Daily Crypto Market Update – BTC Drops Below $28k Following Network Congestion Problems
The crypto market lost $30.1 billion to net outflows over the weekend. As a result, the total valuation declined to $1.168 trillion. The market caps of Bitcoin and Ethereum are down 3.2% and 2.27% over the past 24 hours to $541.39 billion and $223.87 billion, respectively.
None of the top ten cryptocurrencies posted gains during that span. Solana declined the most (5.6%) to $21.28, followed by XRP (5.2%), which now trades at $0.436. The other eight coins recorded losses of between 2% and 4.7%.
In the stablecoin category, while the market caps of BUSD and USDC dropped to $5.96 billion and $30.38 billion, respectively, USDT’s rose to $82.19 billion after posting net inflows of roughly $152 million.
Bitcoin
BTC has seen its price drop by 3.19% in the last 24 hours, with its market share also declining to 46.8%. The biggest and most popular crypto asset now changes hands for $27,956. BTC retested resistance at $29,026. With the current price far below the 20-day exponential moving average ($28,900), the bears may strengthen their position further by sinking the coin to a support level of $27,323.
Over the last two days, Bitcoin saw an increase in uncompleted transactions resulting from network congestion. Crypto exchange Binance was forced to halt BTC withdrawals twice due to high transaction fees. The inflated fees are associated with the launch of an experimental token standard called BRC-20 which allows developers to create Bitcoin-based fungible tokens.
ETH plunged to $1,871 after recording a 24-hour drop of 2.45%. It now dominates 19.5% of the market. A further decline may cause the token to find support at $1,825.
Many exchanges witnessed increased ETH deposits over the weekend as investors of the PEPE meme coin booked profits. The hype around PEPE also caused gas fees on the Ethereum network to surge to an 11-month high ($15).
Top Five Gainers
RSK Infrastructure Framework: RIF is a beneficiary of the congestion experienced on the Bitcoin network. The token grew 40.11% to take the top gainer spot. RIF is now valued at $0.171 with a market capitalization of $165.31 million.
tomiNET: TOMI rose by 11.27% in the last 24 hours. It is priced at $3.568 as of this writing. The token’s market valuation surged to $141.48 million.
Stacks: As demand for Ordinals continues to grow, Bitcoin layer-2 networks like Stacks are expected to benefit. That said, STX has seen a 10.67% 24-hour increase to trade for $0.774 at press time. Its market cap stands at $1.08 billion.
Radicle: RAD has been in a good run over the last thirty days, growing by more than 60%. With a market cap of $155.34 million, it posted a 10.51% increase in the past day to change hands for $3.117 as of Monday evening.
MX Token: MX’s current market valuation is $292.04 million. The token gained 5.79% over the last 24 hours and is now priced at $2.92.
Top Five Losers
Bitgert: BRISE is down 12.89% in the last 24 hours. That means it has shed 13.12% of its value over the past seven days. The digital currency is priced at $0.13 and has a market valuation of $130.36 million.
UMA: The token trades for $0.874 after dropping by 12.76%. Despite the drop, UMA has posted 7-day gains of 30.2%. Its market capitalization stands at $191.29 million.
CORE: This crypto asset hasn’t performed well in the past thirty days. It’s down 31% over the previous month and 12% in the last 24 hours. CORE trades at $1.036 with a market cap of $115.51 million.
SUI: This token has trended down since the Sui blockchain launched last Wednesday. SUI has plunged 11.87% in the past 24 hours. It is valued at $1.149 with a market cap of $607.16 million.
DeFiChain: DFI is trading at $0.405 after declining by 10.98%. It now has a market valuation of $282.53 million.
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