Today’s crypto movers: Bitcoin (↓3.18%), Ethereum (↓5.95%), Uniswap (↓11.25%) and Polygon (↑3.86%)

The crypto market dropped as market participants await the inflation numbers.

Bitcoin dropped below US$20,000 once again, pulling most altcoins with it. That’s because investors and traders are waiting for the inflation numbers before they commit their funds.

The overall crypto market saw prices change by -3.09% in the last 24 hours, which is a continuation of the recent pullback.

Trading volume over the last 24 hours was 1% lower than the recent 7-day average, meaning market participants have scaled down.

The two biggest coins: Bitcoin and Ethereum

Bitcoin is the biggest coin by market cap and its price changed by -3.18% over the last 24 hours.

Bitcoin dropped below US$20,000 once again. The next support price stands at US$19,000. If the inflation numbers are higher than expected, we may see a drop to US$17,500 next.

The second most valuable crypto, Ethereum, saw its price change by -5.95%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.

Ether still holds above US$1,000, but if Bitcoin drops to US$17,500 or lower, Ether is likely to follow.

Today’s biggest gainers and losers

Big gains happened for Polygon (MATIC) up 3.86%; Loopring (LRC), which rose 3.13%; and Chiliz (CHZ) which was up 1.00%. (All figures are based on the last 24 hours of trading at time of writing.)

Polygon (MATIC) is a Coinbase- and Binance-backed layer-2 (L2) Ethereum-scaling solution that developers use to create scaling chains. It uses its MATIC token for governance, security, payment settlement and fees. The recent gain follows MATIC’s announcement that OnePlanet aims to bring 48 new projects to MATIC.

Loopring (LRC) is a protocol for building decentralised exchanges (DEXs). Its goal is to combine centralised order matching with decentralised order settlement. Loopring uses its LRC token for rewards, staking and governance. The price climb follows GameStop launching its LRC-powered NFT marketplace.

Chiliz (CHZ) operates Socios, a blockchain-based entertainment and sports platform. Users buy fan tokens for sports clubs with CHZ tokens. They vote with these tokens on team decisions, such as jersey design or team match-ups.

The largest drops were for Uniswap (UNI), down 11.25%; Aave (AAVE), which fell 9.71%; and ApeCoin (APE), which was down 7.54%.

Uniswap (UNI) is one of the most prominent decentralised trading protocols. It features an automated market maker (AMM) that solves liquidity issues with automated solutions. Its UNI token facilitates governance. The recent loss follows a phishing attack on a Uniswap v3 liquidity pool, which stole roughly USUS$3.5 million.

Aave (AAVE) is a decentralised finance (DeFi) protocol that allows people to lend and borrow crypto. It uses its token for governance and fee discounts to holders. The price drop follows the news that Celsius withdrew its wrapped Bitcoin (wBTC) collateral from Aave.

ApeCoin (APE) is a decentralised project inspired by Yuga Labs’ Bored Ape Yacht Club (BAYC). The token facilitates the APE Foundation’s APE ecosystem. The price decline continues the current downtrend that began after APE’s Otherside metaverse completed its second load test.

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.

This news is republished from another source. You can check the original article here

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