CryptoSlate Daily wMarket Update – Sept. 8
The wMarket Update condenses the most important price movements in the crypto markets over the last 24-hours, published 08:00 UTC daily.
The total cryptocurrency market capitalization continued its recovery from the previous day and stood at $1.03 trillion at 06:00 UTC on Sept. 9 — up 2.17% during the last 24 hours.
Bitcoin’s market cap also bagged more gains, growing 5% over the past 24 hours to $388.1 billion from $369.61 billion the previous day. Ethereum’s market cap grew more slowly — up 3.49% during the day to $206.86 billion.
The top 10 cryptocurrencies all posted gains, with Polkadot (DOT)’s 6.84% recording the most significant move, according to CryptoSlate data. Meanwhile, Dogecoin and Shiba Inu — which often break into the top 10 — ranked 11 and 13 over the past 24 hours.
The market cap of the top three stablecoins — Tether (USDT), USD Coin (USDC), and BinanceUSD (BUSD) — remained stable over the past 24 hours, standing at $67.55 billion, $51.67 billion and $19.91 billion, respectively.
Bitcoin (BTC) topped its recovery from the previous day with 7.25% growth over the past 24 hours, trading at around $20,525 at 06:00 UTC. BTC market dominance recovered slightly to 38.5% as of press time from 37.8% the previous day. However, despite the increase in market dominance, it remains at its lowest in more than four years.
Irrespective of the second day of price recovery, market sentiment remains largely bullish, with the Bitcoin fear and greed index pointing towards extreme fear.
Over the past 24 hours, BTC experienced a fair bit of volatility and traded between $19,050 and $19,450 until 03:00 UTC on Sept. 9, when the price shot up beyond the $20,000 mark again. Between 03:00 and 05:00 UTC, BTC price jumped from around $19,390 to $20,300.
ETH grew 5.12% over the past 24 hours to trade at around $1,700 at press time, adding to the previous day’s gains of 7.82%. While the anticipation for the Merge scheduled for last week has driven price growth, the network is returning to normal after the Bellatrix upgrade hiccups boosted it further. Ethereum dominance stood at 20.4% as of press time.
As the price growth slowed compared to the previous day, the total ETH staked in the ETH 2.0 contract spiked slightly to 14.31 million, according to Ethereum Foundation data.
Over the past 24 hours, ETH fluctuated between $1,598 and $1,655 throughout most of the day. At around 03:00 UTC, however, ETH shot up vertically, going as high as $1,710.
Top 5 gainers
POLY saw the most significant gains on Sept. 8 and was trading at $0.30 — up 64.73% over the past 24 hours. However, the token is down 59.61% year over year. The price increase significantly boosted the market cap from around $163 million to $280.11 million at press time — a growth of over 70%.
GLM was up 25.51%, trading at $0.29 as of press time. The token’ shot up at around 14:00 UTC from $0.23 to approximately $0.41, but the price has declined since then. The token’s market cap also grew over 285% to $294.81 million from around $230 million the previous day.
BTCST posted a 31.88% gain and was trading at $13.04 as of press time. . The token’s market cap increased was $159.12 million as of press time — up more than 130% from around $69 million the previous day.
RVN was trading at around $0.044 at press time after growing 20.53% over the past 24 hours. The token’s price was stable throughout most of the day until it shot up from around $0.037 to $0.044 at around 05:00 UTC. The token’s market cap stood at $464.74 million, up from around $430 million the previous day.
EWT bagged 19.65% gains over the past 24 hours to trade at around $4.71 at the time of publishing. The token’s market cap stood at $141.8 million at press time.
Top 5 losers
VGX saw the sharpest decline in price over the past 24 hours, falling 19.94% to trade at around $0.88 as of press time. While the token posted gains over the past two days and crossed the $1 mark in the early hours of Sept. 8, it has lost nearly half its gains from the past week.
Voyager is set to auction its assets on Sept. 13, and the results would need to be approved in a court hearing scheduled for Sept. 29. The company had filed for Chapter 11 bankruptcy a few days after crypto hedge fund Three Arrows Capital went bust. Reports of Voyager fulfilling buy orders even after deposits and withdrawals were halted have put pressure on the price of VGX.
Adding to the previous day’s gains, USTC continued its growth until 12:00 UTC, when it started falling from around $0.051 to $0.042 at press time. The token is down 11.1% over the past 24 hours, with a market cap of $415.96 million. USTC was the algorithmic stablecoin of the Terra ecosystem that slipped off its peg and collapsed in May, triggering the market crash.
NTVRK is down 5.47% over the past 24 hours and was trading at around $0.22 at press time. The token is suffering due to the scandal of a former CEO alleging the project’s founders misappropriated user funds for personal luxury.
FRTS tumbled down 4.87% over the past 24 hours to trade at around $0.013 at the time of publishing. The token’s market cap stood at $275.63 million at the time of writing.
Over the past 24 hours, LEO declined steadily to trade at $4.97 at press time – down 4.69% over the day. The token’s market cap stood at $4.75 billion, and its price is up 58.84% over the past year.