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CryptoSlate wMarket Update: Bitcoin dumps below $27,000 amid marketwide rout 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.

CryptoSlate wMarket Update: Bitcoin dumps below $27,000 amid marketwide rout

Cover art/illustration via CryptoSlate

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.

CryptoSlate wMarket update
Source: CryptoSlate

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.

CryptoSlate wMarket update
Source: Tradingview

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.

CryptoSlate wMarket update
Source: Tradingview

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 timeThe 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.