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Today’s crypto movers: Bitcoin (↓0.17%), Ethereum (↑0.35%), Elrond (↓5.83%) and Helium (↑18.06%)

Posted: 9 June 2022 6:05 pm
News
Helium-HNT

The overall crypto market is down 0.07% in the past 24 hours. Helium dominated among the top 100 cryptocurrencies by market cap.

The crypto market traded mostly flat as Bitcoin successfully held US$30,000.

Overall, the crypto market saw prices change by -0.07%, which shows that there wasn't much interest to push the prices in either direction.

Trading volume over the last 24 hours was 30% lower than the recent seven-day average, meaning market activity has stalled as investors and traders wait for the inflation numbers on Friday.

Price volatility was 0.85%, which shows almost no price fluctuations.

The two biggest coins: Bitcoin and Ethereum

Bitcoin (BTC) is the biggest coin by market cap and its price changed by -0.17%. Bitcoin now represents 46.54% of the overall cryptocurrency market cap.

Bitcoin now trades in a narrow range slightly above US$30,000. If it holds, we could see a test of US$35,000. However, high inflation and rising interest rates could push Bitcoin lower.

The second most valuable crypto, Ethereum (ETH), saw its price change by 0.35%. Ethereum's market cap is 37.71% of Bitcoin's value.

Ether successfully held above US$1,800. This opens the way to test the US$2,000 price level. A break below, though, means we could see Ether at US$1,560 in the weeks to come.

Today's biggest gainers and losers

The coin with the biggest percentage gain (out of the top 100) was Helium (HNT). Its 24 hour increase was 18.06%. The increase means HNT is now the 44th biggest coin with a market cap of US$1.35 billion.

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

The recent gain follows the passage of HIP 51 and the release of the Helium mobile wallet app.

Two other top-performing cryptocurrencies among the top 100 by market cap were Theta Network (THETA) and FTX Token (FTT). THETA gained 8.11%, while FTT gained 6.09%.

Theta Network (THETA) is a blockchain-powered network built for video streaming. YouTube and Twitch co-founders serve as advisors. The Theta mainnet operates as a decentralised network where users share bandwidth and computing resources peer-to-peer (P2P).

FTX Token (FTT) is the native cryptocurrency for the FTX derivatives and trading platform. The exchange features clawback prevention, a centralized collateral pool and universal stablecoin settlement. Users enjoy prediction markets, thousands of cryptocurrencies, competitions and more. The platform also uses the FTT token to unlock lower trading fees and other benefits.

The biggest loser in the 100 biggest coins was Elrond (EGLD). Its drop over the last day was 5.83%. After the fall, hot is now the 41st biggest coin with a market cap of US$1.42 billion.

Elrond (EGLD) is a blockchain protocol using sharding to offer fast transaction speeds. It uses its EGLD token for staking, rewarding validators and paying transaction fees.

The recent loss follows a security breach in Elrond's network that resulted in the theft of US$1.65 million.

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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