The crypto market retreated as participants await the Fed’s interest rate decision on Wednesday.
Most altcoins traded lower with Bitcoin stalling at US$21,000.
The overall crypto market saw prices change by -4.41% in the last 24 hours, which is a bigger drop compared to the past few days.
Trading volume over the last 24 hours was 16% higher than the recent 7-day average, meaning some long positions were liquidated with the drop.
The two biggest coins: Bitcoin and Ethereum
Bitcoin is the biggest coin by market cap and its price changed by -4.08% over the last 24 hours.
Bitcoin dropped to US$21,000, which is a major support zone. If it holds, we may see another attempt toward US$25,000. Whether it moves higher or lower it will likely depend on the Fed’s interest rate decision and the GDP numbers both coming out on Wednesday.
The second most valuable crypto, Ethereum, saw its price change by -7.50%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.
Ether lost US$1,500 and now trades at around US$1,400. The next major support price to keep an eye on is US$1,250.
Today’s biggest gainers and losers
Trust Wallet Token (TWT) is the token of a mobile cryptocurrency wallet that supports tokens from many blockchains, including TRON, Ethereum and Binance. The TWT token offers access to decentralised exchange (DEX) services, discounts on purchases and governance. The recent gain could be due to BitMart listing TWT.
Qtum (QTUM) is a proof-of-stake (PoS) smart contract blockchain platform. It was the first PoS blockchain to use Bitcoin’s UTXO model with smart contracts. The token’s functionality includes paying fees, staking, transferring value and voting in governance. The price is climbing before QTUM’s hard fork which is expected on 31 July.
OKB (OKB) is a cryptocurrency released by the OK Blockchain Foundation and Maltese crypto exchange OKX. With the token, users pay trading fees, vote in governance on the platform and hold for rewards.
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.
Near Protocol (NEAR) is a layer-1 (L1) blockchain designed as a community-run cloud computing platform. It reduces limitations such as slow transaction speeds, low throughput and poor interoperability.
Polygon (MATIC) is a Coinbase- and Binance-backed layer-2 (L2) Ethereum-scaling solution for creating scaling chains. It uses its MATIC token for governance, security, payment settlement and fees.
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.