Daily Crypto Market Update – BTC Falls Below $27K as Market Turns Red
The cryptocurrency market has posted $20.43 billion in net outflows over the past 24 hours. The total valuation is now $1.129 trillion. The market cap of Bitcoin has plunged by 2.17% to $517.23 billion, while Ethereum’s is down 2.16% to $218.04 billion.
All ten leading crypto assets are in the red, with Litecoin (6.65%) and Solana (5.5%) recording the most losses. LTC trades at $85.95, while SOL is valued at $19.08.
USDC and BUSD’s market valuations have continued declining today, falling to $29.26 billion and $5.41 billion after net outflows of $124.47 million and $257.03 million, respectively. Meanwhile, USDT’s market cap has risen to $83.04 billion following net inflows of nearly $290 million. It is on the verge of surpassing the all-time high of $83.25 billion hit last May.
Bitcoin traded below the $27,000 level on Wednesday evening after posting losses of 3.31%. Its current price of $26,119 means it has broken the $26,450 support level, and the bears are now in control. BTC’s market dominance stands at 46.36%.
ETH has declined by 3.17% to trade for $1,789 as of this writing. The token is currently priced below the support level of $1,804, signalling that the bears are in charge. Ethereum’s market share stands at 19.56%.
The latest on-chain data shows that the amount of ETH held in centralized crypto exchanges has declined to a 5-year low, mainly because holders now prefer self-custody.
Top Five Gainers
FastasyGold: FGC becomes the top gainer after a 24-hour growth of 94%. Besides today’s price increase, this token performed extremely well last week, rising by 101%. FGC trades at $1.351 with a market valuation of $188.73 million.
ARPA Chain: With a market capitalization of $115.56 million, ARPA is valued at $0.092 after rising by 39.19%. It’s up 143% over the last thirty days.
Nervos Network: CKB is priced at $0.0036 following gains of 8.56%. Its market cap has increased to $146.83 million.
WAVES: The token is changing hands for $2.005 after adding 8.11% to its value. WAVES was also featured on Tuesday’s top gainers’ list. Its market capitalization is $223.54 million.
tomiNet: TOMI has been up 19.4% in the past thirty days. Today, it has grown by 7.53% to trade at $3.915 as of this writing. TOMI’s market valuation is $155.19 million.
Top Five Losers
HEX: Since the start of the week, HEX has been featured as a top loser. The reasons for the sell-off are unclear. The token has shed 21.45% to trade at $0.0205 as of Wednesday evening. Its market cap is $3.57 billion.
LYXe: LUKSO is priced at $10.654 after falling by 12.23%. Its market valuation stands at $116.07 million.
Kaspa: Like HEX, KAS has appeared on the top losers list since Monday. Over the last 24 hours, it declined by 9.64% to change hands for $0.0142. Its market capitalization is $233.71 million.
FTX Token: FTT recorded gains on Tuesday after rumors started spreading that collapsed crypto exchange FTX was considering reopening. However, the token has plunged by 8.96% today, losing all the gains. It trades at $1.007 with a market valuation of $331.24 million.
SUI: This cryptocurrency has dropped below $1 for the first time after sinking by 8.43% in the last 24 hours. With a market cap of $115.26 million, SUI trades at $0.984.
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