Daily Crypto Market Update – ETH Trades Above $2,100 for First in 11 Months
The crypto market has continued to post massive inflows over the last 24 hours. As a result, its market capitalization has risen to $1.28 trillion, up from 1.25 trillion recorded on Thursday. The market valuation of Bitcoin increased by 1.91% to $596.13 billion, and that of Ethereum surged by 6.02% to $254.45 billion.
As of this writing, the ten largest crypto assets by market cap are in the green, with Cardano joining Ethereum in posting gains of above 6%. BNB, Polygon, Solana, Polkadot, and Litecoin have all increased by at least 3%.
Tether’s USDT saw its market valuation go up to $80.84 billion as USDC and BUSD dropped sharply to $31.96 billion and $6.69 billion, respectively.
BTC has posted 24-hour gains of 1.34% to trade at $30,334 as of this writing. It currently dominates 46.3% of the crypto market, down from 46.8%. The Coin touched a daily high of $31,014. On-chain data indicates that about $245 million in BTC has been withdrawn since Thursday.
ETH saw its price surge by 6.23% to $2,112, with its market dominance rising from 19.3% to $19.9%. Ethereum had never traded that high since last May. The interest in this crypto asset has increased since the successful completion of the Shanghai upgrade.
Top Five Gainers
Space ID: ID was among Thursday’s biggest gainers after growing by 16.2%. The token has continued its exceptional rally today, increasing by 33% to trade at $0.67. Its market valuation stands at $192.47 million.
ICON: ICX surged by 23.1% to $0.35 over the last 24 hours. The Coin has seen 30-day gains of 78%, with its market cap now standing at $343.41.
Ronin: RON is up 19.44%, currently priced at $1.43. At one point on Friday morning, the token traded at $1.44, marking its new all-time high. Its market capitalization is $294.33 million.
Arbitrum: ARB rose to $1.56, following an 18.8% increase. The Ethereum scaling solution still faces a governance issue in its DAO, which started two weeks ago. The token’s market valuation is $1.98 billion.
Loopring: LRC joins the day’s top gainers, having posted gains of 15.51% over the last day. It now trades at $0.41 with a market cap of $550.46 million.
Top Five Losers
FTX Token: After posting gains of over 65% on Thursday to become the top gainer, FTT is today’s top loser after dropping by 3.06% to $1.99. The decline follows crypto traders’ belief that FTX may fail to resume operations. The native token of the bankrupt exchange has a market cap of $712.06 million.
Merit Circle: MC was also a top gainer yesterday, but it is down 2.11% to trade at $0.33 as of this writing. Its market valuation is $125.76 million.
MediBloc: MED has shed 1.54% of its value to change hands for $0.01. Despite the decline, the token has been up 7.2% over the last 30 days. Its market cap stands at $123.39 million.
Quant: QNT has posted 24-hour losses of 1.51% and is now priced at $121.98. The Coin’s value declined following reports that hackers had attempted to steal the tokens on the crypto exchange Bitrue. Its market cap is $1.46 billion.
Gensokishi Metaverse: MV dropped by 0.66% to $0.14. Its market valuation stands at $240.86 million.
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