CryptoSlate Daily wMarket Update – Sept. 13

The total cryptocurrency market cap saw net outflows totaling $69.42 billion from the previous day. As of press time, it stood at $997.58 billion, down 6.5% over the last 24 hours.

Bitcoin’s market cap fell 9% over the reporting period to $390.05 billion from $428.73 billion. Meanwhile, Ethereum’s market cap fell by 6%, dropping from $210.18 billion to $197.90 billion over the same period.

Over the last 24 hours, all top 10 cryptocurrencies were in the red, with Solana posting the most considerable losses after falling 13%.

Source: CryptoSlate.comThe market cap of the top three stablecoins — Tether (USDT), USD Coin (USDC), and BinanceUSD (BUSD) — remained relatively flat over the past 24 hours, standing at $67.88 billion, $51.34 billion, and $20.21 billion, respectively.

Bitcoin

Since the last wMarket update, the Bitcoin price has fallen by 9% to stand at $20,300 as of press time. Market dominance fell from 40.2% to 39.0% over the past day.

The losses of the last 24 hours erased a significant proportion of the gains made since Sept. 7, when BTC set off on a run of six consecutive daily green candle closes. The sell-off was spurred by news that CPI inflation was up 0.1% for August.

Fears are the Fed will impose a “jumbo hike” later this month, putting further pressure on risk-on assets and consumer confidence.

Ethereum

The price of Ethereum fell 6% to trade at $1,614 as of press time. Market dominance grew slightly from 19.7% to 19.8%.

The latest estimates put the Merge occurring around 06:00 UTC on Sept. 15. Research showed derivatives traders expect price volatility post-Merge, with a significant proportion placing puts (the right to sell) at $1,100.

Top 5 gainers

Nervos Network

CKB lead the top gainers over the reporting period, trading around $0.00479 as of press time — up 23% over the past 24 hours. The token continues a respectable run, up 37% over the last seven days. The market cap currently stands at $159.82 million.

Ravencoin

RVN continues climbing higher, recording gains of 10% over the past 24 hours to trade at around $0.06804 at press time. Over the past 30 days, RVN has increased 91% in value, likely driven by the exodus of ETH PoW miners. The token’s market cap stood at $712.57 million.

Voxels

VOXEL grew 5% over the past 24 hours and was trading at around $0.2905 at the time of publishing. Its market cap stood at $29.64 million.

MXC

MXC is up 4% since the last wMarket update to trade at $0.07203 at press time and up 117% from a year ago. Its market cap stood at $190.31 million at the time of writing.

Kyber Network

KNC bagged gains of 4% over the past 24 hours to trade at $1.91224 at the time of publishing. The DeFi liquidity protocol suffered a frontend hack at the start of September, leading to a loss of $265,000. However, the event has not spooked investors, who have driven KNC up 20% over the last 30 days. Its market cap stood at $340.01 million.

Top 5 losers

Pundi X

PUNDIX plunged 20% over the past 24 hours and hovered around $0.71577 at press time. Its market cap stood at $185.02 million. The token was a top gainer on Sept. 12, with +70% gains over the reporting period. However, profit-taking has since tanked the price.

Loom Network

LOOM continues sliding, down 17% over the past 24 hours to trade around $0.07564. The token had lost 23% over the previous reporting period. However, LOOM is still up 49% over the past 30 days. Its market cap currently stands at $98.34 million.

Injective Protocol

INJ declined 17% over the past 24 hours to trade at $1.68061. The token is down 85% from a year ago and down 93% from its all-time high price of $24.33, achieved in May 2021. Its market cap stood at $122.69 million.

Prom

PROM fell 16% over the past 24 hours to around $6.07121 and trading down 67% from a year ago. The project describes itself as a gaming NFT marketplace.

Solana

SOL fell 12.6% over the past 24 hours to around $33.4703 as of press time. The token’s market cap stood at $11.83 billion. There have been no new developments to explain the sell-off. However, in recent times, SOL has demonstrated itself “higher beta,” which has played out in greater susceptibility to market swings in either direction.

Mentioned in this article

Bitcoin Nervos Network Ravencoin Voxels Moonchain Kyber Network Pundi X [new] Loom Network Injective Prom Solana

Author

Samuel Wan

Analyst at CryptoSlate

Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.

@WanSamuel Email Samuel

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