The crypto market pulled back after days of continuous gains.
The crypto market retreated as Bitcoin dropped below US$23,000 once again.
The overall crypto market saw prices change by -3.02% in the last 24 hours, which is a typical retrace after days of moving higher.
Trading volume over the last 24 hours was 7% lower than the recent 7-day average, meaning market participants are waiting on the side.
The two biggest coins: Bitcoin and Ethereum
Bitcoin is the biggest coin by market cap and its price changed by -2.32% over the last 24 hours.
Bitcoin moved below US$23,000. The new range now stands between US$21,000 and US$25,000. A strong catalyst is needed to push the price beyond these levels.
The second most valuable crypto, Ethereum, saw its price change by -3.38%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.
Ether is holding over US$1,500, which is a major price level. ETH must hold this level if we are to see a move to US$1,700 next and potentially US$2,000.
Today’s biggest gainers and losers
Big gains happened only for Monero (XMR) up 0.69%. No other crypto in the top 100 had gains in the last 24 hours of trading at time of writing.
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 gain follows the release of Monero 0.18.0.0.
The largest drops were for Flow (FLOW), down 14.70%; Polygon (MATIC), which fell 14.48%; and Elrond (EGLD), which was down 13.96%.
Flow (FLOW) is a layer-1 (L1) blockchain created by the team behind CryptoKitties, Dapper Wallet and NBA Top Shot. It uses its FLOW token for payments, network reserves, participation, fees and governance.
Polygon (MATIC) is a Coinbase- and Binance-backed layer-2 (L2) Ethereum-scaling solution that developers use to create scaling chains. It uses its MATIC token for governance, security, payment settlement and fees.
Elrond (EGLD) is a blockchain protocol that uses sharding to offer fast transaction speeds. It uses its EGLD token for staking, rewarding validators and paying transaction fees.
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.