CryptoSlate Daily wMarket Update – Oct. 6: Market turns red as BTC dips below $20,000

Reversing the trend of the past three days, the cryptocurrency market saw $15.3 billion flow out over the past 24 hours, according to CryptoSlate data. As a result, the total crypto market cap dropped to $956.27 billion as of press time.

Bitcoin’s (BTC) market cap declined to $382.97 billion from $387.11 billion the previous day. The market cap of Ethereum (ETH) fell to $166.42 billion at the time of writing.

Following the lead of Bitcoin and Ethereum, the top ten cryptocurrencies are all in the red over the past 24 hours. Binance’s BNB saw the steepest decline at 3.82% followed by Dogecoin (DOGE), which dropped by 3.53%.

The market cap of USD Coin (USDC) continued its steady downward climb, dropping to $46.15 billion at press time. The market cap of Tether (USDT) and BinanceUSD (BUSD) remained firmly steady during the period at $68.22 billion and $21.04 billion, respectively.

Bitcoin

BTC price fell 1.69% over the past 24 hours, retreating below the $20,000 resistance level — it was trading at $19,975 at press time. Bitcoin’s market dominance dropped slightly to 40% over the past day.

BTC price traded with a downward bias throughout the past 24 hours, struggling to stay above $20,000. At around 20:00 UTC, BTC price finally receded below $20,000, although it recovered slightly around 02:00 UTC, only to fall further down again.

Ethereum

ETH price declined 1.21% over the past 24 hours to trade at around $1,355 at press time. However, the token’s market dominance increased marginally to 17.4% during the period, according to CryptoSlate data.

ETH price saw high volatility over the past day, with several steep dips. However, like Bitcoin, it traded with a downward bias, going as low as $1,350 during the period. The token set a 24-hour high price at $1,370 at around 14:00 UTC.

Top 5 Gainers

Decentralized Social

DESO bagged the most significant gains of the day at 23.81% to trade at around $17.48. The token is up 183.2% for the month, and its market cap stood at $155.31 million at the time of writing.

Casper

The price of CSPR increased 12.95% over the past 24 hours — the token was trading at $0.03 at press time. Casper’s market cap stood at $371.22 million. The token is up 31.95% over the past 30 days.

Reef

REEF was trading at $0.005 at the time of publishing — up 10.26% over the past 24 hours. The token has bagged 49.43% gains over the past month, and its market cap totaled $107.15 million.

Ravencoin

RVN price increased 4.76% over the past day to trade at around $0.03 as of press time. The token’s market capitalization amounted to $433.76 million.

XinFin

XDC booked 4.43% gains over the past 24 hours to trade at around $0.03 at press time. The token’s market cap stood at $388.76 million.

Top 5 Losers

Celsius

CEL widened its losses over the past 24 hours, dropping 13.03% to trade at around $1.12. The token’s market cap amounted to $268.95 million.

Crypto lender Celsius filed for bankruptcy in July and is set to auction its assets later this month. FTX founder Sam Bankman-Fried said earlier this week that the firm will pay “fair market value” for Celsius’ assets. But Celsius users may be in for a long wait since the firm’s corporate structure, which was changed earlier this year, prioritizes shareholders over users regarding returning assets in the case of a bankruptcy.

Moonbeam

GLMR eliminated most of its gains from the previous day, dropping 9.06% over the past 24 hours to trade at $0.47. The token’s market cap stood at $190.15 million at the time of writing.

GMX

GMX widened its losses from the past few days, declining 7.92% over the past 24 hours to trade at $43.98. GMX’s market cap amounted to $351.44 million — down 8.29% from $383.22 million the previous day.

Helium

HNT price dropped 7.53% over the past 24 hours to trade at $5.03 at press time. The token’s market cap amounted to $643.6 million.

MetisDAO

METIS declined 6.45%  over the past day to trade at around $26.38 at press time, eliminating the majority of gains from the previous day. The token’s market cap stood at $115.92 million at the time of writing.

Mentioned in this article

Bitcoin Ethereum Tether BNB Dogecoin Decentralized Social Casper Reef Ravencoin XDC Network Celsius Moonbeam GMX Helium Metis USD Coin Binance USD Celsius Network Sam Bankman-Fried

Author

Monika Ghosh

Reporter at CryptoSlate

In 2020, Monika immersed herself in crypto, maintaining skepticism yet firmly believing blockchain could address key issues like financial disparity and transparency. A book-lover, she's also a passionate food enthusiast.

@TheMonsoonChild LinkedIn Email Monika

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