The overall crypto market is down 3.50% in the past 24 hours. Bitcoin SV, Kadena and Fantom outperformed the top 100 cryptocurrencies by market cap.
The crypto market followed Bitcoin lower as the top cryptocurrency pushed to US$21,000. This move liquidated US$1.13 billion worth of crypto positions in the past 24 hours, according to Coinglass.
Overall, the crypto market saw prices change by -3.50%, which is a smaller drop compared to the previous day.
Trading volume over the last 24 hours was 43% higher than the recent seven-day average, which shows many positions were liquidated.
The two biggest coins: Bitcoin and Ethereum
Bitcoin (BTC) is the biggest coin by market cap and its price changed by -8.40%. Bitcoin now represents 45.17% of the overall market cap of all cryptocurrencies.
Bitcoin dropped to US$21,000, pulling most altcoins with it as the inflation numbers came higher than expected on Friday. Investors and traders are now expecting a more hawkish Fed and are pricing in a potentially higher interest rate hike on Wednesday.
The second most valuable crypto, Ethereum (ETH), saw its price change by -3.66%. Ethereum’s market cap is 33.13% of Bitcoin’s value.
Ether followed Bitcoin lower, breaking multiple support price zones. ETH now hovers around US$1,200, one of the last supports to US$1,000.
Today’s biggest gainers and losers
The coin with the biggest percentage gain (out of the top 100) was Bitcoin SV (BSV). Its 24 hour increase was 14.65%. The increase means BSV is now the 44th biggest coin with a market cap of US US$1.07 billion.
Bitcoin SV (BSV) is a hard fork of Bitcoin Cash (BCH), which is itself a fork of Bitcoin (BTC). Its goal is to align Bitcoin’s original design. It uses its BSV token for peer-to-peer transactions and as a store of value.
The recent gain could be due to Vaionex Corporation, a significant part of the BSV ecosystem, closing a US$1.23 million investment round.
Two other top performers were Kadena (KDA) and Fantom (FTM). KDA gained 9.29%, while FTM gained 8.53%.
Kadena (KDA) is a proof-of-work (PoW) platform that combines a layer-1 (L1) public chain protocol with a layer-2 (L2) network. This combination provides high throughput while maintaining security and scalability.
Fantom (FTM) is a directed acyclic graph (DAG) L1 blockchain-based smart contract platform. It aims to provide decentralised finance (DeFi) services while balancing security, decentralisation and scalability.
The biggest loser in the 100 biggest coins was Monero (XMR). Its drop over the last day was 18.52%. After the fall, XMR is now the 27th biggest coin with a market cap of US$2.23 billion.
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 recent loss has no connection to any news and results from Bitcoin’s crash.
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:
This information should not be interpreted as an endorsement of cryptocurrency or any specific provider,
service or offering. It is not a recommendation to trade. 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.