CryptoSlate Daily wMarket Update: Bitcoin’s short-lived rally above $26,000 burns long traders
The wMarket Update condenses the most important price movements in the crypto markets over the reporting period, published 07:45 ET on weekdays.
In the last 24 hours, the cryptocurrency market cap saw net inflows of around $10 billion and currently stands at $1.09 trillion — up 0.89% from $1.08 trillion.
Over the reporting period, Bitcoin and Ethereum’s market cap decreased by 0.53% and 0.52% to $474.77 billion and $205.56 billion, respectively.
All top 10 crypto assets maintained a positive price performance over the last 24 hours, except Cardano, which fell 0.71%. The biggest gainers were Polygon, DogeCoin, Solana, and Polkadot, which rose by over 2%.
In the last 24 hours, the market cap of Tether (USDT) increased to $73.73 billion. Meanwhile, Binance USD (BUSD) remained flat at $8.36 billion, while USD Coin (USDC) decreased to $38.39 billion.
In the last 24 hours, Bitcoin increased 0.35% to trade at $24,575 as of 07:00 ET. Its market dominance fell to 43.8% from 44%.
During the reporting hours, Bitcoin broke multiple resistance levels to trade at a seven-month high of $26,514. However, the gains were short-lived as the asset quickly tumbled below $25,000. Coinglass data showed that around $150 million in long positions held on the asset were liquidated.
Over the last 24 hours, Ethereum gained 0.42% to trade at $1,687 as of 07:00 ET. Its market dominance dropped to 19.0% from 19.1%.
ETH’s price performance mirrored that of Bitcoin. The asset peaked at $1779 before returning to its current levels.
Top 5 Gainers
AGIX is the day’s biggest gainer, rising 38.53% over the reporting period to $0.53 as of press time. The AI-related token saw its value spike after OpenAI released the new model ChatGPT-4. Its market cap stood at $641.45 million.
CNX is on the top gainer’s list for the third consecutive day. The token increased 35.88% to $0.33 at the time of writing. Its market cap stood at $885.98 million.
RBN gained 30.91% to $0.26 as of press time. The decentralized finance (DeFi) project native token has increased 24% over the last seven days. Its market cap stood at $143.42 million.
STX is back on the top gainers’ list after increasing 30.3% to $1.04 at the time of writing. The Bitcoin layer2 network rose 258% in the past 30 days. Its market cap stood at $1.42 billion.
IMX rose 27.71% to $1.23. Its market cap stood at $1.08 billion.
Top 5 Losers
MV is the day’s biggest loser, falling 7.08% to trade at $0.12 at the time of writing. The NFT-related token has fallen by 31% over the last 30 days. Its market cap stood at $217.08 billion.
DAO declined 6.07% to $0.1.70 at the time of writing. The DeFi token has been down 6% over the last seven days. Its market cap stood at $245.95 million.
HNT plunged 5.45% to $2.21. The blockchain network has continued to face controversies over users’ profitability and utility. Its market cap stood at $309.74 million.
CORE is down 3.78% to $2.16. Its market cap stood at $144.95 million.
EVER decreased 3.05% to $0.097 as of press time. The project fell 17% over the last seven days. Its market cap stood at $168.84 million.