Recent events, such as the failure of Terra’s flagship stablecoin UST and the decline in the price of bitcoin (BTC), the king of the crypto realm, have brought increased attention to cryptocurrencies. These events came about because of shifts in the macroeconomic environment in leading economies, such as the United States.
When market conditions are relatively stable, 24-hour crypto pair trading is typically in the range of $40 to $70 billion on average. However, following a wave of liquidations that began in early May 24-hour trading volumes have stabilized to some degree. This comes after 24-hour trading volumes reached an all-time high of over $100 billion in daily crypto-asset transactions.
According to data that was provided by CoinMarketCap as of today, five coins stand out as being the most active among traders. This article will provide you with a list of the top five currencies that cryptocurrency traders are purchasing right now, along with some background information on possible reasons why equity markets may be as high as they are. Read more: Multibank.io
The top five are as follows!
- Bitcoin (BTC)
Bitcoin, the coin that heralded the beginning of the age of cryptocurrencies, is still the coin that most people think of when they speak about digital money. Since its introduction in 2009 by its unknown inventor, who is widely believed to be Satoshi Nakamoto, the value of the currency has been volatile over the years. On the other hand, it wasn’t until 2017 that the cryptocurrency entered the mainstream awareness.
The price of the most valuable currency in terms of market capitalization seems to be maintaining its position at a significant level of support, which is $29,000 per coin. Since the price action has rebounded from this level on several times, this support is very important for the future of Bitcoin. This fact underscores the significance of this level for market players.
With a total of $30.54 billion changing hands over the course of the last twenty-four hours, Bitcoin’s value trading volumes account for 38.9% of the whole market total.
Despite the high trading volumes, the cryptocurrency asset is now selling at a price that is lower by 0.4% compared to the price at which it closed yesterday, which was $29,950 per coin.
A breach of this important level may result in a substantial decrease in the price of bitcoin (BTC), and traders are presumably monitoring what will happen in the next few days very attentively since this may mark a moment that determines whether the market will continue to exist.
- Ethereum (ETH)
Ethereum, the platform for cryptocurrencies, is the second most recognizable name in the cryptocurrency sector. The system permits the usage of ether (the currency) for a variety of purposes, but the smart contract feature of Ethereum contributes to its popularity.
Like bitcoin, the price of Ethereum has rebounded from a key support level around $1,700 per coin, but it is not totally out of the woods yet since the token has not yet hit a higher high, meaning it continues in a downtrend until otherwise proved.
Current indicators may be signalling a short-term bottom in the price of Ethereum, as the MACD has done a U-turn after dramatically drifting into negative territory over the previous several weeks, and the indicator has now crossed above the signal line, which is normally a buy signal.
Ether (ETH) accounts for 18.5% of the market’s total trading volume based on data from the previous 24 hours, and its price is down 1.9% to $1,933 per coin so far today.
According to statistics from Etherscan, the annual transaction volume on the Ethereum network has been reasonably stable between 1 and 1.3 million and has never fallen below this threshold. Therefore, network adoption does not seem to be decreasing, and increased risk premiums may be the primary reason why this crypto asset has lost 47.4% since the beginning of 2022.
- Bitcoin Cash (BCH)
As of crypto pair trading, Bitcoin Cash (BCH) has accounted for 3.2% of market activity over the reported period, making it one of the top currencies being bought by cryptocurrency traders.
Due to some outlandish projections about the worth of an emerging digital fashion business, Gucci, one of the trend’s pioneers, is now taking Bitcoin Cash (BCH), Dogecoin, and even Shiba Inu as payment. BCH is now trading at $188.9 per coin, down 1.4% from yesterday’s close.
- BNB (BNB)
There is a 2.8% share of the crypto market‘s trading activity attributed to the BNB Chain’s native coin. Developers at Terra have access to much-needed funding and resources thanks to the BNB Chain Fund, which will aid them with things like their network, tokenomics, and marketing efforts.
BNB (BNB) has rebounded from a major support level of $205 per coin, like Ethereum and Bitcoin, weeks after breaking the bearish flag that contributed to its current slide. The MACD has recently crossed above the signal line, and the RSI is moving near 50, all of which imply a short-term optimistic outlook.
- Flex (FLEX)
Since the beginning of May, Flex (FLEX) has been on an upward trend, despite the general market’s downward movement as the total value locked (TVL) on the crypto exchange surged to a record high of $273 million, before falling quickly back down to roughly $112 million.
The rise in TVL might be related to the high return given by the platform for staking FlexUSD, the network’s stablecoin. There is now a 16% yearly return with a 91% usage rate. As a result, the value of Flex has remained relatively stable at $4.95 a coin, despite the platform’s TVL falling sharply.
As a percentage of overall market crypto pair trading, Flex trade volumes have amounted for 2.1%, with $1.7 billion worth of crypto assets moving hands in the last few hours. This ranks it fifth in the list of the most popular currencies among crypto dealers.
The Bottom Line
Speculators in digital assets should not invest more money than they can afford to lose since the cryptocurrency market is a Wild West. This year has been marked by extreme unpredictability, with crypto assets seeing large price swings. Since the market hit an all-time high in 2021, it has been falling steadily ever since. In addition, individual traders may engage in commerce with highly experienced players, which may be a challenging endeavour for those who are new to the market.