Today’s crypto movers: Bitcoin (↑4.91%), Ethereum (↑7.52%), UNUS SED LEO (↓0.83%), Lido DAO (↑44.36%)
The crypto market jumps, but Bitcoin continues to trade near the US$20,000 level as the market waits for a catalyst to fuel the next big move.
The cryptocurrency market posted bounce-back gains over the last 24 hours despite continued concern that high inflation might mean faster rate hikes from the U.S. Federal Reserve, and news that crypto lending platform Celsius was seeking Chapter 11 bankruptcy protection.
The overall crypto market saw prices rise by 4.72% in the last 24 hours, with the largest cryptos showing some resiliency in the face of tough news.
Trading volume over the last 24 hours was 17% higher than the recent 7-day average, suggesting the Fed's potential action may be priced in and traders are looking to buy. Price volatility was 1.11%.
The two biggest coins: Bitcoin and Ethereum
Bitcoin is the biggest coin by market cap and its price changed by 4.91% over the last 24 hours.
Bitcoin continues to trade roughly halfway between the low below US$18,000 it hit in June and the high above US$22,000 reached in early July.
The second most valuable crypto, Ethereum, saw its price change by 7.52%. Ethereum's market cap is 36.49% of Bitcoin's total value. It is trading in a similar range between the June low and the early July high.
Today's biggest gainers and fallers
Big gains happened for Lido DAO (LDO) up 44.36%; Convex Finance (CVX), which rose 24.73%; and Curve DAO Token (CRV) which was up 17.41%. (All figures are based on the last 24 hours of trading at time of writing.)
Lido DAO (LDO) provides liquid staking for Ethereum, which allows staking while participating in on-chain activities.
The recent gain could be due to Pods Yield announcing a new investment product that uses Lido. It's also connected to the overall market rally.
Convex Finance (CVX) is an influential decentralized finance (DeFi) protocol helping Curve liquidity providers boost rewards. Its sole use case is accumulating as much total value locked (TVL) as possible, allowing it to control a significant stake in Curve Finance.
There is no news connected to the rally. The price may have climbed in response to Curve DAO's rally. The 2 assets often have correlated prices.
Curve DAO Token (CRV) is a stablecoin decentralized exchange (DEX) that uses an automated market maker (AMM) to manage liquidity. CRV is the in-house token for its decentralized autonomous organization (DAO).
The price appreciation has no connection to any news and may be correlated to ETH's rally.
The largest drops were for UNUS SED LEO (LEO), down 0.83%; and Monero (XMR), which fell 0.09%.
UNUS SED LEO (LEO) is a utility token for the iFinex ecosystem. It allows Bitfinex users to save money on trading fees.
There is no news connected to the recent loss.
Monero (XMR) facilitates private, anonymous transactions that obscure senders and recipients through advanced cryptography. It allows users to make fast and inexpensive payments without fear of censorship.
The negligible price decline has no connection to any news.
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