Daily Crypto Market Update – BTC Hits $28K Following US CPI Report
The crypto market capitalization has increased by $23.3 billion in the last 24 hours. It now stands at $1.161 trillion. The Bitcoin and Ethereum market valuations have grown 0.21% and 0.48% to $535.67 billion and $222.19 billion, respectively.
Litecoin takes the top gainer spot among the leading ten cryptocurrencies after increasing by 3% to trade at $80.86. Despite the surge today, LTC is down 8.7% over the last seven days. The rest have posted gains of between 0.6% and 2%.
Meanwhile, USDT’s market valuation has grown by $147.3 million to $82.51 billion. On the contrary, BUSD has shed $89.6 million of its valuation in the last 24 hours and is now at $5.78 billion. USDC followed suit, declining to $30.12 billion after losing $107.4 million to net outflows.
BTC is up 1.91% to trade a $28,124 as of this writing. The increase comes a few hours after the United States Bureau of Labor Statistics reported that the Consumer Price Index (CPI) dropped 4.9% in April from 5.0% the previous month. The CPI has been declining since the start of the year. If this trend continues, we might see the Federal Reserve pause interest rate hikes in the coming months.
More buying pressure may push Bitcoin to test resistance at $28,500. The coin currently dominates 47.1% of the market, up from 46.8%.
ETH trades at $1,879 after growing by 1.89%. Its market share also increased to 19.6%. Ethereum reached a daily high of $1,861.
The token saw a decline yesterday after it was discovered that Ethereum Foundation had dumped over 15,000 ETH.
Top Five Gainers
KAVA: This token has been on an uptrend since Tuesday. It’s up 11.27% in the last 24 hours to change hands for $0.0858. KAVA’s market cap stands at $440.46 million.
TerraClassicUSD: USTC trades at $0.016 after rising by 9.72%. Nonetheless, the failed algorithmic stablecoin has recorded 7-day losses of 22.1%. Its market cap is $160.91 million.
Terra Luna Classic: LUNC has a market cap of $530.08 million. The token surged 7.08% in the last 24 hours. The rally comes after one of the Terra developers, Cosmosrexx, gave an update regarding the development of the blockchain. He stated that USTC could be repegged to LUNC soon.
LUKSO: LYXe has seen 24-hour gains of 6.98% to trade at $13.19 as of Wednesday evening. The crypto asset is up 23.4% over the last seven days, with its market valuation rising to $214.99 million.
Nervos Network: CKB is priced at $0.0033 following a 6.1% surge. Its market cap is $134.07 million.
Top Five Losers
JasmyCoin: JASMY takes the top loser crown after dropping by 19.46% to change hands for $0.0054 at press time. Its market cap stands at $257.09 million.
UMA: Over the last 24 hours, UMA shed 8.96% of its value. Nonetheless, it’s up 25.3% over the previous month. The digital asset trades at $2.647 with a market valuation of $188.59 million.
iExec RLC: RLC is down 8.51% to trade for $1.148 as of this writing. The AI token has seen massive sell-offs over the last 30 days, falling 14.7%. The RLC market cap is now $120.56 million.
Stacks: STX plunged 7.75% to $0.89. The token has now shed all the gains posted earlier this week. Its market cap has fallen to $891.37 million.
WEMIX: This crypto asset is priced at $0.816 following a 7.68% drop. WEMIX’s market valuation stands at $204.46 million.
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