CryptoSlate Daily wMarket Update – Sept. 16 to Sept. 18
The wMarket Update condenses the most important price movements in the crypto markets over the weekend, published 08:00 UTC on weekdays.
The total cryptocurrency market cap saw net outflows totaling $59 billion. As of press time, it stood at $903.51 billion, down 6% over the weekend.
Bitcoin’s market cap fell 5.5% over the reporting period to $357.68 billion from $378.69 billion. Meanwhile, Ethereum’s market cap fell by 11%, dropping from $180.31 billion to $159.70 billion over the same period.
The top 10 cryptocurrencies posted price declines over the last 24 hours, with Polkadot posting the most significant losses after falling 11.6%. While XRP fared best, losing 5%.
The market cap of the top three stablecoins — Tether (USDT), USD Coin (USDC), and BinanceUSD (BUSD) — remained flat over the past 24 hours, standing at $67.92 billion, $50.16 billion and $20.50 billion, respectively.
Over the weekend, Bitcoin fell 6.2% to trade at $18,400 as of press time. Market dominance rose slightly from 39.3% to 39.5% over the period.
Bitcoin traded relatively flat over the reporting period, ranging between $19,300 and $20,300. However, a sharp drop occurred at 03:00 UTC today, leading to a 4% swing to the downside. The $18,400 level provided support. However, a re-test of this support level is imminent.
Ethereum fell 12% over the weekend to trade at $1,290 as of press time. Market dominance dropped from 18.7% to 17.5%.
The hangover from the Merge sees Ethereum continuing to slide amid a wider market sell-off. Sunday afternoon (UTC) saw a series of price drops, with the early hours of this morning providing respite with the price stabilizing at around $1,290.
Top 5 gainers
HNT leads the top gainers over the last 24 hours, trading around $4.48933 as of press time — up 2.6% over the period. An accounting error by Binance saw $20 million over-allocated to users. Its market cap stood at $567.61 million.
BNX recorded 2.4% gains over the past 24 hours to trade at around $147.249 at press time. The token has appreciated over 700% over the last year. Its market cap stood at $297.87 billion.
RACA grew 2.1% over the past 24 hours and was trading at around $0.00038 at the time of publishing. Its market cap stood at $120.96 million.
ALGO is up 0.37% over the last 24 hours to trade at $0.24748 at the time of publishing. There have been no new significant developments noted. Its market cap stood at $2.15 billion.
AVINOC is up 0.3% since the last wMarket update to trade at $0.24748 at press time. Its market cap stood at $96.33 million at the time of writing.
Top 5 losers
KNC is today’s biggest loser falling 29.8% over the past 24 hours to trade at around $1.33288 as of press time. The liquidity protocol suffered a $265k frontend hack two weeks ago. It’s unclear why KNC fell so significantly at present. Its market cap stood at $237 million.
ERG plunged 23.5% over the past 24 hours and hovered around $3.06128 at press time. Its market cap stood at $179.51 million. The token began its price decline on September 15, the day of the Ethereum Merge, losing 38% since then.
OP declined 18.6% in value over the reporting period to trade at $0.91441. A recent Messari report alleged the project’s growth is inorganic. Its market cap stood at $214.66 million.
ETC fell 17.8% over the past 24 hours to around $28.15 as of press time. The chain’s hash rate has been surging as Ethereum PoW miners switch to alternative chains following the Merge. Its market cap stood at $3.85 billion.