CryptoSlate wMarket Update: Bitcoin drops to $27k amid network congestion issues CryptoSlate wMarket Update: Bitcoin drops to $27k amid network congestion issues
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: Aug. 4, 2023 at 3:22 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Since the last market update, the cryptocurrency market cap saw net outflows of more than $30 billion and currently stands at $1.16 trillion — down 2.72% from $1.19 trillion.
Over the last 24 hours, Bitcoin (BTC) and Ethereum’s (ETH) market cap fell 3.1% and 2.35% to $541.42 billion and $223.85 billion, respectively.
The top 10 cryptocurrencies recorded losses over the last 24 hours, shedding more than 2%, respectively.
The biggest losers were Bitcoin, XRP, Cardano, Polygon, Solana, and Polkadot, which lost more than 3%.
The market caps of Tether (USDT) and USD Coin (USDC) grew to $82.18 billion and $30.39 billion, respectively. In contrast, Binance USD (BUSD) fell to $5.97 billion.
Bitcoin
In the last 24 hours, Bitcoin fell 3.18% to trade at $27,942 as of 07:00 ET. Its market dominance declined to 46.9%.
Over the weekend, BTC saw a spike in unprocessed transactions due to network congestion. This forced Binance to pause withdrawals twice within 24 hours as the exchange, citing high gas fees.
Glassnode noted an “extremely high demand for blockspace” caused by BRC-20 tokens.
Ethereum
Over the last 24 hours, Ethereum declined 2.43% to trade at $1,858 as of 07:00 ET. Its market dominance rose to 19.4%.
Over the weekend, ETH deposits on exchanges soared to an 18-month high as PEPE investors converted their profits into the digital asset. Like BTC, the blockchain network has also seen its gas fees rise to new highs amid the recent memecoin craze.
Top 5 Gainers
RSK Infrastructure Framework
RIF is the day’s biggest gainer, growing 40.08% over the last 24 hours to $0.17221 as of press time. A third layer built on top of Bitcoin has garnered interest due to the network congestion battling the flagship digital asset. Its market cap stood at $165.33 million.
tomiNET
TOMI grew 11.26% over the last 24 hours to $3.56926 as of press time. Its market cap stood at $141.49 million.
Stacks
STX rose 10.62% to $0.77470 as of press time. Thanks to the growing demand for Ordinals, the BTC layer2 network has seen its market cap reclaim the $1 billion mark. Its market cap stood at $1.07 billion.
Radicle
RAD gained 10.53% to trade at $3.11719 at the time of writing. The token continues its positive run, growing 64% in the last 30 days. Its market cap stood at $155.33 million.
MX Token
MX gained 5.82% to $2.92006 over the last 24 hours. Its market cap stood at $292.01 million.
Top 5 Losers
Bitgert
BRISE is the day’s biggest loser, falling 12.9% to trade at $0.13080 at the time of writing. The exchange token has experienced minimal sell-off over the past week, down 13%. Its market cap stood at $130.37 million.
Uma
UMA dropped 12.88 % to trade at $0.87442. Despite today’s drawdown, the decentralized financial contract platform has increased more than 30% over the past week. Its market cap stood at $191.31 million.
Core
CORE lost 12.45% to $1.03664 over the reporting period. The EVM-Compatible blockchain has shed over 30% in the last 30 days. Its market cap stood at $115.52 million.
SUI
SUI plunged 11.7% to trade at $1.14938 as of press time. The layer1 blockchain has experienced heavy volatility since its mainnet launch, down more than 70%. Its market cap stood at $607.19 million.
DeFiChain
DFI fell 10.99% to $0.40535 over the reporting period. Its market cap stood at $282.55 million.
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Disclaimer: CryptoSlate has received a grant from the Polkadot Foundation to produce content about the Polkadot ecosystem. While the Foundation supports our coverage, we maintain full editorial independence and control over the content we publish.
Mentioned in this article
Bitcoin 
Ethereum 
DeFiChain 
Sui 
RSK Infrastructure Framework 
Bitgert 
MX Token 
Radicle 
Stacks 
tomiNet 
Glassnode 
TradingView 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
$3,354.78
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
DeFiChain
$0.01753
DeFiChain describes their work as ‘Bringing DeFi to Bitcoin’..
Sui
$3.59908
Sui (SUI) is a delegated proof of stake (DPoS) layer 1 blockchain based on the Move programming language.
RSK Infrastructure Framework
$0.11692
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).
Bitgert
$0.00000
Bitgert (BRISE) is a crypto engineering project launched in July 2021 that specializes in blockchain products and auditing solutions.
Stacks
$1.90942
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.
tomiNet
$0.01036
tomi is a project engaged in the development of a decentralized alternative internet network to be used as the infrastructure platform for the Web3.
Glassnode
Glassnode brings data intelligence to the blockchain and cryptocurrency space.
TradingView is one of the largest and most active trading communities on the web.