CryptoSlate Daily wMarket Update – Sept. 19
The wMarket Update condenses the most important price movements in the crypto markets over the last 24 hours, published 08:00 UTC on weekdays.
The total cryptocurrency market cap saw net inflows totaling $32.1 billion. As of press time, it stood at $935.61 billion, up 3.5% over the weekend.
Bitcoin’s market cap grew 3.6% over the reporting period to $370.69 billion from $357.68 billion. Meanwhile, Ethereum’s market cap was up 4.2% to $166.48 billion from $159.70 billion over the last 24 hours.
After a period of major selling, the top 10 cryptocurrencies all posted gains over the last 24 hours, with XRP leading the pack at 7.2%. Meanwhile, Polkadot brought up the rear with a 1.8% gain.
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 $67.93 billion, $50.12 billion and $20.51 billion, respectively.
Over the last 24 hours, Bitcoin was up 5% to trade at $19,400 as of press time. Market dominance rose slightly from 39.5% to 39.6% over the period.
A weekend sell-off spilled into Monday, dropping BTC to as low as $18,200. This was attributed to the market pricing in an expected 75-100 basis point hike by the Fed this week. The market leader bounced back at lunchtime (UTC) to recover Monday’s losses.
Ethereum grew 5% over the last 24 hours to trade at $1,357 as press time. Market dominance increased slightly from 17.5% to 17.8%.
ETH bulls brought some respite from the continual slide seen post-Merge. Price action largely mirrored that of Bitcoin, with $1,290 providing multiple continual instances of support on the hourly chart before a recovery set in on the morning of September 19.
Top 5 gainers
PUNDIX leads the top gainers over the last 24 hours, trading around $0.59042 as of press time — up 28% over the period. The token spiked as high as $1.06 on September 13, followed by an extreme sell-off since. Its market cap stood at $152.62 million.
VGX recorded 21.94% gains over the past 24 hours to trade at around $0.73217 at press time. The token has appreciated over 160% over the last 30 days amid rumors of a buyer taking over the bankrupt platform. Its market cap stood at $203.9 million.
USTC grew 16.51% over the past 24 hours and was trading at around $0.03444 at the time of publishing. The rebranded UST stablecoin, at the heart of the Terra implosion, is still yet to re-peg, despite today’s gains. Its market cap stood at $338.08 million.
PEOPLE is up 14% over the last 24 hours to trade at $0.02218 at the time of publishing. The project intended to purchase the original U.S Constitution at Sotheby’s but lost out to Citadel CEO Ken Griffin. It’s unclear why PEOPLE spiked today. Its market cap stood at $112.23 million.
INJ is up 12% since the last wMarket update to trade at $1.62234 at press time. The self-described layer 2 DEX is down 81% over a year. Its market cap stood at $118.44 million at the time of writing.
Top 5 losers
FRTS is today’s biggest loser falling 9.75% over the past 24 hours to trade at around $0.01205 as of press time. The global charity initiative is down 98% from a year ago. Its market cap stood at $253.89 million.
REFF sunk 7.4% over the past 24 hours to $0.00471 at press time. The project suffered controversy involving Alameda Research in March 2021, and its price has yet to recapture its former glories pre-controversy. Its market cap stood at $94.54 million.
TON plunged 5.58% in value over the reporting period to trade at $1.47837. After being sued by the SEC, the Telegram project was handed over to the community. The token is down 78% over a year. Its market cap stood at $1.81 billion.
XCN 2.68% over the past 24 hours to around $0.06198 as of press time. The clod-based financial protocol continues sliding, down 29% over the last 30 days. Its market cap stood at $10.74 million.