CryptoSlate Daily wMarket Update – Sept. 7 CryptoSlate Daily wMarket Update – Sept. 7
The wMarket Update condenses the most important price movements in the crypto markets over the last 24-hours, published 08:00 UTC daily.
3 min read
Updated: Sep. 12, 2022 at 4:05 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The total cryptocurrency market capitalization recovered from the previous day and stood at $978.77 billion at 06:00 UTC on Sept 8 — up by 4.29% over the past 24 hours.
Bitcoin’s market cap grew roughly 2.5% — $10 billion — over the day to $369.61 billion. Ethereum’s market cap, on the other hand, increased 8% to $199.87 billion from around $185 billion on Sept 7.
After a day in the red, the top ten cryptocurrencies followed the recovery of Bitcoin (BTC) and Ethereum (ETH), with Binance Coin (BNB) posting the second highest gains of 6.35% after Ethereum, according to CryptoSlate data.
Tether (USDT) and USD Coin (USDC) market caps remained flat over the day, at $67.55 billion and $ 51.69 billion, respectively. BinanceUSD (BUSD) market cap also remained flat and stood at $19.70 billion as of press time.
Bitcoin
After the price drop on Sept 6, BTC recovered slightly over the past 24 hours and was trading at around $19,306 at 06:00 UTC — up 2.91% during the day. However, despite the price recovery, BTC’s market dominance dropped further to 37.8% as of press time, compared to 38.3% on the previous day. The market dominance of BTC is slipping lower every day, with the current levels last seen over four years ago.
The recovery of the largest cryptocurrency lacked momentum, and the market sentiment remains primarily bearish. The Bitcoin fear and greed index points to extreme fear.
Over the past 24 hours, BTC traded between $18,800 and $19,400. At around 20:00 UTC on Sept 7, BTC bagged its most significant gains for the day when the price jumped from around $19,000 to above $19,350.
Ethereum
ETH price rose 7.82% over the past 24 hours to trade at around $1,634 at press time, recouping all its losses from the previous day. Anticipation around the Merge — scheduled for 13th – 15th Sept — has been the key driver of ETH price growth over the past few weeks.
ETH price recovered faster than BTC, keeping with the consistently better performance over the past month as the Merge moves closer. Total ETH staked in the ETH 2.0 contract remained stable at 14.27 million, according to Ethereum Foundation data.
From around $1,500 the previous day, ETH continued to climb to around $1,570 by 19:00 UTC. The momentum helped the token break the $1,600 mark and went as high as $1,650.
Top 5 gainers
Terra Classic
LUNC posted the most significant gains of the day, growing 44.35% and trading at $0.00053 at the time of publishing. The network’s V22 upgrade, which enabled token staking late last month, provided a boost to the community. The token is up 128.44% over the past week.
Helium
HNT price saw extreme volatility over the past 24 hours, growing 35.08% to trade at $5.22 at press time. Between 01:00 am and 03:00 am UTC, the token price plunged from $5.28 to $3.59 and back up to around $5.18. The token is down 38.37% over the past 30 days. Ever since the developers suggested moving the project to the Solana network, the community has been plunged into doubts.
Synapse
SYN price grew 22.71% over the past 24 hours to trade at $1.59 at press time. The token recovered all its losses from the previous day and is up 31.68% over the past week. The fluctuations in the token’s price can be attributed to volatility.
EOS
The price of EOS grew 22.54% over the past 24 hours, and at the time of publishing, the token was trading at $1.70. The token is up 43.22% over the past 30 days.
iExec RLC
RLC recouped most of its monthly losses after rising 18.98% over the past 24 hours to trade at $1.22 as of press time. From just above $1, the token price went as high as $1.26 during the day.
Top 5 losers
Netvrk
NTVRK fell 5.47% over the past 24 hours and was trading at $0.22 at the time of publishing. The token experienced high volatility throughout the day.
Chain
XCN posted losses of 4.49% over the past 24 hours. The token was trading at $0.06 as of press time, widening its weekly losses to 14.24%. The token has been consistently trading downwards since Aug 22.
Request Network
REQ was trading at $0.12 as of press time, down 1.95% over the past 24 hours. During the day, the token price spiked to $0.13 but fell back soon after.
DeFiChain
DFI continued to lose steam, slumping by 1.66% over the past 24 hours and trading at $1.01 as of press time. The token has undergone a correction, eliminating all losses from earlier this month.
OKB
The native token of crypto exchange OKX is down 1.49% over the past 24 hours, trading at $13.91 at the time of publishing. At around 14:30 UTC, the token price fell sharply from around $14.35 to $13. 40, but has recovered slightly since then.
Mentioned in this article
Posted In: Wrapped
Author 
Monika Ghosh
In 2020, Monika immersed herself in crypto, maintaining skepticism yet firmly believing blockchain could address key issues like financial disparity and transparency. A book-lover, she's also a passionate food enthusiast.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,354.78
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Terra Classic
$0.00011
Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems.
Helium
$5.66847
Helium (HNT) is a blockchain-based cryptocurrency that powers the Helium Network, a decentralized wireless infrastructure designed to support Internet of Things (IoT) devices.
Synapse
$0.49214
Synapse is a cross-chain layer ∞ protocol powering frictionless interoperability between blockchains.
EOS
$0.65461
EOS is a blockchain protocol that enables horizontal scaling of decentralized applications, allowing developers to efficiently create high performance distributed applications..
iExec RLC
$1.83122
iExec RLC aims at providing distributed applications running on the blockchain a scalable, secure and easy access to the services, the data-sets and the computing resources they need..
Netvrk
$0.05673
Netvrk is a social virtual world built on the blockchain, that allows users to make and monetize their creations..
DeFiChain
$0.01753
DeFiChain describes their work as ‘Bringing DeFi to Bitcoin’..
