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Today’s crypto movers: Bitcoin (↓5.67%), Ethereum (↓6.72%), Internet Computer (↓10.99%) and eCash (↑7.13%)

Posted: 7 June 2022 6:05 pm
News
eCash-XEC

The overall crypto market is down 5.41% in the past 24 hours. eCash performed the best among the top 100 cryptocurrencies by market cap.

The crypto market had another day of losses as Bitcoin dropped back below US$30,000, pulling most altcoins with it.

Overall, the crypto market saw prices change by -5.41%, which wiped out all gains from the previous day.

Trading volume over the last 24 hours was 22% higher than the recent seven-day average, meaning more positions were closed as prices dropped.

Price volatility was 1.46%, which shows minimal price fluctuation.

The two biggest coins: Bitcoin and Ethereum

Bitcoin (BTC) is the biggest coin by market cap and its price changed by -5.67%. Bitcoin now represents 46.71% of the overall market cap of the 200 biggest coins.

Bitcoin dropped below US$30,000, losing all gains made the day before. This means traders and investors are still reluctant to move the price in either direction. Long-term, downward pressure remains, but any short-term moves will likely depend on inflation numbers coming on Friday.

The second most valuable crypto, Ethereum (ETH), saw its price change by -6.72%. Ethereum's market cap is 38.18% of Bitcoin's value.

Ether is trading back at US$1,750, which is a strong price support zone. This means buyers line up at this price, as well as sellers closing positions, meaning it's harder for the price to push lower. In case it does break lower, we could see Ether trading at US$1,560 in the near term.

Today's biggest gainers and losers

The coin with the biggest percentage gain (out of the top 100) was eCash (XEC). Its 24-hour increase was 7.13%. The increase means it is now the 52nd biggest coin with a market cap of US US$1.08 billion.

eCash (XEC) is a rebranded version of the Bitcoin and Bitcoin Cash fork, Bitcoin Cash ABC (BCHA). It uses its token as electronic cash to pay for goods and services.

The recent gain could be due to the Electrum ABC 5.1.2 release. This release increases Electrum ABC compatibility with other eCash wallets.

Two other top gainers among the top 100 cryptocurrencies were Gala Games (GALA) and Helium (HNT). GALA gained 2.74%, while HNT gained 1.36%.

Gala Games (GALA) offers blockchain games and NFTs for specific games. It gives players control of games and in-game assets using blockchain technology. With the GALA token, users can buy items in games and get rewards for running nodes.

Helium (HNT) is a decentralised blockchain network for Internet of Things (IoT) devices. It allows low-powered wireless devices to communicate and send data.

The biggest loser in the 100 biggest coins was Internet Computer (ICP). Its drop over the last day was 10.99%. After the fall, ICP is now the 37th biggest coin with a market cap of US$1.62 billion.

Internet Computer (ICP) aims to turn the public Internet into a world-class computing platform. It's a decentralised blockchain network with smart contracts that let developers create decentralised applications (dApps). It uses the ICP token for governance, rewards and transaction fees.

The recent loss has no connection to any news.

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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