The crypto market stalled after last week’s rally.
The crypto market traded mostly flat during the weekend as Bitcoin held US$23,000.
The overall crypto market saw prices change by -0.24% in the last 24 hours, which is normal given the recent rally.
Trading volume over the last 24 hours was 4.80% lower than the recent 7-day average, which shows market participants are waiting for the next 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 -1.76% over the last 24 hours.
Bitcoin failed to push above US$25,000 but it managed to hold above US$23,000, which opens the possibility for another rally soon. Downward pressure still remains, though, meaning we could see another drop in the coming weeks.
The second most valuable crypto, Ethereum, saw its price change by -0.59%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.
Ether bounced off of US$1,750. The current support zone lies between US$1,500 and US$1,600. A break above US$1,750 paints US$2,000 as the next target.
Today’s biggest gainers and losers
Big gains happened for Filecoin (FIL) up 29.73%; Kadena (KDA), which rose 15.44%; and BitTorrent-New (BTT) which was up 10.20%. (All figures are based on the last 24 hours of trading at time of writing.)
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.
Kadena (KDA) is a proof-of-work (PoW) platform that combines a layer-1 (L1) public chain protocol with a layer-2 (L2) network. This combination provides high throughput while maintaining security and scalability. The recent gain is due to the 1 August release of Kaddex, a gas-free decentralised exchange (DEX).
BitTorrent (BTT) is a peer-to-peer (P2P) file-sharing platform released in 2001. TRON (TRX), a blockchain platform, purchased BitTorrent in 2018. BitTorrent uses the BTT token to compensate providers and buy bandwidth, storage and other resources.
Ethereum Classic (ETC) is a legacy chain created by forking Ethereum (ETH) after its major 2016 hack. It preserves the original ETH blockchain without countering its past decentralised autonomous organisation (DAO) hack.
Polygon (MATIC) is a Coinbase- and Binance-backed L2 Ethereum-scaling solution for creating scaling chains. It uses its MATIC token for governance, security, payment settlement and fees.
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.
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.