CryptoSlate Daily wMarket Update: Polygon shows strength amid wider market downturn
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 $22.7 billion over the last 24 hours and currently stands at $1.06 trillion — down 2% from $1.08 trillion.
Over the reporting period, Bitcoin and Ethereum’s market cap fell 1.9% and 2.3% to $437.66 billion and $199.88 billion, respectively.
The top 10 crypto assets recorded losses over the last 24 hours except for Polygon, which gained 3% to lead the top 10 for the third consecutive day. Shiba Inu brings up the rear, posting a 6.2% loss.
The market cap of Tether (USDT) stayed flat at $68.19 billion. USD Coin (USDC) saw a slight increase to $41.56 billion, while BinanceUSD (BUSD) decreased to $16.18 billion.
Over the last 24 hours, Bitcoin lost 1.9% to trade at $22,732 as of 07:00 ET. Its market dominance stayed flat at 41.2%.
During the reporting period, the leading cryptocurrency trended down from a top of $23,200, leading to a sharp spill that found support at $22,352. A muted recovery followed.
Over the last 24 hours, Ethereum fell 2.3% to trade at $1,636 as of 07:00 ET. Its market dominance fell to 18.8% from 18.9%.
ETH’s price action largely followed BTC’s, finding support at $1,609 before retesting this approximate level a further two times. The second-largest cryptocurrency edged tentatively higher.
Top 5 Gainers
GFT is the day’s biggest gainer, rising 62.4% over the reporting period to $0.16788 as of press time. The project was recently rebranded. Its market cap stood at $167.76 million.
ASTR grew 36.7% to $0.08536 as of press time. The token will be listed on the Upbit exchange on Feb. 9. Its market cap stood at $347.16 million.
BNX gained 19.2% over the reporting period to trade at $127.241 as of press time. A DAO proposal was accepted to implement a 1:100 token split. Its market cap stood at $127.241 million.
SSV jumped 16.6% to $32.8622 as of press time. The project announced a cooperation agreement with Lido Finance and the launch of a $50 million development fund. Its market cap stood at $328.62 million.
BGB rose 15.9% to $0.27410 as of press time. The token is up 56% over the past month. Its market cap stood at $383.74 million.
Top 5 Losers
RNDR is the day’s biggest loser, posting a 17.4% loss to $1.64183 as of press time. Despite today’s drawdown, the token is still up 267% over the past month. Its market cap stood at $416.7 million.
HOOK decreased 15.9% to $3.09581 as of press time. Its market cap stood at $154.79 million.
ALI dropped 15% over the reporting period to $0.06731 as of press time. Its market cap stood at $241.52 million.
AGIX is down 14.9% to $0.43519 as of press time. The token has been riding high lately due to surging interest in AI. Today’s sell-off suggests profit-taking. Its market cap stood at $521.84 million.
FTT fell 13.8% in the last 24 hours to $0.00451. Its market cap stood at $240.54 million.