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Daily Crypto Market Update – Recent Downturn Sees Crypto Market Capitalization Drop to $1.15T

The crypto market cap has declined by $27.6 billion to $1.15T in the last 24 hours. During this timeframe, Bitcoin saw its market valuation drop by 2.2% to $530.73 billion, while that of Ethereum plunged by 3.7% to $222.15 billion.

Except for LTC, which rose by 0.8% to trade at $87.24, the rest of the top ten crypto assets by market capitalization have recorded drops. Polygon is the top loser in the lot after falling by 3.2% to trade at $0.988, followed by XRP, which lost 1.7% of its value to trade at $0.457.

Meanwhile, the market cap of Tether’s USDT has continued to grow, rising by $241 million to $81.44 billion in the last 24 hours. In Contrast, Circle’s USDC dropped to $30.77 billion, and BUSD, the Binance-branded stablecoin, fell to $6.43 billion. It’s worth highlighting that BUSD has never posted any inflows since the US Securities and Exchange Commission ordered its issuer Paxos to stop issuing further tokens. Evidently, USDT is the biggest beneficiary of BUSD’s troubles.

Bitcoin

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BTC has seen 24-hour losses of 0.9%. The coin is currently priced at $27,367 after touching a daily high of $27,893. With the price below the 20-day EMA of $29,000, the bears are determined to pull Bitcoin down to a support level of $26,700. Despite the price decline, BTC saw its market share grow from 45.6% to 45.8%.

Ethereum

ETH shed 1.4% of its value to be priced at $1,844. It’s now dominating 19.3% of the crypto market. Before settling at the current price, Ethereum reached a daily high of $1,884. The selling pressure might cause the token to slip to a support level of $1,820.

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Top Five Gainers

Bone ShibaSwap: BONE is Monday’s top gainer following an 11.7% surge that pushed its price to $1.09. Crypto exchange OKX announced over the weekend that it would start supporting trading of the token from Wednesday. The BONE market valuation has increased to $252.92 million.

Bitgert: BRISE is up 9.8% in the last 24 hours. It trades at $0.000000439 as of this writing. Market maker DWF Labs now supports this token. BRISE’s market capitalization is $174.31 million.

Kaspa: After a few days of posting losses, KAS grew by 7.8% in the past day. Whether the gains are fueled by the Bitget exchange announcement that it will list the token this Saturday remains unknown. KAS is trading at $0.025 and has a market cap of $463.28 million.

ssv.network: SSV surged by 6.7% to $27.26. The project will be hosting a developer call this Thursday. The token’s market valuation stands at $274.64 million.

Bitget Token: BGB has seen a 4.4% growth in the last 24 hours. It’s now changing hands for $0.387. Its developers announced they will host a Twitter Space on Wednesday, with several crypto gurus expected to take part. BGB’s market cap is up to $542.33 million.

Top Five Losers

TemDAO: TEM is priced at $0.0079 following 24-hour losses of 24.8%. This decline means the token has recorded 30-day losses of over 92%. The TEM market cap stands at $215.57 million.

Celer Network: CELR is down 15.6% to $0.024 as of this writing. The iUSD and iZi tokens are now supported by the project’s cBridge. CELR’s market valuation is $170.31 million.

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WOO Network: WOO trades at $0.247 after declining by 12.1% in the last 24 hours. Its market capitalization stands at $417.84 million.

Injective: Despite INJ dropping by 10.3% today, the token is up 63.4% in the last 30 days. It now trades at $6.574 with a market cap of $526.02 million.

Polymesh: POLYX was Friday’s top gainer after Binance revealed joining the network as a node operator. However, the price increase was short-lived as the token is down 7.8% in the last 24 hours. Its market valuation is $127.33 million, and it trades at $0.0204 as of this writing.


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Andrew Richard

Andrew is a news writer for Tokenhell, he enjoys tuning in to the daily crypto markets and writing about the latest updates and happenings.

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