Daily Crypto Market Update – Gaming Tokens Decentraland, Gala, Axie Infinity Shine Amid Flat Market
The total crypto market capitalization has continued to decline today. It stands at $1.13 trillion following 24-hour net outflows of more than $2.61 billion. Bitcoin and Ethereum have seen their market valuations plunge 0.64% and 0.47% to $520.54 billion and $217.18 billion, respectively.
The top ten cryptocurrencies have performed varyingly today. XRP posted the biggest gains (5.6%) to trade at $0.44. The rally comes after the Judge presiding over the case involving Ripple and the Securities and Exchange Commission (SEC) denied a motion filed by the latter asking the court to seal William Hinman’s documents. Hinman is SEC’s former Finance Director who, in June 2018, said Ethereum was not a security.
Moving forward, Litecoin posted the second-biggest gains (4.1%) to change hands for $92.13. On the other hand, Solana was the top loser after posting a 1.3% drop to trade for $20.59.
Meanwhile, USDT’s market cap has dropped for the first time since February. It now stands at $82.83 billion. USDC and BUSD have also plummeted to $29.63 billion and $5.56 billion, respectively.
BTC is trading at $26,769, following a decline of 0.68%. Over the last 24 hours, its market share fell to 46.3%.
The biggest cryptocurrency by market capitalization retested the $27,467 resistance level on Wednesday morning. The current price is below the $26,850 support level, meaning the bears have taken charge and may be looking to sink BTC further to $26,100.
ETH plunged 0.42% to $1,797. It is now trading below the $1,804 support level. Increased selling pressure may cause Ethereum to find second support at $1,732. The token dominates about 19.6% of the crypto market.
Top Five Gainers
Axie Infinity: AXS grew by 13.4% after the app got listed on Apple’s App Store. The listing is a positive sign for the Web3 developers who have previously had their apps rejected by the tech giant. The gaming token is priced at $7.69 with a market valuation of $899.43 million.
GALA: This is another gaming token that has rallied significantly in the last 24 hours. It’s up 12.57% to trade for $0.034 as of this writing. The project completed its migration to a new smart contract address earlier today. The new address includes a token burn mechanism. GALA’s market cap is $238.44 million.
Decentraland: MANA has seen a 9.32% growth in the 24 hours. It’s currently priced at $0.515 with a market cap of $968.29 million. The project’s weekly Twitter Space, ‘Wearable Wednesday, will take place today.
RenderToken: RNDR is valued at $1.977 after rising by 6.67%. Its market cap has settled at $719.63 million as of this writing. The project’s Twitter account reached 88,000 followers today.
DASH: The token has been growing since its developers shared a major development update a few days ago. It rose by 5.31% to $44.829 during the past 24 hours. DASH’s market cap is $505.68 million.
Top Five Losers
HEX: The crypto asset takes the top loser spot after plummeting 20.12% to $0.027. HEX’s market capitalization declined by $1.23 billion to $4.85 billion within 24 hours.
tomiNET: TOMI trades at $3.332 after declining by 10.91%. Its market valuation has also plunged to $132.11 million. Blockchain analytics company CryptoDiffer recently revealed that no project had recorded more daily active addresses than tomiNET in April.
DAO Maker: DAO was a top gainer on Tuesday following the project’s announcement about the Tenet blockchain. The token, however, has plunged by 9.47% to $1.402. Its market cap stands at $201.96 million.
Kaspa: KAS is valued at $0.019 after a 24-hour drop of 9.16%. Its market capitalization currently stands at $354.43 million. On Tuesday, the team behind the project gave an update regarding the development of Rust, a massive engine upgrade for Kaspa.
Open Campus: EDU was among Tuesday’s top losers. The crypto asset has fallen by 6.32% to trade at $1.109 as of this writing. Its market capitalization is $161.13 million.
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