CryptoSlate wMarket Update: Bitcoin dumps below $27,000 amid marketwide rout CryptoSlate wMarket Update: Bitcoin dumps below $27,000 amid marketwide rout
The wMarket Update condenses the most important price movements in the crypto markets over the reporting period, published 07:45 ET on weekdays.
3 min read
Updated: May. 12, 2023 at 12:37 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
In the last 24 hours, the cryptocurrency market cap saw net outflows of around $30 billion and currently stands at $1.10 trillion — down 2.75% from $1.13 trillion.
During the period, Bitcoin (BTC) and Ethereum’s (ETH) market cap fell 4.01% and 2.32% to $511.15 billion and $214.44 billion, respectively.
All top 10 crypto assets recorded losses in the last 24 hours XRP, Cardano, and Dogecoin, which saw minimal gains. Bitcoin and Ethereum led the outflows among the top 10 assets.
The market cap of Tether (USDT) grew to $82.77 billion. In contrast, USD Coin (USDC) and Binance USD (BUSD) fell to $29.98 billion and $5.70 billion, respectively.
Bitcoin
In the last 24 hours, Bitcoin fell 4.08% to trade at $26,372 as of 07:00 ET. Its market dominance remained fell to 46.3% from 46.9%.
During the reporting period, BTC’s price descent wiped $51 million in positions held on it. Some analysts have argued that its drop could lead to further declines towards $25,000.
Ethereum
Over the last 24 hours, Ethereum declined 3.15% to trade at $1,767 as of 07:00 ET. Its market dominance rose to 19.4% from 19.3%.
ETH mirrored BTC’s price performance. According to Nansen’s data, the number of staked Ethereum reached a new all-time of 19.55 million as staking deposits have surpassed withdrawals.
Top 5 Gainers
tomiNET
TOMI is the day’s biggest gainer, growing 12.56% over the last 24 hours to $4.44673 as of press time. The token enjoyed a high upside after being listed by the Crypto.com exchange on May 11. Its market cap stood at $176.28 million.
Solar
SXP rose 8.49% to $0.45655 as of press time. Earlier today, Binance revealed it supported Swipe’s (SXP) mainnet swap and rebranding plan to Solar. Its market cap stood at $257.56 million.
Decred
DCR gained 4.61% to trade at $17.4418 at the time of writing. The privacy coin has shed 10% over the past week. Its market cap stood at $260.62 million.
Cosmos
ATOM jumped 3.34% to $11.2553 over the last 24 hours. The self-styled internet of blockchains said its Game of NFTs Hackathon had been extended until June 19. Its market cap stood at $3.22 billion.
Core
CORE grew 2.37% over the last 24 hours to $0.90466 as of press time. Its market cap stood at $105.87 million.
Top 5 Losers
Pepe
PEPE is the day’s biggest loser for the second consecutive day. It fell 25.01% to trade at $0.0000012591 at the time of writing. The high-flying meme coin’s market cap is now below $500 million. Its market cap stood at $484.06 million.
Hex
HEX dropped 20.23% to trade at $0.05321. The token has experienced a heavy sell-off in the last seven days, down 18%. Its market cap stood at $9.23 billion.
WEMIX
WEMIX plunged 19.59% to trade at $0.65767 as of press time. The NFT-related token has decreased by more than 45% in the past month. Its market cap stood at $164.8 million.
Threshold
T lost 12.1% to $0.02673 over the reporting period. The blockchain network DAO approved a proposal to boost cross-chain Bitcoin liquidity in DeFi by integrating Wormhole & incentivizing the minting of up to 26,000 tBTC. Its market cap stood at $232.73 million.
JasmyCoin
JASMY fell 11.94% to $0.00478 over the reporting period. The token has been experiencing a sell-off since Binance moved it to its innovation zone. Its market cap stood at $227.26 million.
Mentioned in this article
Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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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
$3,478.57
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
JasmyCoin
$0.03473
JasmyCoin (JASMY) is a digital currency initiative by Jasmy Corporation, an IoT (Internet of Things) provider headquartered in Tokyo.
Threshold
$0.02892
The Threshold network provides and maintains a suite of cryptographic primitives for several dApps.
tomiNet
$0.01576
tomi is a project engaged in the development of a decentralized alternative internet network to be used as the infrastructure platform for the Web3.
WEMIX
$0.90154
Wemix is a blockchain based Global Gaming Platform developed by Wemade Tree that issubsidiary company of WEMADE as its flagship blockchain gaming services arm.
HEX
$0.00482
HEX is a cryptocurrency launched in late 2019 by the founder going by the name “Richard Heart” and “RadicalHeart.” It is an ERC20 token built on the Ethereum blockchain, with a maximum supply of 633,642,618,630 HEX tokens.
Cosmos
$6.96714
Cosmos is a blockchain ecosystem where thousands of dApps interoperate to create the foundation for a new token economy.
Decred
$16.5004
Decred is an open and progressive cryptocurrency with a system of community-based governance integrated into its blockchain..
