The crypto market traded flat as Bitcoin holds key support.
Bitcoin held US$23,000 for the third day in a row, keeping most altcoins in a narrow trading range.
The overall crypto market saw prices change by 0.34% in the last 24 hours, which shows minimal market participation.
Trading volume over the last 24 hours was 5.2% lower than the recent 7-day average, meaning traders and investors are waiting for a new catalyst to jump back in.
The two biggest coins: Bitcoin and Ethereum
Bitcoin is the biggest coin by market cap and its price changed by -0.11% over the last 24 hours.
Bitcoin successfully held US$23,000 for three days in a row. This means we could see an attempt at US$25,000 soon. A break lower paints US$21,000 as the next target.
The second most valuable crypto, Ethereum, saw its price change by -0.21%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.
Ether trades above US$1,600. However, it’s been trading in a narrow range for the past ten days, meaning we could see a break on either side soon.
Today’s biggest gainers and losers
Big gains happened for Optimism (OP) up 25.66%; Lido DAO (LDO), which rose 16.16%; and Holo (HOT) which was up 10.32%. (All figures are based on the last 24 hours of trading at time of writing.)
Optimism (OP) is a layer-2 (L2) blockchain for Ethereum. It uses optimistic rollups to help Ethereum support faster and cheaper transactions. The OP token provides governance rights. Anticipation for OP’s Bedrock upgrade may be causing the recent price gain.
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 to govern the treasury. The price is climbing as support soars for an LDO treasury diversification proposal. The vote ends on 5 August.
Holo (HOT) is a framework for building peer-to-peer decentralised apps (dApps) that don’t need blockchain technology. It pays rewards using its HOT token.
The largest drops were for Monero (XMR), down 1.39%; Bitcoin Gold (BTG), which fell 1.30%; and Oasis Network (ROSE), which was down 1.15%.
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.
Bitcoin Gold (BTG) began in 2017 as a Bitcoin fork that retained similarities to BTC. Decentralised finance (DeFi) and dApps developers can use it in ways they can’t use Bitcoin.
Oasis Network (ROSE) is a privacy-enabled and scalable layer-1 (L1) blockchain network. It combines high throughput and low gas fees with secure architecture. This design provides a foundation for Web3 and powers DeFi, GameFi, NFTs, metaverse, data tokenization and data DAOs.
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.