Daily Crypto Market Update – BTC Crosses $29K Amid New U.S Banking Crisis
The crypto market has recorded $59 billion in net inflows over the last 24 hours. Its valuation now stands at $1.22 trillion. The Bitcoin and Ethereum market capitalizations also surged by 6.2% and 5.16% to $562.99 billion and $231.17 billion, respectively.
The leading ten crypto assets are all in the green as of Wednesday evening. Solana, Bitcoin, Polygon, and Bitcoin grew by over 6%.
Meanwhile, Circle’s stablecoin USDC has continued to see its market valuation drop, this time by about $189 billion. It now stands at $30.67 billion. Similarly, BUSD is down to $6.33 billion after losing roughly $103.24 million to net outflows. On the other hand, Tether’s market cap is up to $81.59 billion, following net inflows of $312 million.
BTC has again crossed the $29,000 mark, thanks to a new United States banking crisis. First Republic Bank raised concerns regarding its solvency earlier today after releasing its quarterly report revealing that it had processed withdrawals of more than $100 billion last month alone. While the development caused the bank’s shares to plummet by over 50%, BTC, on the other hand, rose by 9% to trade at $29,986 as of this writing. Despite the surge, the crypto asset is down 4.8% this week.
Bitcoin hit a daily high of $30,026 and has seen its market dominance grow to 46.7%. With the price above the 20-day exponential moving average ($29,000), the bulls may push BTC to a resistance level of $32,000.
ETH has surged by 5.7% to trade at $1,954. It had initially retested resistance at $1,966. Despite Wednesday’s gains, the token is still down 7.2% in the last seven days. Recent on-chain data show more ETH has been staked than withdrawn in the last few days. The growing interest in the Ethereum blockchain may cause ETH to rally to $2,000. The token is dominating 19.1% of the crypto market.
Top Five Gainers
Mass Vehicle ledger: MVL is trading at $0.0054 after recording 24-hour gains of 26.6%. The little-known crypto asset is up 38% in the last thirty days. Its market cap stands at $123.59 million.
Radix: XRD now has a market valuation of $1.07 billion. It’s up 16.44% in the past day to $0.104. It is worth highlighting that the coin has posted 30-day growth of over 100%.
Render Token: RNDR is priced at $7.18 following a 24-hour increase of 9.13%. The network’s community recently approved plans to develop its burn-and-mint equilibrium model on Solana. RNDR’s market capitalization stands at $768.66 million.
Solar: Similar to Radix, SXP has posted 30-day gains of more than 100%. The token increased by 14.87% in the last 24 hours. It’s currently changing hands for $0.609 with a market cap of about $343.73 million.
Injective: INJ has been rallying since Tuesday. It has grown by 12.91% to trade at $8.151 as of this writing. The token market valuation also grew to $652.15 million.
Top Five Losers
Voyager Token: VGX becomes Wednesday’s top loser after posting 24-hour losses of 22.57% to be priced at $0.281. The decline comes a day after crypto exchange Binance.US backed away from its purchase deal with the fallen crypto lender. VGX’s market cap is down to $73.86 million.
TEMDAO: TEM has featured on the biggest losers list for a third straight day. The token is priced at $0.00589 after shedding 7.67% of its value. Its market cap declined to $159.67 million.
BinaryX: BNX is down 5.29% to $0.627 as of this writing. Its market valuation is now $181.28 million.
Floki Inu: After growing by over 35% yesterday, FLOKI has fallen 5.04% in the last 24 hours. It’s trading at $0.00004 with a market capitalization of $360.84 million. Binance.US listed the memecoin on Monday.
Cartesi: CTSI has declined by 2.57% in the past day. It’s priced at $0.238 with a market valuation of $173.67 million. CTSI is still up 79% in the last 30 days.
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