Daily Crypto Market Update – Bitcoin’s Downtrend Continues, Finds Support at $25,800
Thursday marks another day that the crypto market has recorded net outflows of over $20 billion this week. The total market cap fell by $20.43 billion on Wednesday. It now stands at $1.19 trillion after declining by $20.12 billion in the past 24 hours.
Bitcoin and Ethereum have seen their market capitalizations drop to $508.67 billion and $214.43 billion after losing $9.156 billion and $3.148 billion to net outflows, respectively.
Meanwhile, Polygon, Solana, and Polkadot are the only top ten cryptocurrencies in the green. MATIC is up 2.76% to trade for $0.883, SOL is priced at $19.34 after gaining 1.62%, and DOT has grown by 0.89% to change hands for $5.274 at press time. Cardano is the biggest loser after dropping by 1.69% to trade for $0.358. Litecoin comes in second with a 1.35% loss. It’s priced at $85.23.
Stablecoins market
After growing to $83.06 billion today, USDT’s market cap is now $190 million away from equaling the $83.25 billion all-time high set in May 2022. But as the Tether-issued stablecoin looks to set a new record, its rivals, BUSD and USDC, are in free fall. BUSD’s market cap has plunged to $5.32 billion, while USDC’s declined to $29.15 billion.
Bitcoin
BTC is valued at $26.235 after posting a 1.11% loss in the last 24 hours. Before rebounding to this price, the largest cryptocurrency dropped below $26,000, finding support at $25,800. If it hits the support again and falls below, BTC may head toward second support at $25,490.
The coin’s market share now stands at 46.12%.
ETH has seen its market dominance decline to 19.52% today. The token is valued at $1,782, following a drop of 0.87%. Prior to the current price, Ethereum hit a support level of $1,759. Trading below this support may cause the token to plummet further to second support at $1,685.
Top Five Gainers
ARPA Chain: ARPA was the second-biggest gainer on Wednesday after growing by over 39%. Today, the token has surged 23.43% to take the top gainer spot. APRA’s market cap stands at $142.54 million.
Kaspa: On Thursday morning, after the project announced that KAS would soon be accepted as a payment method by multiple technical stores based in Turkey, the token saw its value grow by 23.14%. It now trades at $0.0154 with a market cap of $289.36 million.
ARAW: This crypto asset has performed tremendously over the last few days. The reasons for the rally, however, are still unclear. With a market valuation of $102.67 million, ARAW changes hands for $0.0514 after posting gains of 22.31%.
Escroco Emerald: ESCE, an ERC-20 token, has risen by 17.78% to trade at $0.0983 as of this writing. Its market cap stands at $98.29 million.
Open Campus: EDU started rallying earlier today after Binance announced plans to enable an auto-invest functionality for this crypto asset. With a market cap of $222.24 million, EDU is priced at $1.218 after a 10.04% growth.
Top Five Losers
HEX: After falling by 20.29% today, HEX has now recorded a 7-day loss of 45.23%. It is priced at $0.0162 with a market cap of $2.81 billion. It is worth highlighting that no other token has appeared more in the top losers list this week than HEX.
Synthetix: SNX has seen its price decline by 10.51% in the last 24 hours. As of Thursday evening, the coin trades at $2.301 with a market valuation of $587.23 million.
WAVES: Earlier this week, WAVES rallied massively after South Korean crypto exchanges announced removing an investment warning tag placed on the token. However, WAVES has shed most of the gains following a sharp drop of 10.09%. It trades at $1.7973 with a market cap of $200.37 million.
PancakeSwap: CAKE has plunged 8.13% to trade at $1.558. Its market valuation is $314.53 million.
KAVA: Before today’s 7.96% drop, KAVA had been on an uptrend since the start of this month, growing by 38.03%. It’s valued at $0.984 with a market cap of $115.24 million.
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