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CryptoSlate wMarket Update: BNB bucks weekend sell-off
The wMarket Update condenses the most important price movements in the crypto markets over the reporting period, published 07:45 ET on weekdays.
Cover art/illustration via CryptoSlate. Image includes combined content which may include the use of AI tools.
Since the last wMarket report on April 28, the cryptocurrency market cap saw net outflows of $26.9 billion and currently stands at $1.18 trillion — down 2.2% from $1.21 trillion.
Since April 28, Bitcoin and Ethereum's market cap fell 2.5% and 3.4% to $552.95 billion and $222.27 billion during the reporting period, respectively.
The top 10 cryptocurrencies sold off over the last 24 hours except BNB, which grew 4.1% in value. Meanwhile, Solana suffered the most significant loss, down 5.5%, followed by Litecoin, which fell 3.5%.
The market cap of Tether (USDT) grew to $81.74 billion. In contrast, USD Coin (USDC) and Binance USD (BUSD) fell to $30.49 billion and $6.19 billion, respectively.
Bitcoin
In the last 24 hours, Bitcoin decreased 2.3% to trade at $28,557 as of 07:00 ET. Its market dominance fell to 46.9% from 47%.
Since April 28, flat price action saw BTC spike higher, topping out at $29,990 on Sunday noon. A gradual downtrend turned into a sharp spill that found support at $28,400. Bears subsequently dipped the price below this level, bouncing at $28,200 – indicating general weakness at current prices.
Ethereum
Over the last 24 hours, Ethereum fell 3.1% to trade at $1,846 as of 07:00 ET. Its market dominance declined to 18.8% from 19.1%.
Since April 28, ETH price action closely followed Bitcoin to peak at $1,940 by noon on Sunday. The resulting downtrend found support at $1,825, but successive candles traded above this price – suggesting good support at this level.
Top 5 Gainers
Radicle
RAD is the day's biggest gainer, growing 16.9% over the last 24 hours to $2.62081 as of press time. The project said its “Heartwood” protocol is in the works – it will improve usability and performance, including enhancing privacy. Its market cap stood at $130.59 million.
Cartesi
CTSI gained 10.5% to trade at $0.23890 at the time of writing. The third Cartesi Game Developer Community CallI is scheduled for this Friday. Its market cap stood at $174.76 million.
LINK
LN grew 6.3% over the last 24 hours to $41.6526 as of press time. Its market cap stood at $280.51 million.
ConstitutionDAO
PEOPLE rose 5.9% to $0.02272 as of press time. The project said it had failed to achieve its goal of buying the U.S. Constitution in November 2021. Its market cap stood at $114.97 million.
BNB
BNB gained 4.1% to $335.716 over the last 24 hours. Its market cap stood at $52.33 billion.
Top 5 Losers
MX Token
MX is the day's biggest loser, falling 8.5% to trade at $2.31477 at the time of writing. Its market cap stood at $231.48 million.
FTX Token
FTT fell 8.4% to $0.05369 over the reporting period. FTX's Japanese subsidiary intends to restart its business. Its market cap stood at $482.44 million.
JOE
JOE plunged 7.7% to trade at $0.45357 as of press time. Its market cap stood at $152.6 million.
Blur
BLUR fell 7.5% to $0.67915 over the reporting period. Its market cap stood at $308.39 million.
Space ID
ID dropped 7.2% to trade at $0.60806. The project introduced “.sei” recently – a digital identity protocol. Its market cap stood at $185.15 million.
