Daily Crypto Market Update – Another Red Day Sees BTC Slip Below $28k
The crypto market capitalization is down to $1.18 trillion as of Friday evening, following net outflows of over $29 billion in the last 24 hours. The Bitcoin market cap has fallen to $541.89 billion, while Ethereum’s slipped to $230.31 billion.
Except for BNB, all the other top ten crypto assets by market valuation have seen a decline in their prices, with XRP being the biggest loser after dropping by 4.8% to trade at $0.463. BNB is up 0.8% to $327. The token may rally further after going above the 20-day Exponential Moving Average (EMA) of $325.
Meanwhile, BUSD has seen 24-hour net outflows of $214 million. Its market capitalization now stands at $6.57. It’s the same story for Circle’s USDC, whose market valuation has declined by $156 million to $30.97 billion. On the other hand, the market cap of Tether’s USDT has increased to $81.43 billion after net inflows of $167 million.
Bitcoin
BTC has been trending down over the last few days. The most popular cryptocurrency lost 3.1% of its value to trade at $27,957, its lowest price since April 9. BTC dominates 46.1% of the crypto market.
Bitcoin hit resistance at $28,260 before embarking on a downward movement to find support at $27,855.
ETH has declined by 2.3% in the last 24 hours. The coin currently trades at $1,912 and dominates 19.3% of the crypto market. Ethereum tested resistance at $1,916, then sunk to a support level of $1,907. The current price means ETH is trading below the 20-day EMA of $1,925, so a further drop may be possible.
Top Five Gainers
Polymath Network: POLY becomes the biggest gainer following an 18.7% growth. It is priced at $0.219 as of Friday evening. POLY’s market cap is up to $203.43 million. On Tuesday, the project announced plans to join the Canadian Association of Alternative Strategies and Assets (CAASA).
Polymesh: POLYX has been posting gains since crypto exchange Binance became one of the network’s node operators. The token rose 15.7% to trade at $0.249 and has a market capitalization of $153.54 million. POLYX was one of yesterday’s top gainers.
Decentralized Social: It appears that investors have welcomed this project’s plans to fight AI deep fakes and scams. As a result, DESO has recorded a 24-hour increase of 13.5%. Its market cap stands at $127.56 million.
DeXe: The crypto asset is trading at $3.28 following a 9.7% surge over the last 24 hours. The project’s core contributor Dmitro Koltiarovlts promised the community to conduct a live AMA (Ask Me Anything) today. DeXe’s market cap is $119.66 million.
Zilliqa: Zil has increased by 7.7%, recouping some losses it suffered on Thursday. Its market cap has also risen to $533.17 million.
Top Five losers
Radix: XRD has shed 21.7% of its value, now priced at $0.089. Despite the drop, the crypto asset has posted a 30-day growth of 125.7%. The XRD market valuation is $908.43 million.
HEX: The launch of PulseChain’s V4 testnet on Thursday does not seem to have attracted buyers, as HEX has declined by 14.6% to trade at $0.06 in the last 24 hours. The token was also among yesterday’s top losers. Its market valuation now stands at $10.46 billion.
Cartesi: CTSI is priced at $0.271 after dropping by 12.6%. Its market cap decreased to $188.87 million. The project announced on Monday that its ongoing Global Online Hackathon program will continue running until the end of this month.
LUKSO: The project rolled out its Genesis Validator Launchpad on Thursday. However, the event did not boost LYXe’s price, which is down 10.8% in the last 24 hours. The token now trades at $12.72 with a market cap of $198.12 million.
ssv.network: SSV has seen further losses today. This is despite the project launching its most awaited institutional staking vault earlier this week. SSV has plummeted by 10.4% to trade at $27.07 as of this writing. Its market cap is $270.72 million.
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