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Today’s crypto movers: Bitcoin (↓9.98%), Ethereum (↓12.98%), Tron (↓12.32%) and Helium (↑16.60%)

Posted: 15 June 2022 6:01 pm
News
Helium-HNT-1

The overall crypto market is down 9.5% in the past 24 hours. Helium and Kyber Network Crystal enjoyed double-digit gains out of all top 100 cryptocurrencies by market cap.

The crypto sell-off continues as investors worry Wednesday's interest rate hike in the US will increase to 0.75% instead of 0.50%.

Overall, the crypto market saw prices change by -9.5%, which means Monday's downward move continues after a slight pause.

Trading volume over the last 24 hours was 25% higher than the recent seven-day average, which shows traders and investors are either exiting their positions or are forcefully liquidated.

Price volatility was 1.06%, which shows prices didn't fluctuate much.

The two biggest coins: Bitcoin and Ethereum

Bitcoin (BTC) is the biggest coin by market cap and its price changed by -9.98%. Bitcoin now represents 46.19% of the overall cryptocurrency market cap.

After making new lows this year at US$21,000, Bitcoin bounced back to around US$23,000. In the past 24 hours, BTC continued its drop and it is now testing the US$20,000 price level. This is a major support price where buyers may find their footing. However, the long-term downward pressure still holds, meaning we may see a drop to US$17,500.

The second most valuable crypto, Ethereum (ETH), saw its price change by -12.98%. Ethereum's market cap is 33.99% of Bitcoin's value.

Ether is on a steady move to US$1,000. This is Ether's strong support zone, which if fails may let ETH drop to US$600 in the near future.

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 16.60%. The increase means HNT is now the 40th biggest coin with a market cap of US$1.06 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 comes as HNT releases information on 2 new currencies, MOBILE and IOT.

Two other top-performing cryptocurrencies were Kyber Network Crystal v2 (KNC) and Amp (AMP). KNC gained 16.09%, while AMP gained 4.51%.

Kyber Network Crystal v2 (KNC) is a protocol hub that aggregates liquidity, providing secure and instant transactions on decentralised applications (dApps). It aims to give users of decentralised finance (DeFi) dApps and decentralised exchanges (DEXs) easy access to liquidity pools that provide the best rates.

Amp (AMP) is an Ethereum token that aims to collateralise payments on the Flexa Network. If a BTC or ETH payment fails, the Amp collateral covers losses while the vendor receives compensation in fiat.

The biggest loser in the 100 biggest coins was Tron (TRX). Its drop over the last day was 12.32%. TRX is now the 15th cryptocurrency with a market cap of US$4.66 billion.

Tron (TRX) is a decentralised blockchain-based operating system launched by the Tron Foundation in 2017. It supports smart contracts and dApps.

The recent loss could result from investor concerns over TRX's stablecoin, USDD. The stablecoin is struggling to maintain its peg to the US dollar.

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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