Most cryptocurrencies dropped as market participants await the inflation numbers this week.
The crypto market dropped as investors brace for new inflation numbers coming out on Wednesday.
The overall crypto market saw prices change by -3.34% in the last 24 hours, which is normal given the rally in the previous days.
Trading volume over the last 24 hours was 1% lower than the recent 7-day average, which shows market participants have scaled back for now.
The two biggest coins: Bitcoin and Ethereum
Bitcoin is the biggest coin by market cap and its price changed by -3.90% over the last 24 hours.
Bitcoin is back around US$20,000 after it failed to move above US$22,500. The overall market conditions still point to further downside, but this could change depending on the inflation numbers.
The second most valuable crypto, Ethereum, saw its price change by -3.64%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.
Ether is still stuck between US$1,000 and US$1,200. Which side it pushes through depends on what Bitcoin does next and how the Ethereum 2.0 merge goes.
Today’s biggest gainers and losers
Big gains happened for Monero (XMR) up 5.48%; Chiliz (CHZ), which rose 3.88%; and Decred (DCR) which was up 1.97%. (All figures are based on 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.
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.
Decred (DCR) is a blockchain-based cryptocurrency launched in February 2016. It created its token and protocol to facilitate open governance, community interaction and sustainable funding policies.
The largest drops were for Quant (QNT), down 9.22%; Elrond (EGLD), which fell 7.04%; and Litecoin (LTC), which was down 6.14%.
Quant (QNT) is an operating system that different blockchains can use to interoperate with one another. Its QNT utility token acts as a license key for the ecosystem, pays fees and uses or creates multi-chain applications (MApps).
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.
Litecoin (LTC) is a fork of Bitcoin with several differences that help it offer fast and inexpensive payments. It uses its LTC token to transmit value and reward LTC’s miners.
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.