CryptoSlate Daily wMarket Update – Sept. 26: Terra Classic fights back posting 50% gains
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 $57.17 billion. As of press time, it stood at $973.7 billion, up 6.2% over the last 24 hours.
Bitcoin’s market cap grew 7.9% over the reporting period to $358.94 billion from $358.94 billion. Meanwhile, Ethereum’s market cap was up 8% to $169.83 billion from $157.25 billion.
The top 10 cryptocurrencies all saw substantial gains over the period, with Solana leading the pack, growing 9.11% in value. Meanwhile, XRP brings up the rear, posting 2.65% gains in the reporting period.
The market cap of the top three stablecoins — Tether (USDT), USD Coin (USDC), and BinanceUSD (BUSD) — remained stable over the period, standing at $67.96 billion, $49.28 billion, and $20.53 billion, respectively.
Since Monday, Bitcoin has gained 8% to trade at $20,200 as of press time. Market dominance rose slightly from 39.20% to 39.90% over the period.
During the last 24 hours, BTC retested $19,300 resistance on several occasions. The fourth attempt saw a breakout which peaked at $20,400 at 07:00 (UTC).
Macro factors continue to weigh heavily on risk-on assets, and there is no explanation for the breakout.
Ethereum grew 7.9% over the last 24 hours to trade at $1,389 as of press time. Market dominance increased slightly from 17.2% to 17.5%.
ETH price actions followed a similar pattern to BTC, bottoming at $1,270 Monday morning (UTC,) leading to a gradual move higher before a 3% upswing on the 02:00 (UTC) candle took effect. Bulls paused at $1,395, with ETH giving back some of those gains.
Top 5 gainers
LUNC leads the top gainers over the last 24 hours, trading around $0.00030 as of press time — up 53.3% over the period. The token was yesterday’s biggest loser, posting 15% losses. Rumors of significant Terralabs Foundation control persist. Its market cap stood at $1.83 billion.
BRISE recorded 5% gains over the past 24 hours to trade at around $0.0000006415 at press time. The BNB Chain-based “crypto engineering” project is up over 27,000% over the past year. Its market cap stood at $254.23 million.
LUNA grew 24.77% over the past 24 hours and was trading at around $2.67207 at the time of publishing. International authorities continue to seek founder Do Kwon. Its market cap stood at $858.88 million.
USTC is up 22% over the last 24 hours to trade at $0.03297 at the time of publishing. The rebranded UST stablecoin continues to trade below its peg price and is similarly afflicted with the same concerns as Terra Classic. Its market cap stood at $323.66 million.
POLY is up 21.6% since the last wMarket update to trade at $0.24629 at press time. The token has posted strong performance over the past month, up 32%. Its market cap stood at $227.82 million at the time of writing.
Top 5 losers
BTRST is today’s biggest loser falling 3% over the past 24 hours to trade at around $2.40989 as of press time. The decentralized talent network is experiencing volatile price action, but over the last month is still 26% up. Its market cap stood at $288.83 million.
RSR sunk 2.9% over the past 24 hours to $0.00771 at press time. Despite today’s sell-off, the token has posted 41% gains over the last week. Its market cap stood at $326.33 million.
OCEAN fell 2.7% in value over the reporting period to trade at $0.16282. Its market cap stood at $99.83 million.
XCN is down 1.06% over the past 24 hours to around $0.07315 as of press time. The token is down 14% over the month. Its market cap stood at $1.57 billion.
LUSD declined by 0.8% to trade at $1.02558. The dollar-pegged stablecoin is re-pegging to its $1 price. Its market cap was $174.52 million at press time.