CryptoSlate Daily wMarket Update – Sept. 9 to Sept. 11
The wMarket Update on Mondays condenses the most important price movements in the crypto markets over the weekend, published 08:00 UTC.
Since September 9, the total cryptocurrency market cap saw net inflows totaling $73.4 billion to climb back above the psychological $1 trillion mark once again. As of press time, it stood at $1.055 trillion, up 7.5% over the weekend.
Bitcoin’s market cap grew 12% over the reporting period to $415.8 billion from $370.14 billion. Meanwhile, Ethereum’s market cap was up 5.7%, growing from $199.78 billion to $211.12 billion over the same period.
Over the last 24 hours, the top 10 cryptocurrencies traded largely flat, with Bitcoin posting gains slight gains of 0.99%, with the rest of the large-caps seeing minor sell-offs. Cardano (ADA) was the biggest large-cap loser, posting -1.78% losses.
The market caps of Tether (USDT) and BinanceUSD (BUSD) were up marginally over the weekend, standing at $67.74 billion and $20.05 billion, respectively. In comparison, USD Coin (USDC) saw a slight drop to $51.60 billion.
Since September 9, the Bitcoin price has grown by 13.3% to stand at $21,800 at writing. Market dominance spiked higher to 40.93%.
The leading cryptocurrency is still down from the $23,400 local top from August 15, and with the daily Relative Strength Index (RSI) curling back over on the daily chart, it’s unclear whether bulls have enough for a re-test of this level.
The price of Ethereum grew 6.3% over the reporting period to trade at $1,737 at writing. Market dominance stood at 20.75%.
ETH is down 14% from the $2,025 local top achieved on August 14. Having bottomed on August 29, an uptrend has ensued, but like Bitcoin, the daily RSI is curling back down, suggesting a loss of momentum. The Merge is expected to occur around September 15.
Top 5 gainers
LOOM posted the biggest gains of the day and was trading around $0.12 as of press time — up 146.22% over the past 24 hours. The token is up 31.63% for the year, with a market cap of $156.31 million.
Standard Tokenization Protocol
STPT recorded gains of 44.57% over the past 24 hours and was trading at around $0.068 at press time. The token’s market cap stood at $112.4 million. The token saw a sudden spike around 04:00 UTC when STPT price reached $0.069.
AERGO grew 25.9% over the past 24 hours and was trading at around $0.25 at the time of publishing. Although the token price reached a high of around $0.33 at 11:00 UTC on Sept. 11, the token lost most of its gains and continued to trade downward. At the time of writing, the token’s market cap stood at $103.55 million.
Despite heavy volatility and a few spikes and dips, GLM was trading at around $0.35 at press time — up 24.83% over the past 24 hours. The token gained 49.47% over the past week, and its market cap stood at $350.26 million at the time of writing.
ZEON bagged gains of 22.66% over the past 24 hours to trade at around $0.009 at the time of publishing. The token’s market cap stood at $281.08 million.
Top 5 losers
FRTS price plunged by 17.21% over the past 24 hours and hovered around $0.012 at press time. The fall in price also contracted the token’s market cap from $275.63 million last week to $254.17 million at the time of writing.
The price of USTC fell 16.33% over the past 24 hours to around $0.051 as of press time. However, the token’s market cap grew to $505.74 million from $415.96 million last week. Algorithmic stablecoin USTC slipped off its peg in May and triggered the collapse of the Terra ecosystem and the larger crypto market.
The value of LUNA fell 14.22% over the past 24 hours to reach around $5.29 at the time of writing. LUNA is a rebooted versions of TerraClassic (LUNC) which collapsed in May. Despite the fall over the day, the token is up 195.29% over the past 7 days.
Like its newer counterpart, LUNC also declined over the past 24 hours, trading at $0.0004 at the time of publishing — down 10.41% over the day. Irrespective of the price decline, the token is still up 61.4% over the past 7 days. The new v22 upgrade that enabled token staking provided a boost to the community, pushing the token price up over the past few weeks.
VGX was down 9.16% over the past 24 hours to trade around $0.89 at the time of writing, eliminating most of its gains from the past week.
The Voyager assets auction is set for Sept. 13, the results of which need approval from the court on Sept. 29. The company had filed for Chapter 11 bankruptcy on the heels of crypto hedge fund Three Arrows Capital going bust.