CryptoSlate Daily wMarket Update: Bitcoin dumps to $23,800 after brief rally above $25,000
The wMarket Update condenses the most important price movements in the crypto markets over the reporting period, published 07:45 ET on weekdays.
The cryptocurrency market cap saw net outflows of $20 billion in the last 24 hours and currently stands at $1.09 trillion — down 1.94 % from $1.11 trillion.
During the reporting period, Bitcoin and Ethereum’s market cap fell 2.90% and 0.78% to $459.49 billion and $203.99 billion, respectively.
Meanwhile, Polygon and Polkadot — other top 10 crypto assets — recorded losses over the last 24 hours. Solana, Shiba Inu, and Bitcoin were the top three losers — shedding 4.3%, 3.86%, and 2.94%, respectively.
In the last 24 hours, the market caps of Tether (USDT) and USD Coin (USDC) increased to $70.16 billion and $41.70 billion, respectively. Meanwhile, Binance USD (BUSD) market cap fell to $13.57 billion.
In the last 24 hours, Bitcoin fell 2.94% to trade at $23,807 as of 07:00 ET. Its market dominance fell to 42.2% from 42.7%.
During the reporting period, BTC rallied above $25,000 for the first time since August 2022. The flagship digital asset later retraced to its current levels as investors began to take profit.
Over the last 24 hours, Ethereum decreased 0.81% to trade at $1,667 as of 07:00 ET. Its market dominance rose to 18.7% from 18.6%.
ETH’s price performance mirrored BTC — peaking at $1,732 before retracing to its current levels where it bottomed at $1,636.
Top 5 Gainers
FIL is the day’s biggest gainer, rising 22.24% over the reporting period to $0.13588 as of press time. The file storage protocol announced the launch of the Filecoin Virtual Machine on Mar. 1 — the development would bring smart contract functionality to the network. Its market cap stood at $2.59 billion.
ASTR gained 18.03% in the last 24 hours to trade at $0.10985. The project scored a partnership with Sony Network Communications to launch a Web3 incubation program for NFTs and DAOs. Its market cap stood at $454.06 million.
STG increased 17.24% to $1.24867 as of press time. The project has seen increased interest over the past week, rising 67%. Its market cap stood at $197.43 million.
FLOKI is on the top gainer’s list for the third consecutive day. The meme coin rose 15.62% to $0.0000594325 in the last 24 hours. The token has continued to rally since Elon Musk made a meme about his dog being Twitter’s new CEO. Its market cap stood at $539.24 million.
MAGIC jumped 14.25% to $2.22555 as of press time. The NFT-related token rose by 215% over the past 30 days. Its market cap stood at $466.97 million.
Top 5 Losers
BLUR is the day’s biggest loser, falling 18.54% to $0.91379 as of press time. The NFT marketplace token has experienced a volatile start to life, erasing part of the 49% gains it made on Feb. 16. Its market cap stood at $328.97 million.
TRAC shed 13.45% over the reporting period to $0.39702. It was unclear why the Polkadot-based token was experiencing a sell-off. Its market cap stood at $145.1 million.
XCN is on the top loser’s list for the second consecutive day. The token fell 11.42% to $0.01465 as of press time. The Onyx ecosystem native token rose by 39% in the last seven days. Its market cap stood at $344.04 million.
SYN lost 11.21% to trade at $1.41971 at the time of writing. Its market cap stood at $198.44 million.
APT declined 11.17% in the last 24 hours to $14.4332 as of press time. The layer1 blockchain network enjoyed a blistering start to the year and has risen by over 80% in the last 30 days. Its market cap stood at $2.35 billion.