CryptoSlate wMarket Update: Bitcoin boost delivers market reprieve CryptoSlate wMarket Update: Bitcoin boost delivers market reprieve
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: May. 3, 2023 at 12:29 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The cryptocurrency market cap saw net inflows of $17.9 billion over the last 24 hours and currently stands at $1.18 trillion — up 1.5% from $1.16 trillion.
During the reporting period, Bitcoin (BTC) and Ethereum’s (ETH) market cap grew 2% and 2% to $553.45 billion and $224.66 billion, respectively.
The top 10 cryptocurrencies recorded a mixed performance, with Polygon leading the gainers, up 3%. Meanwhile, XRP fell 1.2% to bring up the rear.
The market cap of Tether (USDT) grew to $81.9 billion. In contrast, USD Coin (USDC) and Binance USD (BUSD) fell to $30.23 billion and $6.09 billion, respectively.
Bitcoin
In the last 24 hours, Bitcoin increased 2% to trade at $28,598 as of 07:00 ET. Its market dominance grew to 47% from 46.7%.
During the reporting period, BTC saw a spike that resulted in a local top of $28,870. It has since been trading flat with sell-side bias, finding support around the $28,450 level.
Ethereum
Over the last 24 hours, Ethereum grew 2% to trade at $1,865 as of 07:00 ET. Its market dominance increased to 19.1% from 18.9%.
During the reporting period, ETH’s price action closely followed Bitcoin, topping out at $1,882, leading into a pattern ranging between $1,860 and $1,876.
Top 5 Gainers
RSK Infrastructure Framework
RIF is the day’s biggest gainer, growing 38.5% over the last 24 hours to $0.16079 as of press time. The project will host a Twitter Space on May 5 to discuss product lineup and grants, among other topics. Its market cap stood at $154.36 million.
Stacks
STX gained 18.6% to trade at $0.81805 at the time of writing. Its market cap stood at $1.13 billion.
HEX
HEX grew 11.7% over the last 24 hours to $0.05678 as of press time. Daily transactions on the PulseChain testnet reached 367,000. Its market cap stood at $9.85 billion.
Kaspa
KAS gained 9.1% to $0.02610 over the last 24 hours. The token was a top-five loser yesterday and is down 23.1% over the past month. Its market cap stood at $477.57 million.
aelf
ELF rose 8% to $0.30026 as of press time. The project completed its v1.3.1 upgrade last month. Its market cap stood at $183.73 million.
Top 5 Losers
Radicle
RAD is the day’s biggest loser, falling 23.4% to trade at $3.45441 at the time of writing. The project said it is progressing with its Heartwood upgrade. Its market cap stood at $172.13 million.
UMA
UMA dropped 10.3% to trade at $1.12742. Its market cap stood at $148.14 million.
iExec RLC
RLC fell 8.7% to $1.82744 over the reporting period. The project recently posted an article about its V8 upgrade on Medium. Its market cap stood at $148.02 million.
JOE
JOE fell 5.4% to $0.40485 over the reporting period. The project has a presence at the Avalanche Summit, which takes place in Barcelona between May 3-5. Its market cap stood at $136.21 million.
Space ID
ID plunged 5.1% to trade at $0.59107 as of press time. The token is down 23.6% over the past month. Its market cap stood at $179.97 million.
Mentioned in this article
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
$3,460.54
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
RSK Infrastructure Framework
$0.10269
RIF (Rootstock Infrastructure Framework) is a third layer on top of Bitcoin that provides a wide range of solutions based on blockchain technology such as payments, storage, and domaining (RNS).
Stacks
$1.77066
Stacks (formerly Blockstack) connects to Bitcoin, enabling you to build apps, smart contracts, and digital assets that are integrated with Bitcoin’s security, capital, and network.
HEX
$0.00485
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.
Kaspa
$0.12340
Kaspa is a proof-of-work cryptocurrency which implements the GHOSTDAG protocol.
iExec RLC
$2.01058
iExec RLC aims at providing distributed applications running on the blockchain a scalable, secure and easy access to the services, the data-sets and the computing resources they need..
UMA
$2.71897
UMA is a decentralized financial contracts platform built to enable Universal Market Access.
JOE
$0.40706
JOE is a governance token that also rewards its holders with a share of exchange revenues.