The crypto market stalled as Bitcoin held a major support level.
Bitcoin helped most cryptocurrencies hold their ground as it traded above US$21,000.
The overall crypto market saw prices change by 1.67% in the last 24 hours, which is a move higher compared to the past few days.
Trading volume over the last 24 hours was 1.75% lower than the recent 7-day average, meaning there were no liquidations at these price levels.
The two biggest coins: Bitcoin and Ethereum
Bitcoin is the biggest coin by market cap and its price changed by 1.20% over the last 24 hours.
Bitcoin holds its major support level of US$21,000 as market participants wait for the next catalyst. The next move is likely to come on Friday when Fed’s Jerome Powell speaks at the annual Jackson Hole gathering of central bankers, economists, academics and other policymakers in Wyoming.
The second most valuable crypto, Ethereum, saw its price change by 3.60%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.
Ether trades above US$1,600. Its next important price levels are US$1,750 and US$1,500. Depending on which price breaks first, we could see the move continue in the same direction.
Today’s biggest gainers and losers
Big gains happened for Chiliz (CHZ) up 13.04%; Bitcoin Cash (BCH), which rose 7.55%; and XDC Network (XDC) which was up 5.24%. (All figures are based on the last 24 hours of trading at time of writing.)
Chiliz (CHZ) operates Socios, a blockchain-based entertainment and sports platform. With CHZ tokens, users can buy fan tokens for sports clubs and vote on jersey design, team match-ups and other team decisions. The price climb continues a 2-day rally. It began as CHZ’s CEO tweeted hints about CHZ 2.0 and the CHZ-20 token standard.
Bitcoin Cash (BCH) forked from Bitcoin in 2017. It aims to be faster and cheaper than Bitcoin while satisfying similar needs. Its BCH token facilitates payments and smart contracts.
XDC Network (XDC) is an enterprise-grade, hybrid blockchain compatible with the Ethereum Virtual Machine (EVM). It has public and private states and interoperable smart contracts. The XDC token powers the network’s smart contracts and transactions.
The largest drops were for EOS (EOS), down 2.54%; Filecoin (FIL), which fell 2.44%; and Solana (SOL), which was down 2.38%.
EOS (EOS) is a platform that allows developers to build decentralised apps (dApps). It prioritises ease of use, enterprise flexibility and compliance, consumer security and scalability.
Filecoin (FIL) is a decentralised storage system aiming to “store humanity’s most important information”. Users make transactions with FIL, the blockchain’s native currency.
Solana (SOL) improves scalability by combining proof-of-history (PoH) with proof-of-stake (PoS) consensus. It facilitates the creation of dApps.
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.
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