The crypto market stands still as investors await Fed’s Jerome Powell speech.
The crypto market traded sideways for seven consecutive days as investors and traders waited for the next catalyst.
The overall crypto market saw prices change by -1.45% in the last 24 hours, which is a similar move to what we saw in the past few days.
Trading volume over the last 24 hours was 3% lower than the recent 7-day average, meaning market participants don’t want to commit their funds just yet.
The two biggest coins: Bitcoin and Ethereum
Bitcoin is the biggest coin by market cap and its price changed by -1.42% over the last 24 hours.
Bitcoin trades above US$21,000. This is a major support zone that is likely to hold if the Federal Reserve signals a slowdown in interest rate hikes. If this happens, US$25,000 would be the next target. Otherwise, we may see BTC at US$20,000 and US$19,000 in the coming weeks.
The second most valuable crypto, Ethereum, saw its price change by -2.93%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.
Ether trades at US$1,650. Its two major price levels to watch are US$1,500 and US$1,750. Whichever price breaks first will likely push the price either to US$1,300 or US$2,000.
Today’s biggest gainers and fallers
Big gains happened for Theta Fuel (TFUEL) up 24.63%; Decred (DCR), which rose 8.49%; and Shiba Inu (SHIB) which was up 5.69%. (All figures are based on the last 24 hours of trading at time of writing.)
Theta Fuel (TFUEL) is the second token on the Theta blockchain that serves as the utility token. The Theta blockchain is a decentralised network built for video streaming. Its users share bandwidth and peer-to-peer (P2P) computing resources. Theta plans to release its Metachain this December. The recent gain accompanies Theta’s open-sourcing of the first part of Metachain’s code.
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.
Shiba Inu (SHIB) is a meme coin that uses its SHIB token to transfer value through payments. SHIB’s community creates utility and an ecosystem for the token. The climb follows the largest 100 ETH whales purchasing USUS$37 million worth of SHIB tokens. There is no news suggesting a reason for these purchases.
The largest drops were for Chiliz (CHZ), down 4.50%; Internet Computer (ICP), which fell 3.06%; and Quant (QNT), which was down 2.22%.
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.
Internet Computer (ICP) aims to turn the public internet into a world-class computing platform. It’s a decentralised blockchain network with smart contracts that let developers create decentralised apps (dApps).
Quant (QNT) is an operating system that different blockchains use to interoperate with one another. Its QNT utility token acts as a licence key for the ecosystem. It also pays fees and costs for using or creating multi-chain applications (MApps).
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.