CryptoSlate Daily wMarket Update: Bitcoin rallies to 6-month high with explosive 10% gain CryptoSlate Daily wMarket Update: Bitcoin rallies to 6-month high with explosive 10% gain
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. 16, 2023 at 12:32 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 $70 billion in the last 24 hours and currently stands at $1.11 trillion — up 6.56% from $1.04 trillion.
During the reporting period, Bitcoin and Ethereum’s market cap rose 9.40% and 7.01% to $473.45 billion and $205.73 billion, respectively.
The top 10 crypto assets recorded gains over the last 24 hours. Bitcoin and Polygon increased by roughly 10%, respectively. Others like Ethereum and Solana saw gains of over 6% each.
In the last 24 hours, the market caps of Tether (USDT) and USD Coin (USDC) increased to $69.80 billion and $41.50 billion, respectively. Meanwhile, the market cap of Binance USD (BUSD) market cap fell to $14.07 billion.
Bitcoin
In the last 24 hours, Bitcoin gained 9.38% to trade at $24,568 as of 07:00 ET. Its market dominance increased to 42.7% from 41.7%.
BTC rallied to a six-month high of $24,769 during the reporting period after bullish sentiments took over the market. The favorable price-performance liquidated over $200 million in short positions against the asset.
Ethereum
Over the last 24 hours, Ethereum rose 6.99% to trade at $1,682 as of 07:00 ET. Its market dominance rose to 18.6% from 18.5%.
ETH price performance mirrored BTC — peaking at $1,700 before retracing to its current levels. The asset’s fear and greed index is firmly rooted in the greed zone as of press time.
Top 5 Gainers
Conflux Network
CFX is the day’s biggest gainer, rising 120.78% over the reporting period to $0.13588 as of press time. The smart contract-enabled platform scored a partnership with China’s second-largest wireless carrier — China Telecom — to develop Blockchain-enabled SIM cards (BSIM). Its market cap stood at $302.31 million.
Floki Inu
FLOKI rose 65.47% to $0.0000546881 in the last 24 hours. Leading crypto exchange KuCoin listed the meme coin on Feb. 15, and its trading volume soared over $150 million. Its market cap stood at $$482.18 million.
Blur
BLUR jumped 49.16% to $1.12527 as of press time. The NFT marketplace token recovered from its over 80% decline on Feb. 15 to cross the $1 mark during the reporting period. Its market cap stood at $405.1 million.
WEMIX
WEMIX gained 39.86% in the last 24 hours to trade at $1.79734. The NFT-related token was listed on crypto exchanges like Mercado Bitcoin and Coinone in the previous 24 hours. Its market cap stood at $439.54 million.
MX Token
MX increased 29.35% to $1.21140 as of press time. It was unclear why the centralized exchange token rose as of press time. Its market cap stood at $121.14 million.
Top 5 Losers
Onyxcoin
XCN is the day’s biggest loser, falling 5.52% to $0.01664 as of press time. The Onyx ecosystem native token rose by 50% in the last seven days. Its market cap stood at $390.69 million.
Axelar
AXL lost 2.17% and traded for $0.77223 as of press time. AXL has not enjoyed much interest from the community despite its Coinbase listing — it fell by 4% over the past week. Its market cap stood at $126.55 million.
Paxos Standard
USDP shed 0.6% over the reporting period to $0.99431. Its issuer Paxos is under scrutiny for its lax due diligence on its other stablecoin, Binance USD (BUSD). Its market cap stood at $873.09 million.
Liquity USD
LUSD is another stablecoin on the top loser’s list. The stablecoin decreased 0.36% to $1.00115 as of press time. It was unclear why the stablecoin was experiencing high volatility. Its market cap stood at $227.29 million.
Just Stablecoin
USDJ plunged 0.23% to $1.12458 over the reporting period. The Tron-based stablecoin rose by 1.54% over the last seven days. Its market cap stood at $307.29 million.
Mentioned in this article
Ethereum 
Bitcoin 
JUST Stablecoin 
Liquity USD 
Onyxcoin 
Axelar 
MX Token 
WEMIX 
FLOKI 
Conflux Network 
Blur 
Pax Dollar 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
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Bitcoin
$98,793.60
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Liquity USD
$0.99717
LUSD is the USD-pegged stablecoin used to pay out loans on the Liquity protocol.
Onyxcoin
$0.00164
Onyxcoin (XCN) (rebranded from Chain (XCN)) is the governance and utility token for the Onyx Protocol designed to vote on protocol improvements and various community driven programs.
WEMIX
$1.00112
Wemix is a blockchain based Global Gaming Platform developed by Wemade Tree that issubsidiary company of WEMADE as its flagship blockchain gaming services arm.
FLOKI
$0.00026
Floki (FLOKI) is the people’s cryptocurrency and the utility token of the Floki Ecosystem.
Conflux Network
$0.16595
Conflux Network is an open protocol for a new world of DApps, finance, and Web 3.0.
Pax Dollar
$1.00077
Pax Dollar (previously Paxos Standard) is a regulated crypto asset.