 24 hours.

Bitcoin trades close to $21,000, which is a strong price level. If it holds above it, $23,000 is the next target on the road to $25,000.

The second most valuable crypto, Ethereum, saw its price change by 4.45%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.

Ether trades close to $1,700. Its major price level stands at $1,750 and $2,000 on the upside and $1,500 on the downside.

Today’s biggest gainers and losers

Big gains happened for OKB (OKB) up 45.39%; Arweave (AR), which rose 14.62%; and Terra Classic (LUNC) which was up 12.99%. (All figures are based on the last 24 hours of trading at time of writing.)

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. The recent gain follows the launch of OKX’s global advertising campaign.

Arweave (AR provides a decentralized indefinite data storage platform. It uses its native AR cryptocurrency to pay miners to store the network’s information. The price climbed after Community Labs raised US$30 million to increase AR’s adoption.

Terra Classic (LUNC) is the Terra (LUNA) blockchain’s original token. On 28 May 2022, LUNA tokens changed to LUNC following the implosion of Terra’s stablecoin, TerraUSD (UST). The token’s purpose is questionable as the original Terra chain has no clear future.

The community passed a proposal adding a 1.2% tax on each transaction. This tax will burn LUNC tokens and decrease its supply. Traders are buying LUNC and speculate that these burns will drive the price upward.

The largest drops were for Helium (HNT), down 10.06%; UNUS SED LEO (LEO), which fell 3.87%; and EOS (EOS), which was down 0.34%.

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.

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

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.

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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