CryptoSlate Daily wMarket Update: Crypto markets sell-off after recent bullish form CryptoSlate Daily wMarket Update: Crypto markets sell-off after recent bullish form
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: Jan. 25, 2023 at 12:50 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The cryptocurrency market cap saw net outflows of $27.2 billion over the last 24 hours and currently stands at $1,023.36 billion — down 2.6% from $1,050.56 billion.
Over the reporting period, the Bitcoin market cap fell 1.2% to $436.03 billion from $441.36 billion. Similarly, Ethereum’s market cap fell 4.6% to $189.4 billion from $198.68 billion.
Over the last 24 hours, the top 10 cryptocurrencies all posted losses. Cardano suffered the biggest losses, down 5.8%, closely followed by Dogecoin, which lost 5.7%. Market leader Bitcoin brought up the rear, down 1.2%.
The market cap of Tether (USDT) stayed flat at $66.87 billion, while USD Coin (USDC) increased to $43,75 billion, and BinanceUSD (BUSD) fell to $15.32 billion.
Bitcoin
Over the last 24 hours, Bitcoin fell 1.2% to trade at $22,617 as of 07:00 ET. Its market dominance increased to 42.6% from 42%.
BTC reached a peak of $23,164 over the past day, leading to a sharp dip that found support at $22,297 before 21:00 (ET). A muted recovery ensued, but BTC remains below the 24 hour peak price.
Ethereum
Ethereum lost 4.7% over the last 24 hours to trade at $1,548 as of 07:00 ET. Its market dominance fell to 18.5% from 19.1%.
ETH peaked at $1,632 over the reporting period before recording a significant drawdown to bottom at $1,518.
Top 5 Gainers
LCX
LCX is the day’s biggest gainer, increasing 30.6% over the reporting period to $0.13104 as of press time. The project recently announced partnering with Icon. Its market cap stood at $101.11 million.
Audius
AUDIO grew 20.8% in the last 24 hours to $0.26632. Coinbase recently announced listing the token. Its market cap stood at $249.27 million.
MXC
MXC rose 14.7% in the last 24 hours to $0.03750. The project recently announced the launch of its NEO retail mining rig. Its market cap stood at $99.09 million.
Nervos Network
CKB gained 12.7% to trade at $0.00368 as of press time. The token rose by over 54% over the past month. Its market cap stood at $122.83 million.
CEEK VR
CEEK VR gained 10.3% in the last 24 hours to $0.12507. The token is up 59% over the past month. Its market cap stood at $100.77 million.
Top 5 Losers
ICON
ICX is the day’s biggest loser, falling 17.7% over the reporting period to $0.21764 as of press time. Icon money market OMM was hacked. Its market cap stood at $205.75 million.
Lido DAO Token
LDO declined 16.1% to $2.26080 as of press time. Despite today’s dip, the token is still up 111% over the past 30 days. Its market cap stood at $1.86 billion.
WEMIX
WEMIX fell 14.7% over the reporting period to $0.59013 as of press time. The token was delisted recently by several Korean exchanges over inaccurate token data. Its market cap stood at $147.82 million.
MAGIC
MAGIC fell 12.1% in the last 24 hours to $1.10047. Its market cap stood at $227.72 million.
Flow (Dapper Labs)
FLOW lost 11.1% over the reporting period to $1.06406 as of press time. Its market cap stood at $1.1 billion.
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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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,336.63
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Audius
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Nervos Network
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The Nervos Network describes itself as an open-source public blockchain ecosystem and collection of protocols.
WEMIX
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Wemix is a blockchain based Global Gaming Platform developed by Wemade Tree that issubsidiary company of WEMADE as its flagship blockchain gaming services arm.
ICON
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Founded in August 2017, ICON has spent many years fostering its L1 ecosystem and pushing for sustainable cross-chain development infrastructure.
Treasure
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Treasure is the decentralized video game console connecting games and communities together through bottom-up driven IP and infrastructure, unified through a common set of composable resources.
Flow
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