CryptoSlate wMarket Update: Litecoin re-enters top 10 amid wider market weakness
The wMarket Update condenses the most important price movements in the crypto markets over the reporting period, published 07:45 ET on weekdays.
The cryptocurrency market saw net outflows of $17.6 billion over the last 24 hours and currently stands at $1.13 trillion — down 1.5% from $1.14 trillion.
Most of the top 10 crypto assets posted losses over the last 24 hours except TRON, up 0.3%, and Litecoin, gaining 2.1% to re-enter the top 10, ousting Polkadot. The biggest losers were Solana and Polygon, down 2.4% and 1.9%, respectively.
The market cap of Tether (USDT) grew to $82.84 billion. In contrast, USD Coin (USDC) and Binance USD (BUSD) fell to $29.80 billion and $5.56 billion, respectively.
In the last 24 hours, Bitcoin fell 1.4% to trade at $27,018 as of 07:00 ET. Its market dominance stayed flat at 46.5%.
During the reporting period, BTC hit a peak price of $27,660 before trending down to find support at $26,860 by Monday evening (ET). A muted recovery topped at $27,250, leading to a further spill.
In the last 24 hours, Ethereum decreased 1% to trade at $1,812 as of 07:00 ET. Its market dominance fell to 19.4% from 19.7%.
Over the reporting period, ETH’s price followed BTC, reaching a $1,846 top shortly after midday Monday (ET) before bears dipped as low as $1,796. The subsequent recovery lost steam at $1,828, leading to further selling.
Top 5 Gainers
MLK is the day’s biggest gainer, growing 14.4% over the last 24 hours to $0.38392 as of press time. The project has yet to tweet since April 18. Its market cap stood at $108.66 million.
DAO jumped 11.9% to $1.57356 over the last 24 hours. The project recently unveiled Tenet – an upcoming layer 1 chain. Its market cap stood at $226.5 million.
HEX grew 9.7% over the last 24 hours to $0.03487 as of press time. The PulseChain mainnet launched on May 13. The current activity is focused on bridging assets to the new chain. Its market cap stood at $6.05 billion.
CFX rose 9% to $0.31291 as of press time. The token was a top gainer yesterday off recent interest in Conflux incubated project – Flux Fire. It was announced today that Mold Finance would migrate to the Conflux ecosystem. Its market cap stood at $900.91 million.
ONT gained 7.7% to trade at $0.21919 at the time of writing. Node API firm GetBlock has partnered with Ontology. Its market cap stood at $191.84 million.
Top 5 Losers
EDU is the day’s biggest loser falling 10.1% to $1.18428 at the time of writing. The project announced a $10 million global educators fund for content creation grants. The token was yesterday’s top gainer. Its market cap stood at $171.86 million.
TEL dropped 9% to trade at $0.00172. The mobile payment platform said USDC deposits and EUR withdrawals are now available. Its market cap stood at $115.41 million.
TRAC plunged 8.4% to trade at $0.26243 as of press time. The team hosted a special tech AMA on May 15. Its market cap stood at $103.29 million.
XDC lost 6.9% to $0.03138 over the reporting period. Its market cap stood at $434.19 million.
UMA fell 6.5% to $2.20875 over the reporting period. UMA’s optimistic oracle was deployed on Coinbase’s layer 2 project Base. Its market cap stood at $157.49 million.