Today’s crypto movers: Bitcoin (↓1.60%), Ethereum (↓1.91%), Tezos (↓7.69%) and Quant (↑8.28%)
The crypto market dropped as investors and traders fear the inflation numbers soared.
The crypto market continued its drop as market participants await the inflation numbers release today.
The overall crypto market saw prices change by -1.51% in the last 24 hours, which shows investors and traders fear the Consumer Price Index (CPI) numbers have soared again.
Trading volume over the last 24 hours was 5% higher than the recent 7-day average, meaning more positions were closed before the CPI release.
The two biggest coins: Bitcoin and Ethereum
Bitcoin is the biggest coin by market cap and its price changed by -1.60% over the last 24 hours.
Bitcoin dropped for three consecutive days as investors fear the inflation numbers have soared again. For now, Bitcoin trades just slightly below $20,000.
The second most valuable crypto, Ethereum, saw its price change by -1.91%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.
Ether holds above $1,000, which means we could see it go for $1,200 next. This could change, however, if the CPI numbers come higher than expected.
Today’s biggest gainers and losers
Big gains happened for Quant (QNT) up 8.28%; Serum (SRM), which rose 7.07%; and STEPN (GMT) which was up 2.16%. (All figures are based on the last 24 hours of trading at time of writing.)
Quant (QNT) is an operating system that blockchains can use to interoperate with one another. Its QNT utility token acts as a license key for the ecosystem. It also pays for fees and the usage or creation of multi-chain applications (MApps).
Serum (SRM) is a high-speed, low-fee decentralized exchange (DEX). Partners can use its on-chain central order book and matching engine to power trading features and share liquidity. Its SRM token provides fee discounts and governance voting rights.
STEPN (GMT) is a lifestyle app with fun social elements and gamification design. Users with NFT sneakers walk, jog or run outdoors to earn GST, another STEPN-associated token. They can trade these earnings for USD Coin (USDC) or Solana (SOL) or use them to level up and mint new NFT sneakers to lease or sell.
The largest drops were for Tezos (XTZ), down 7.69%; Polygon (MATIC), which fell 6.10%; and Cardano (ADA), which was down 3.93%.
Tezos (XTZ) is a blockchain network built on smart contracts. It designed its network to evolve without the danger of a hard fork. Its XTZ token facilitates decentralized app (dApp) interaction and staking to secure the network.
Polygon (MATIC) is a Coinbase- and Binance-backed layer-2 (L2) Ethereum-scaling solution. Developers use it to create scaling chains. It uses its MATIC token for governance, security, payment settlement and fees.
Cardano (ADA) is a proof-of-stake (PoS) blockchain. Its smart contracts allow developers to build dApps on its platform. It uses its ADA token to pay transaction fees and vote in governance.
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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.
