Daily Crypto Market Update – BTC Defends $29k in a Sudden Crash
The total market capitalization stands at $1.26 trillion after posting $47.4 billion in net outflows over the last 24 hours. Bitcoin’s market valuation dropped by 2.3% to $566.36 billion, and Ethereum’s declined by 6.2% to $235.87 billion.
All the leading ten crypto assets are in the red as of this writing, with Solana posting the most losses (8.6%). Polkadot comes in second with a 7.1% loss. It is worth highlighting that DOT was the biggest gainer among the top ten yesterday.
Meanwhile, USDT’s market capitalization has not posted significant inflows in the last 24 hours. It has move slight from $81.06 billion to $81.07 billion. On the other hand, the USDC market valuation is now down to $31.36 billion, while that of Binance USD has fallen to $6.63 billion.
Bitcoin
BTC has dropped by 2.3% to $29,267 at press time. Despite the losses, its market share grew from 45.6% to 46.1%. The crypto asset started trading at $30,428 before a sudden crash that sank the price to $29,051. The bulls, however, did not let Bitcoin touch the support level of $29,000.
ETH has recorded 24-hour losses of 5.4% and now changes hands for $1,976. The token dominates 19.4% of the market, down from 19.9%. Ethereum hit a daily high of $2,127 before retracing to its current price. It remains to be seen whether the bears will pull the price down to a support level of $1,790.
Top Five Gainers
Locus Chain: LOCUS grew by 25.8% to become the biggest gainer. The token is priced at $0.071, and its market valuation has surged to $149.31 million. The project announced on Monday that the bugs in its game, Kingdom Under Fire, had been fixed.
Cartesi: CTSI is up 22.4% to trade at $0.295. Its market cap is $206.84 million. The project held a developers’ workshop yesterday.
tomiNET: This project launched its ‘tomi Privacy Layer’ last weekend, causing TOMI to post 7-day gains of 4.8%. The token has increased by 10.4% to $3.16 in the past 24 hours. Its market valuation is $125.38 million.
Everscale: EVER surged 7.8% to trade at $0.069 as of this writing. The token’s market cap is up to $124.8 million.
FTX Token: After recording losses for four consecutive days, FTT has seen its price increase by 5.8% to $2.03. The surge comes after venture capital company Tribe Capital announced that it was interested in helping crypto exchange FTX reopen. The token’s market valuation is $668.94 million.
Top Five Losers
Kaspa: KAS’ price declined by 19.4% to $0.022 in the last 24 hours. Its market capitalization currently stands at $412.09 million. Hardware wallet Tangem announced last weekend it had added support for KAS.
TEMDAO: Today marks three consecutive days of losses for TEM. The token has declined by 15.3% to $0.07 in the last 24 hours. It now has a market valuation of $435.83 million. Crypto exchange BTCEX listed TEM on Wednesday morning.
Liquidity: LQTY has seen 24-hour losses of 13.7% to trade at $2.148. The token is down 11% over the past month. Its market cap stands at $197.16 million.
Arbitrum: ARB is trading at $1.55 following a 12.6% decline. Its market valuation also dropped to $1.91 billion.
Hashflow: HFT fell sharply by 11.2% to change hands for $0.64 at press time. Its market cap stands at $124.74 million.
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