CryptoSlate Daily wMarket Update: Bullish market sentiment sends Bitcoin briefly above $24,000 CryptoSlate Daily wMarket Update: Bullish market sentiment sends Bitcoin briefly above $24,000
The wMarket Update condenses the most important price movements in the crypto markets over the reporting period, published 07:45 ET on weekdays.
3 min read
Updated: Feb. 2, 2023 at 12:48 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The cryptocurrency market cap saw a net inflow of around $40 billion over the last 24 hours and currently stands at $1.09 trillion — up 4.22% from $1.05 trillion.
Over the reporting period, Bitcoin and Ethereum’s market cap increased by 3.17% and 5.69% to $459.17 billion and $204.59 billion, respectively.
The top 10 crypto assets posted gains over the reporting period — Polygon and BNB recorded the highest increases of 13.06% and 7.07%, respectively. Other assets like Ethereum, Solana, Polkadot, and Cardano posted gains higher than 5%.
Over the last 24 hours, the market cap of Tether (USDT) marginally rose to $67.82 billion, while that of USD Coin (USDC) fell to $42.30 billion. On the other hand, the market cap of BinanceUSD (BUSD) remains unchanged at $16.10 billion.
Bitcoin
Over the last 24 hours, Bitcoin gained 3.25% to trade at $23,833 as of 07:00 ET. Its market dominance fell to 42.1% from 42.5%.
After the Feds hiked interest rates by 25 basis points, bullish sentiments took over the market, and Bitcoin traded above the $24,000 level for the first time since August 2022 before retracing to its current level.
Ethereum
Ethereum grew 5.73% over the last 24 hours to trade at $1,671 as of 07:00 ET. Its market dominance rose to 18.7% from 18.5%.
Like BTC, ETH posted a substantial green candle that took its value near $1700 over the reporting period — peaking at $1689. During the early trading hours of Feb. 2, the asset mostly traded above the $1650 level.
Top 5 Gainers
Synapse
SYN is the day’s biggest gainer, rising 43.37% over the reporting period to $1.21 as of press time. The Synapse ecosystem token increased 39% over the last seven days. Its market cap stood at $168.95 million.
Magic
MAGIC grew 34.39% to $1.79 as of press time. The NFT-related token rose by over 250% in the last 30 days. Its market cap stood at $375.72 million.
Loopring
LRC gained 24.68% over the reporting period to trade at $0.43 as of press time. The Layer-2 solution has seen renewed attention due to its cheap gas fees for ERC20 and NFT transactions. Its market cap stood at $565.68 million.
Optimism
OP is another layer2 solution on the top gainer’s list. Its OP token surged 23.08% to another all-time high of $2.785. Transaction volume on the protocol peaked at over 800,000 in January when interest in its ecosystem was high. Its market cap stood at $651.98 million.
Hex
HEX jumped 19.9% to $0.032 as of press time. Interest in the PulseChain testnet v3 has reached a fevered high, with many community members speculating about the launch date. Its market cap stood at $5.63 billion.
Top 5 Losers
Wrapped Everscale
The wrapped version of Everscale, WEVER, is the day’s biggest loser. The token fell by 31.27% to $0.11 as of press time. The token appears to have shed some of its Feb. 1 gains. Its market cap stood at $195.91 million.
Everscale
EVER is on the top loser’s list for the second consecutive day. The token decreased by 3.32% over the reporting period to $0.11 as of press time. The project’s positive price performance over the last 30 days saw it rise by more than 300%. Its market cap stood at $193.62 million.
Status
SNT plunged 1.92% to $0.034 as of press time. The token rose by over 80% in the last 30 days. Its market cap stood at $137.7 million.
Gemini Dollar
GUSD is down 0.51% in the last 24 hours to $0.99 as of press time. The stablecoin has seen increased scrutiny following the recent issues plaguing its parent company, Gemini. The stablecoin briefly depegged earlier in the week. Its market cap stood at $605.82 million.
MobileCoin
MOB lost 0.31% in the last 24 hours to trade at $1.45 as of press time. The privacy-focused asset has plunged by 43% in the previous 30 days. Its market cap stood at $108.17 million.
Mentioned in this article
Bitcoin 
Ethereum 
Everscale 
Wrapped Everscale 
MobileCoin 
Status 
Gemini Dollar 
HEX 
Treasure 
Loopring 
Optimism 
Synapse Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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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
$3,381.05
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Everscale
$0.01808
Everscale is a layer-1 PoS blockchain network of the 5th generation.
Wrapped Everscale
$0.05443
Everscale is a new and unique blockchain design that proposes a scalable decentralized world computer, paired with a distributed operating system.
MobileCoin
$0.39550
MobileCoin is designed to be deployable in normal resource-constrained environments like mobile devices, and to deliver a simple user experience along with privacy and security..
Status
$0.04640
Status is a free and open source mobile client targeting Android & iOS built, entirely on Ethereum technologies..
Gemini Dollar
$0.99959
Gemini dollar (GUSD) combines the creditworthiness and price stability of the U.S.
HEX
$0.00315
HEX is a cryptocurrency launched in late 2019 by the founder going by the name “Richard Heart” and “RadicalHeart.” It is an ERC20 token built on the Ethereum blockchain, with a maximum supply of 633,642,618,630 HEX tokens.
Treasure
$0.45758
Treasure is the decentralized video game console connecting games and communities together through bottom-up driven IP and infrastructure, unified through a common set of composable resources.
Loopring
$0.19959
Loopring is a decentralized automated execution system that trades across the crypto-token exchanges, shielding users from counterparty risk and reduce the cost of trading..
Optimism
$2.24708
Optimism is a layer-2 scaling network for the Ethereum blockchain.
Synapse
$0.51463
Synapse is a cross-chain layer ∞ protocol powering frictionless interoperability between blockchains.
