Today’s crypto movers: Bitcoin (↑3.34%), Ethereum (↑6.06%), Decred (↓1.35%) and Quant (↑27.27%)
The crypto market saw a relief rally with Bitcoin pushing above US$22,000.
Bitcoin successfully held above US$20,000 for days and it now moved above US$22,000, pulling most altcoins higher.
The overall crypto market saw prices change by 2.97% in the last 24 hours, which is a larger move compared to previous days.
Trading volume over the last 24 hours was 4% higher than the recent 7-day average, meaning more traders and investors jumped back in the market.
The two biggest coins: Bitcoin and Ethereum
Bitcoin is the biggest coin by market cap and its price changed by 3.34% over the last 24 hours.
Bitcoin moved above US$22,000 after it held above US$20,000. However, macroeconomic factors haven't changed yet, and this move could turn out to be a bull trap.
The second most valuable crypto, Ethereum, saw its price change by 7.71%. Ethereum's market cap is 36.49% of Bitcoin's total value.
Ether moved above US$1,400, leaving its previous range of US$1,000 and US$1,200. This move follows the news that the Ethereum 2.0 merge would likely happen in September.
Today's biggest gainers and losers
Big gains happened for Ethereum Classic (ETC) up 17.07%; Theta Fuel (TFUEL), which rose 12.41%; and Lido DAO (LDO) which was up 10.24%. (All figures are based on the last 24 hours of trading at time of writing.)
Ethereum Classic (ETC) is a legacy chain created by forking Ethereum (ETH) after its major 2016 hack. It preserves the original Ethereum blockchain without countering its past decentralised autonomous organisation (DAO) hack. The price climb is in sympathy with ETC's correlated cryptocurrency, ETH.
Theta Fuel (TFUEL) is the second token on the Theta blockchain that serves as the utility token. The Theta blockchain is a decentralised network built for video streaming. Its users share bandwidth and peer-to-peer (P2P) computing resources.
Lido DAO (LDO) provides liquid staking for Ethereum, which allows staking while participating in on-chain activities. It uses its LDO token to vote on protocol parameters and govern the treasury. The price appreciation may be in anticipation of Ethereum's upcoming Merge.
The largest drops were for UNUS SED LEO (LEO), down 6.61%; The Sandbox (SAND), which fell 2.11%; and Uniswap (UNI), which was down 1.23%.
UNUS SED LEO (LEO) is a utility token for the iFinex ecosystem. It allows Bitfinex users to save money on trading fees.
The Sandbox (SAND) is a blockchain-based virtual world. It allows users to create, build, buy and sell digital assets through a game. SAND, its utility token, facilitates transactions on the platform.
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.
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.
