CryptoSlate Daily wMarket Update – Sept. 23 to 25: Terra revival narrative comes unstuck CryptoSlate Daily wMarket Update – Sept. 23 to 25: Terra revival narrative comes unstuck
The wMarket Update condenses the most important price movements in the crypto markets over the above period, published 08:00 UTC on weekdays.
3 min read
Updated: Sep. 26, 2022 at 9:28 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The total cryptocurrency market cap saw net outflows totaling $34.27 billion. As of press time, it stood at $916.53 billion, down 3.6% over the weekend of Sept. 23.
Bitcoin’s market cap fell 3.3% over the reporting period to $358.94 billion from $371.05 billion. Meanwhile, Ethereum’s market cap was down 4.4% to $157.25 billion from $164.54 billion.
The top 10 cryptocurrencies traded largely flat with sell-side bias over the period. This pattern continued over the last 24 hours, posting losses for all of the top 10 cryptocurrencies. The biggest loser is Shiba Inu, down 5.46%. In comparison, Polkadot fared best — only posting 1.43% losses over the period.
The market cap of the top three stablecoins — Tether (USDT), USD Coin (USDC), and BinanceUSD (BUSD) — remained stable over the period, standing at $67.96 billion, $49.40 billion and $20.52 billion, respectively.
Bitcoin
Since Friday, Bitcoin was down 3% to trade at $18,700 as of press time. Market dominance rose slightly from 38.97% to 39.20% over the period.
A Friday sell-off bottomed at $18,500, leading to a bounce that peaked at $19,400. Since then, the market leader has been trending downward. However, from 08:00 UTC on Sept. 26, BTC has seen strong growth with a retest of $18,900 resistance on the cards.
There have been no significant developments since Sept. 23. However, macro factors continue to exert pressure on investors.
Ethereum
Ethereum fell 5.6% over the last three days to trade at $1,287 as press time. Market dominance decreased slightly from 17.32% to 17.20%.
ETH price actions followed a similar pattern to BTC, bottoming at $1,260 on Sept. 23 in the early evening (UTC,) leading to a $1,350 peak on Sept. 24 lunchtime. A slow bleed followed on Sept. 25, with strong buying as European markets opened.
Top 5 gainers
Fruits
FRTS leads the top gainers over the last 24 hours, trading around $0.01123 as of press time — up 11.1% over the period. The token has frequently featured in the top gainers and losers, suggesting extreme volatility lately. FRTS is down 99.9% from its December 2021 ATH. Its market cap stood at $236.55 million.
IOTA
MIOTA grew 9.5% over the past 24 hours and was trading at around $0.30900 at the time of publishing. With no new significant developments, it’s unclear why the platform pumped today. Its market cap stood at $858.88 million.
Injective Protocol
INJ recorded 5% gains over the past 24 hours to trade at around $1.74379 at press time. The token is up 21% over the last seven days, and its market cap stood at $127.31 million.
Ocean Protocol
OCEAN is up 4.9% over the last 24 hours to trade at $0.16925 at the time of publishing. There have been no new significant developments recently. Its market cap stood at $103.77 million.
Quant
QNT is up 4% since the last wMarket update to trade at $119.349 at press time. The token has posted strong performance over the past month, up 26%. Its market cap stood at $1.44 billion at the time of writing.
Top 5 losers
Terra Classic
LUNC is today’s biggest loser falling 14.7% over the past 24 hours to trade at around $0.00020 as of press time. Following a phenomenal run, which saw 52% gains over the last month, rumors of close ties with the Terra Labs Foundation and ongoing woes regarding token burn support continue to hurt the token price. Its market cap stood at $1.21 billion.
TerraUSD
USTC sunk 9.9% over the past 24 hours to $0.02719 at press time. The rebranded UST stablecoin continues to trade below its peg price and is similarly afflicted with the same concerns as Terra Classic. Its market cap stood at $266.94 million.
Terra
LUNA plunged 7.7% in value over the reporting period to trade at $2.26403. Interpol has issued a “red notice” for founder Do Kwon, taking his manhunt to the international level. Its market cap stood at $288.61 million.
Chiliz
CHZ is down 7.3% over the past 24 hours to around $0.24934 as of press time. The token has seen moderate gains recently, up 9% over the last month. Its market cap stood at $1.5 billion.
Lido DAO
LDO declined by 7.1% to trade at $1.59322. The Ethereum liquidity staking solution has been trending downwards for the past month, down 5% over this period. Its market cap was $498.6 million at press time.
Mentioned in this article
Bitcoin 
Ethereum 
Fruits 
IOTA 
Injective 
Ocean Protocol 
Quant 
Terra Classic 
TerraClassicUSD 
Terra 
Chiliz 
Lido DAO Author 
Samuel Wan
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,313.61
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Fruits
$0.00003
Fruits Eco-Blockchain Project provides an eco-friendly blockchain that aims to revitalize global charity together with athletes.
IOTA
$0.18254
IOTA is focused on being useful for the emerging machine-to-machine (m2m) economy of the Internet-of-Things (IoT), data integrity, micro-/nano- payments, and other applications where a scalable decentralized system is warranted..
Injective
$24.5207
Injective is an open interoperable smart contracts platform optimized for decentralized finance applications.
Ocean Protocol
$0.52742
Ocean Protocol is a tokenized service layer that exposes data, storage, compute and algorithms for consumption with a set of deterministic proofs on availability and integrity that serve as verifiable service agreements.
Quant
$85.9585
Quant’s mission is to unlock the power of blockchain for everyone, by delivering interoperable ecosystems and real-world solutions that simply work: lowering costs, enabling new business and mitigating risk..
Terra Classic
$0.00012
Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems.
TerraClassicUSD
$0.02113
TerraUSD (UST) is a decentralized and algorithmic stablecoin on the Terra blockchain.
Terra
$0.45684
Terra (LUNA) is a public blockchain protocol that emerged from Terra Classic.
Chiliz
$0.07637
Chiliz (CHZ) is a digital currency for sports and entertainment platforms.
