The crypto market trades lower as Bitcoin tests US$20,000 once again.
Most altcoins traded lower in the past 24 hours with Bitcoin leading the drop.
The overall crypto market saw prices change by -4.22% in the last 24 hours, which is a move lower compared to the previous days.
Trading volume over the last 24 hours was 5% higher than the recent 7-day average, meaning some positions were closed with the falling prices.
Price volatility was 2.63%, which shows minimal price fluctuation.
The two biggest coins: Bitcoin and Ethereum
Bitcoin is the biggest coin by market cap and its price changed by -3.78% over the last 24 hours.
Bitcoin dropped to US$20,000, which is its major support zone. BTC has to hold this price if we are to see a move higher. Otherwise, the price could easily test US$17,500 and potentially drop lower.
The second most valuable crypto, Ethereum, saw its price change by -6.27%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.
Ether targets the US$1,000 price level with this move lower. A break below opens the way to US$850.
Today’s biggest gainers and losers
Big gains happened for 1inch Network (1INCH) up 15.14%; Synthetix (SNX), which rose 9.36%; and Hive (HIVE) which was up 8.66%. (All figures are based on the last 24 hours of trading at time of writing.)
1inch (1INCH) is an automated market maker (AMM) that searches across many liquidity sources to provide better trading prices to users. The 1INCH token facilitates governance and staking.
Synthetix (SNX) is a decentralized finance (DeFi) protocol that gives on-chain exposure to various crypto and non-crypto assets. Its “synths” track and deliver asset returns without requiring users to hold the underlying asset.
Hive (HIVE) is a decentralized information-sharing network that supports front-ends, application programming interfaces (APIs) and decentralized applications (dApps). Its financial ledger uses a delegated proof-of-stake (DPoS) financial ledger, with its HIVE token serving as the network’s currency.
The largest drops were for Shiba Inu (SHIB), down 6.52%; Decentraland (MANA), which fell 5.95%; and Solana (SOL), which was down 5.43%.
Shiba Inu (SHIB) is a meme coin calling itself the “Dogecoin killer”. It uses its SHIB token to transfer value through payments. Its community continues to create utility and an ecosystem for the token.
The recent loss follows Crypto.com announcing the removal of SHIB from its Crypto Earn rewards program.
Decentraland (MANA) is a virtual reality platform powered by the Ethereum blockchain. It allows users to create, experience and monetize content and applications. It uses MANA tokens to get LAND tokens and buy assets on the Decentraland marketplace.
Solana (SOL) improves scalability by combining proof-of-history (PoH) with proof-of-stake (PoS). Its design facilitates the creation of dApps.
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.
