Daily Crypto Market Update – BTC Sinks Below $27K Amid Marketwide Downturn
The crypto market capitalization has declined by $30.1 billion to $1.11 trillion in the last 24 hours. The top two cryptocurrencies, Bitcoin and Ethereum, have seen their market valuations sink by 4.02% and 2.31% to $511.16 billion and $214.46 billion, respectively.
Over the past 24 hours, eight of the top ten crypto assets have posted losses. Only Cardano (2.1%) and XRP (1.8%) have recorded gains, to trade at $0.364% and $0.429, respectively.
Meanwhile, the market cap of USDC has dropped below the $30 billion mark. It now stands at $29.97 billion. BUSD, on the other hand, has fallen to $5.73 Billion. As its rivals continue to trend downward, USDT has witnessed its market cap grow by $267.39 million to $82.76 billion during the last 24 hours.
Bitcoin
After briefly trading above $28,000 on Wednesday following the release of the US Consumer Price Index report, Bitcoin began trending down yesterday. It is currently priced at $26,567, down 4.06% in the last 24 hours. Based on the 20-day EMA (exponential Moving average), Bitcoin may decline further to the $25,500 support level if the bulls allow the price to drop below $26,000.
The coin’s market share has fallen to 46.2%.
ETH has crossed below the support level of $1,805 to trade at $1,768 as of this writing. The current price represents a 3.16% drop. The token may hit the second support at $1,745.
Data from blockchain analytics company Nansen shows that the amount of staked ETH was 19.551 million as of Friday morning, the highest it has ever been.
Ethereum’s market dominance stands at 19.5%.
Top Five Gainers
tomiNET: TOMI has been on an uptrend since it got listed by the trading platform Crypto.com on Wednesday. With a market cap of $176.29, TOMI is up 12.57% to trade at $4.446.
Solar: As of this writing, SXP trades at $0.0456 following an 8.51% increase. With Binance’s help, the project migrated all the Bep2, BEP2, and ERC20 SXP tokens to its mainnet yesterday. The crypto exchange announced it would no longer support SXP tokens running on other blockchains. The Solar market cap stands at $257.55 million.
Decred: DCR is priced at $17.441 after a 24-hour surge of 4.62%. Despite the rally, the privacy coin is down 9.98% over the last seven days. Its market cap is $260.61 million.
Cosmos Hub: With a Market valuation of $3.221 billion, ATOM is up 3.38% to trade at $11.255. The project has extended its ‘Game of NFTs Interchain Hackathon’ to June 19.
CORE: The token’s current value is $0.904 after growing by 2.36% in the last 24 hours. CORE’s market capitalization has also increased to $105.86 million.
Top Five Losers
PEPE: This meme coin has seen a massive sell-off since yesterday. This could be a result of investors booking profits following last week’s mega rally. PEPE is down 25.34% to change hands for $0.00000125 at press time. Its market cap has also dropped significantly. It now stands at $484.07 million.
HEX: The crypto asset is priced at $0.053 following a 24-hour decline of 20.24%. HEX has decreased by roughly 18% over the last seven days. Its market valuation stands at $9.22 billion.
WEMIX: The play-2-earn token has plummeted by 19.56% to change hands for $0.657 as of Friday evening. WEMIX has posted a 45% decline over the previous 30 days. Its market capitalization is $164.7 million.
Threshold: T has shed 12.2% of its value to trade at $0.026 as of this writing. The crypto asset market capitalization stands at $232.74 million.
JasmyCoin: JASMY has been declining since Binance moved the token to the platform’s innovation zone on Tuesday. That means the trading platform found the token to be highly volatile. So the move is intended to protect a section of Binance users from the risk associated with trading such tokens.
With a market cap of $227.23 million, JasmyCoin is now priced at $0.0047 after sinking by 11.93% in the last 24 hours.
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