CryptoSlate wMarket update: Bitcoin reclaims $27,000 amid flat market CryptoSlate wMarket update: Bitcoin reclaims $27,000 amid flat market
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. 23, 2023 at 1:09 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 saw net inflows of $20 billion and currently stands at $1.14 trillion — up 1.16% from $1.12 trillion.
During the period, Bitcoin (BTC) and Ethereum (ETH) market caps rose 1.85% and 2.21% to $529.52 billion and $223.18 billion, respectively.
Except for XRP, Cardano, and Solana, which saw slight losses, other top 10 crypto assets recorded gains during the reporting period,
Ethereum, Bitcoin, BNB, and Polygon all rose between 1.5% and 2%.
Tether’s (USDT) market cap grew to $82.96 billion. In contrast, USD Coin (USDC) and Binance USD (BUSD) fell to $29.40 billion and $5.46 billion, respectively.
Bitcoin
In the last 24 hours, Bitcoin rose 1.85% to trade at $27,338 as of 07:00 ET. Its market dominance stayed rose to 46.4% from 46.3%.
During the reporting period, BTC mostly traded in a range before peaking at $27,434 during early trading hours. CryptoSlate Insight reported that the blockchain network is now the second-largest chain by NFT volume.
Ethereum
In the last 24 hours, Ethereum gained 2.21% to trade at $1,857 as of 07:00 ET. Its market dominance jumped to 19.6% from 19.4%.
ETH mostly mirrored BTC’s price performance, peaking at $1,869 before retracing to its current levels.
Top 5 Gainers
KAVA
KAVA is the day’s biggest gainer, growing 15.7% over the last 24 hours to $1.23888 as of press time. Its rally was pushed by South Korean exchanges removing an “investment warning” tag. Its market cap stood at $658.84 million.
WAVES
WAVES rose 13.58% to $1.86901 as of press time. Like KAVA, South Korean exchanges removed the warning tag attached to it. Its market cap stood at $208.39 million.
STEPN
GMT jumped 11.08% to $0.30117 over the last 24 hours. On May 22, Stepn announced that its users can now buy NFTs through Apple Pay. Its market cap stood at $259.8 million.
TomoChain
TOMO grew 10.93% over the last 24 hours to $1.25667 as of press time. The EVM-compatible chain has been up 96% in the previous 30 days. Its market cap stood at $126.94 million.
FTX Token
FTT gained 8.9% to trade at $1.09622 at the time of writing. Its rally is fueled by news of a possible restart. Its market cap stood at $360.54 million.
Top 5 Losers
Multichain
MULTI is the day’s biggest loser falling 9.78% to $7.01651 at the time of press. Over the past month, the project has shed 25%. Its market cap stood at $102.03 million.
Kaspa
KAS is on the top loser’s list for the second consecutive day. The token dropped 7.3% to trade at $0.01420. It is unclear why the token is experiencing a heavy sell-off. Its market cap stood at $265.39 million.
HEX
HEX fell 6.22% to $0.02593 over the reporting period. Its market cap stood at $4.5 billion.
WEMIX
WEMIX lost 5.47% and was trading at $0.81256 as of press time. The NFT-related token has lost over 30% in the last 30 days. Its market cap stood at $204.38 million.
iExec RLC
RLC sunk 3.33% to $1.59250 as of press time. Despite today’s drawdown, the token is up 4% in the last seven days. Its market cap stood at $115.27 million.
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Posted In: Wrapped
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
$3,366.21
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
HEX
$0.00315
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.
Kava
$0.49379
Kava is a lightning-fast Layer-1 blockchain featuring a developer-optimized co-chain architecture that combines the two most used permissionless ecosystems – Ethereum and Cosmos – into a single, scalable, network.
Waves
$1.57550
Waves is an open blockchain protocol and development toolset for Web 3.0 applications and decentralized solutions, aiming to raise security, reliability and speed of IT systems.
WEMIX
$1.08796
Wemix is a blockchain based Global Gaming Platform developed by Wemade Tree that issubsidiary company of WEMADE as its flagship blockchain gaming services arm.
iExec RLC
$1.94744
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..
Kaspa
$0.15816
Kaspa is a proof-of-work cryptocurrency which implements the GHOSTDAG protocol.
Multichain
$0.20245
Founded in July 2020 as a cross-chain decentralized exchange, Anyswap is now transforming into a cross-chain solution provider.
FTX Token
$2.67396
FTX is a cryptocurrency derivatives exchange that offers futures, leveraged tokens and OTC trading.
GMT
$0.18940
STEPN is a Web3 lifestyle app with fun social elements and gamification design.
TomoChain
$1.32505
Tomochain is an innovative solution to the scalability problem with the Ethereum blockchain.