Bitcoin’s descent continues with brief capitulation to $25,890: CryptoSlate wMarket Update Bitcoin’s descent continues with brief capitulation to $25,890: CryptoSlate wMarket Update
The wMarket Update condenses the most important price movements in the crypto markets, published 07:45 ET on weekdays.
3 min read
Updated: May. 25, 2023 at 1:24 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Over the last 24 hours, the cryptocurrency market saw net outflows of $20 billion for the second consecutive day and currently stands at $1.1 trillion — down 1.45% from $1.12 trillion.
During the same period, the market caps of Bitcoin (BTC) and Ethereum (ETH) fell 1.8% and 1.6% to $508.48 billion and $214.56 billion, respectively.
Except for Polygon, which gained 1.17%, other top crypto assets recorded losses during the reporting period.
Cardano lost 2.17% of its value, while Bitcoin, Ethereum, BNB, and XRP fell more than 1%, respectively.
Tether’s (USDT) market cap grew to $83.05 billion. In contrast, USD Coin (USDC) and Binance USD (BUSD) fell to $29.14 billion and $5.33 billion, respectively.
Bitcoin
In the last 24 hours, Bitcoin fell 1.8% to trade at $26,242 as of 07:00 ET. Its market dominance descended to 46.1% from 46.3%.
During the reporting period, BTC continued to trade downwards, dropping to $25,890 before rebounding to its current levels. The descent led to $120 million in liquidation.
Ethereum
In the last 24 hours, Ethereum fell 1.6% to trade at $1,786 as of 07:00 ET. Its market dominance remained flat at 19.5%.
ETH mostly mirrored BTC’s price performance, bottoming at $1,760.
Top 5 Gainers
ARPA Chain
ARPA is the day’s biggest gainer, growing 23.41% over the last 24 hours to $0.11470 as of press time. The token is on the top gainer’s list for the second consecutive day. Its market cap stood at $142.56 million.
Kaspa
KASPA jumped 23% to $0.01546 over the last 24 hours. The protocol revealed that technical stores in Istanbul, Turkey, now accept the asset as a means of payment. Its market cap stood at $289.39 million.
ARAW
ARAW gained 22.35% to trade at $0.05149 at the time of writing. It was unclear why this token was rising as of press time. Its market cap stood at $102.66 million.
Escroco Emerald
ESCE rose 17.75% to $0.09831 as of press time. The Ethereum-based token is up 5% over the last seven days. Its market cap stood at $98.31 million.
Open Campus
EDU grew 9.98% over the last 24 hours to $1.21829 as of press time. Crypto exchange Binance enabled an auto-invest feature for the token. It has a market cap of $222.26 million.
Top 5 Losers
HEX
HEX is the day’s biggest loser for the second consecutive day. The token fell 20.28% to $0.01621 at the time of press. Over the past week, the token has lost more than 45% of its value. Its market cap stood at $2.81 billion.
Synthetix
SNX fell 10.46% to $2.30100 over the reporting period. The derivatives token is down roughly 10% in the last month. Its market cap stood at $597.29 million.
WAVES
WAVES is back among the top loser’s list after shedding 10% to trade at $1.79731. The token has experienced heavy volatility since the South Korean exchanges removed the investment warning tag earlier this week. Its market cap stood at $200.42 million.
PancakeSwap
CAKE lost 8.14% and was trading at $1.55814 as of press time. Its market cap stood at $314.55 million.
Kava
KAVA sunk 8% to $0.98471 as of press time. Despite today’s drawdown, the token is up 38% over the last 30 days. Its market cap stood at $115.27 million.
Mentioned in this article
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
$3,479.79
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Waves Enterprise
$0.01001
Waves Enterprise is an extension of Waves technologies, built specifically for the global needs of the corporate and public sectors..
Kava
$0.44650
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.
PancakeSwap
$2.53650
PancakeSwap is a decentralized exchange for swapping BEP20 tokens on Binance Smart Chain.
Synthetix
$2.19756
Synthetix, formerly Havven, is a cryptoasset-backed network that enables the creation of on-chain synthetic assets.
HEX
$0.00484
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.
Kaspa
$0.12390
Kaspa is a proof-of-work cryptocurrency which implements the GHOSTDAG protocol.
Open Campus
$0.53458
The Open Campus Protocol is a decentralized solution for educators, content creators, parents, students, and co-publishers designed to address the major challenges in education today.
