CryptoSlate Daily wMarket Update – Oct. 6: Market turns red as BTC dips below $20,000 CryptoSlate Daily wMarket Update – Oct. 6: Market turns red as BTC dips below $20,000
The wMarket Update condenses the most important price movements in the crypto markets over the last 24 hours, published 08:00 UTC on weekdays.
3 min read
Updated: Oct. 7, 2022 at 8:57 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Reversing the trend of the past three days, the cryptocurrency market saw $15.3 billion flow out over the past 24 hours, according to CryptoSlate data. As a result, the total crypto market cap dropped to $956.27 billion as of press time.
Bitcoin’s (BTC) market cap declined to $382.97 billion from $387.11 billion the previous day. The market cap of Ethereum (ETH) fell to $166.42 billion at the time of writing.
Following the lead of Bitcoin and Ethereum, the top ten cryptocurrencies are all in the red over the past 24 hours. Binance’s BNB saw the steepest decline at 3.82% followed by Dogecoin (DOGE), which dropped by 3.53%.
The market cap of USD Coin (USDC) continued its steady downward climb, dropping to $46.15 billion at press time. The market cap of Tether (USDT) and BinanceUSD (BUSD) remained firmly steady during the period at $68.22 billion and $21.04 billion, respectively.
Bitcoin
BTC price fell 1.69% over the past 24 hours, retreating below the $20,000 resistance level — it was trading at $19,975 at press time. Bitcoin’s market dominance dropped slightly to 40% over the past day.
BTC price traded with a downward bias throughout the past 24 hours, struggling to stay above $20,000. At around 20:00 UTC, BTC price finally receded below $20,000, although it recovered slightly around 02:00 UTC, only to fall further down again.
Ethereum
ETH price declined 1.21% over the past 24 hours to trade at around $1,355 at press time. However, the token’s market dominance increased marginally to 17.4% during the period, according to CryptoSlate data.
ETH price saw high volatility over the past day, with several steep dips. However, like Bitcoin, it traded with a downward bias, going as low as $1,350 during the period. The token set a 24-hour high price at $1,370 at around 14:00 UTC.
Top 5 Gainers
Decentralized Social
DESO bagged the most significant gains of the day at 23.81% to trade at around $17.48. The token is up 183.2% for the month, and its market cap stood at $155.31 million at the time of writing.
Casper
The price of CSPR increased 12.95% over the past 24 hours — the token was trading at $0.03 at press time. Casper’s market cap stood at $371.22 million. The token is up 31.95% over the past 30 days.
Reef
REEF was trading at $0.005 at the time of publishing — up 10.26% over the past 24 hours. The token has bagged 49.43% gains over the past month, and its market cap totaled $107.15 million.
Ravencoin
RVN price increased 4.76% over the past day to trade at around $0.03 as of press time. The token’s market capitalization amounted to $433.76 million.
XinFin
XDC booked 4.43% gains over the past 24 hours to trade at around $0.03 at press time. The token’s market cap stood at $388.76 million.
Top 5 Losers
Celsius
CEL widened its losses over the past 24 hours, dropping 13.03% to trade at around $1.12. The token’s market cap amounted to $268.95 million.
Crypto lender Celsius filed for bankruptcy in July and is set to auction its assets later this month. FTX founder Sam Bankman-Fried said earlier this week that the firm will pay “fair market value” for Celsius’ assets. But Celsius users may be in for a long wait since the firm’s corporate structure, which was changed earlier this year, prioritizes shareholders over users regarding returning assets in the case of a bankruptcy.
Moonbeam
GLMR eliminated most of its gains from the previous day, dropping 9.06% over the past 24 hours to trade at $0.47. The token’s market cap stood at $190.15 million at the time of writing.
GMX
GMX widened its losses from the past few days, declining 7.92% over the past 24 hours to trade at $43.98. GMX’s market cap amounted to $351.44 million — down 8.29% from $383.22 million the previous day.
Helium
HNT price dropped 7.53% over the past 24 hours to trade at $5.03 at press time. The token’s market cap amounted to $643.6 million.
MetisDAO
METIS declined 6.45% over the past day to trade at around $26.38 at press time, eliminating the majority of gains from the previous day. The token’s market cap stood at $115.92 million at the time of writing.
Mentioned in this article
Bitcoin 
Ethereum 
Tether 
BNB 
Dogecoin 
Decentralized Social 
Casper 
Reef 
Ravencoin 
XDC Network 
Celsius 
Moonbeam 
GMX 
Helium 
Metis 
USD Coin 
Binance USD 
Celsius Network 
Sam Bankman-Fried Author 
Monika Ghosh
In 2020, Monika immersed herself in crypto, maintaining skepticism yet firmly believing blockchain could address key issues like financial disparity and transparency. A book-lover, she's also a passionate food enthusiast.
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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
$3,326.30
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Tether
$1.00049
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Dogecoin
$0.38754
Dogecoin is a cryptocurrency created in December 2013 as a joke by software engineers Billy Markus and Jackson Palmer.
Decentralized Social
$6.62616
DeSo is a new type of blockchain designed to power Web 3.0 decentralized social networks.
Casper
$0.01565
The Casper Network is the first live proof-of-stake blockchain built off the Casper CBC specification.
Reef
$0.00126
Reef is a smart liquidity aggregator and yield engine that enables trading with access to liquidity from both CEXs and DEXs while offering smart lending, borrowing, staking, mining through AI driven personalized Reef Yield Engine.
Ravencoin
$0.02286
Ravencoin is a digital peer to peer network that aims to implement a use case specific blockchain, designed to efficiently handle one specific function: the transfer of assets from one party to another.
XDC Network
$0.04474
XDC Network (formerly known as XinFin Network) is a hybrid (public / private) blockchain platform that combines the transparency of public blockchains with the speed and security of private networks.
Celsius
$0.22800
Celsius Network is a P2P decentralized lending & borrowing platform.
Moonbeam
$0.23496
Moonbeam is an Ethereum-compatible smart contract parachain on Polkadot.
GMX
$29.0163
GMX is a decentralized spot and perpetual exchange that supports low swap fees and zero price impact trades.
Helium
$5.57230
Helium (HNT) is a blockchain-based cryptocurrency that powers the Helium Network, a decentralized wireless infrastructure designed to support Internet of Things (IoT) devices.
Metis
$47.6157
Based on the spirit of Optimistic Rollup, Metis is building an easy-to-use, highly scalable, low-cost, and fully functional Layer 2 framework (Metis Rollup) to fully support the application and business migration from Web 2.0 to Web 3.0.
USD Coin
$0.99983
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Binance USD
$1.00082
BUSD is a stablecoin issued by Paxos in partnership with Binance..
Celsius Network
Celsius Network is a bankrupt cryptocurrency lending company that was founded in 2017 and headquartered in Hoboken, New Jersey.
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.