Today’s crypto movers: Bitcoin (↓1.77%), Ethereum (↓1.67%), Polygon (↓8.64%) and Chiliz (↑15.20%)
The crypto market trades sideways as market participants await another catalyst to move the prices.
After Bitcoin dipped below US$20,000 and recovered, the whole crypto market trades mostly flat. The next major catalyst is the inflation numbers coming out in two weeks. This means the choppy trading is likely to continue until then.
The overall crypto market saw prices change by -1.67% in the last 24 hours, which is similar to what we saw in the past few days.
Trading volume over the last 24 hours was 1% lower than the recent 7-day average, meaning traders and investors are mostly waiting to enter the market.
The two biggest coins: Bitcoin and Ethereum
Bitcoin is the biggest coin by market cap and its price changed by -1.77% over the last 24 hours.
Bitcoin holds above US$20,000 where it waits for the next catalyst. The downward momentum is still strong, but we could see a relief rally to US$25,000 or higher, especially if the inflation numbers in July come lower than expected.
The second most valuable crypto, Ethereum, saw its price change by -1.67%. Ethereum's market cap is 36.49% of Bitcoin's total value.
Ether trades above US$1,200, which is a strong support zone. A break below opens the way to US$1,000 once again. But if it holds, we could see a test of US$1,500 in the weeks to come.
Today's biggest gainers and losers
Big gains happened for Chiliz (CHZ) up 15.20%; Kava (KAVA), which rose 8.63%; and Tezos (XTZ) which was up 8.38%. (All figures are based on the last 24 hours of trading at time of writing.)
Chiliz (CHZ) operates Socios, a blockchain-based entertainment and sports platform. Users buy fan tokens for sports clubs with CHZ tokens. They vote with these tokens on team decisions, such as jersey design or team match-ups.
The recent gain could be due to CHZ's Club Santos Fan Token Offering (FTO).
Kava (KAVA) is a layer-1 (L1) blockchain that combines the speed and interoperability of Cosmos with the developer power of Ethereum. It uses the KAVA token for governance, utility, staking and delegation.
The price climb follows the CosmosEVM's release on KAVA.
Tezos (XTZ) is a blockchain network built on smart contracts. It designed its network to evolve without the danger of a hard fork. It uses its XTZ token for decentralised app (dApp) interaction and staking to secure the network.
The price appreciation may be due to anticipation of Game Geeks' upcoming launch on XTZ.
The largest drops were for Polygon (MATIC), down 8.64%; Uniswap (UNI), which fell 8.46%; and Near Protocol (NEAR), which was down 7.52%.
Polygon (MATIC) is a Coinbase- and Binance-backed layer-2 (L2) Ethereum-scaling solution that developers use to create various scaling chains. It uses its MATIC token for governance, security, payment settlement and fees.
The recent loss follows a large rally after Bentley Motors announced an NFT drop on MATIC.
Uniswap (UNI) is one of the most prominent decentralised trading protocols. It features an automated market maker (AMM) that solves liquidity issues with automated solutions. Its UNI token facilitates governance.
The price drop has no connection to any news and follows last week's 83% rally.
Near Protocol (NEAR) is an L1 blockchain designed as a community-run cloud computing platform. It reduces limitations such as slow transaction speeds, low throughput and poor interoperability.
There is no news connected to the price's decline. It is a typical retracement after last week's 53% rally.
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.
