Part 1 Beginner Why long-term crypto holders borrow against assets instead of selling A strategic guide to liquidity management, capital preservation, and the real tradeoff between selling and borrowing crypto Open guide 
CryptoSlate Daily wMarket Update – Dec. 9-11: Dogecoin leads top 10 assets sell-off
The wMarket Update condenses the most important price movements in the crypto markets over the reporting period, published 07:45 ET on weekdays.
This article was published 3 years ago. Some details may no longer reflect current market conditions or recent developments. If you spot anything that needs an update, contact us.
Cover art/illustration via CryptoSlate. Image includes combined content which may include the use of AI tools.
Since the last market update report, the cryptocurrency market cap saw net outflows of $16.68 billion and currently stands at $844.36 billion — down 1.44% over the last 24 hours.
Meanwhile, Bitcoin and Ethereum's market cap is down 1.12% and 1.72% to $326.29 billion and $153.03 billion, respectively.
The top 10 cryptocurrencies all posted losses over the reporting period. The biggest losers were the two leading meme coins, Dogecoin and Shiba Coin, which fell 8.12% and 3.56%, respectively. BTC and ETH are down 1.02% and 1.43%, respectively, over the reporting period.
Since the last market update, the market cap of Tether (USDT) and USD Coin (USDC) remained flat at $65.71 billion and $42.80 billion, respectively. BinanceUSD (BUSD) market cap stood at $22.09 billion.
Bitcoin
Bitcoin lost 1.02% to trade at $16,985 as of 07:00 ET. Its market dominance rose to 38.7% from 38.5%.
The leading cryptocurrency fell below $17,000 on Dec. 11. The asset traded at a high of $17,245 and bottomed at $16,899 over the reporting period.
Ethereum
ETH recorded 1.43% losses over the last 24 hours to trade at $1,254 as of 07:00 ET. Its market dominance fell slightly to 18.2% from 18.3% over the reporting period.
Over the last 24 hours, ETH's price peaked at $1,281 and bottomed at $1,243.
Top 5 Gainers
MAGIC
MAGIC is the day's biggest gainer, rising by 69.88% in the last 24 hours to $0.902. Crypto exchange Binance listed the project's token on its Innovation List, increasing exposure to the coin. Its market cap stood at $160.13 million.
MXC
MXC gained 11.84% over the reporting period to trade at $0.0385 as of press time. The Internet of Things (IoT) token rose by over 38% in the last seven days. Its market cap was $101.72 million as of press time.
Toncoin
TON increased 8.86% to $2.09 as of press time. The Telegram-related token is up 14% over the last seven days. Its market cap stood at $2.56 billion.
TerraUSD
USTC is also among the day's top gainers. The failed decentralized stablecoin rose by 6.04% over the reporting period to $0.02527 as of press time. Its market cap stood at $247.82 million.
ApeCoin
APE is up 5.25% over the last 24 hours to $4.37254. Its market cap stood at $1.58 billion.
Top 5 Losers
Hooked Protocol
HOOK is the day's biggest loser, falling 12.83% to $2.00465 as of press time. It was unclear why the token was experiencing a sell-off. Its market cap stood at $100.23 million.
Waves
WAVES fell 10.13% over the reporting period to $1.81966 as of press time. The token has been experiencing a sell-off since Upbit issued an investment warning about it on Dec. 8. Its market cap stood at $200.33 million.
WEMIX
WEMIX decreased by 9.19% to $0.42998 as of press time. The NFT-related token is currently embroiled in a legal tussle with South Korean exchanges which delisted it. Its market cap stood at $105.41 million.
Osmosis
OSMO lost 9% of its value over the reporting period to $0.91272 as of press time. Its market cap stood at $449.6 million.
Mask Network
MASK plunged 8.93% to $3.00 in the last 24 hours. Its market cap stood at $204.67 million.
