Daily Crypto Market Update – All Top Ten Cryptocurrencies Lose Their 7-Day Gains
The crypto market capitalization is up to $1.181 trillion, following net inflows of $11.8 billion. Bitcoin’s market cap increased by 1.9% to $553.47 billion, while that of Ethereum grew 2.1% to $225.67 billion.
The top ten crypto assets have posted varying performances, with Polygon recording the most gains (2.8%) to trade at $0.98, while Solana takes the top loser spot following a 2.2% decline. SOL is currently trading for $21.44.
It’s worth highlighting that all these cryptocurrencies have shed all their gains recorded over the last seven days. Litecoin and Polkadot suffered the most losses, dropping by 5.7% and 6.5%, respectively.
Meanwhile, USDT’s market cap may reach $82 billion this week. It has settled at $81.91 billion as of this writing. USDC and BUSD, on the other hand, have continued trending down. The market cap of the former is down to $30.24 billion, while the latter has declined to $6.10 billion.
Bitcoin
BTC trades at $28,326 after posting a 1.1% 24-hour increase. Despite the growth, Bitcoin has now lost all of its 7-day gains. It is down 0.4%. The largest coin by market cap rose significantly last week, thanks to the uncertainty that surrounded First Republic Bank following the release of its quarterly report.
Bitcoin now dominates 47.1% of the market. It hit a daily low of $27,994 before climbing back to the current price. The bulls are still attempting to raise the BTC price above the 20-day Exponential Moving Average ($29,000).
ETH has decreased by 0.9% over the last seven days. Nonetheless, the token is up 1.2% in the past 24 hours. Ethereum is priced at $1,853.34 as of Wednesday evening and dominates 17.8% of the crypto market. It had initially declined to a support level of $1,829.
Top Five Gainers
RSK Infrastructure Framework: RIF grew 38.6% to trade at $0.16 as of this writing. The project tweeted yesterday that it will be hosting a Twitter Space on Friday to discuss its products that are still in the development stage. RIF’s market cap stands at $154.41 million.
Stacks: STX is trading at $0.818 after surging 18.7%. Its market valuation increased to $1.12 billion.
HEX: The crypto asset is priced at $0.056 after posting gains of 11.8%. The project revealed on Tuesday that over 360,000 transactions had been processed on the PulseChain testnet since its launch a few weeks ago. HEX’s market capitalization is $9.84 billion.
Kaspa: KAS has finally seen some gains after a terrible month. The token increased by 9.2% to trade at $0.026. KAS is still down 23.2% over the previous thirst days. Its market valuation has increased slightly to $477.54 million.
aelf: ELF has been on the rise since the project completed the long-awaited v1.3.1 upgrade in April. The token has seen an 8.2% growth in the last 24 hours. With a market cap of $183.76 million, ELF is trading at $0.30.
Top Five Losers
Radicle: RAD rose over 60% on Tuesday to claim the top gainer spot. But today, it is a different story as the token has declined by 23.7% to change hands for $3.45 at press time. RAD’s market cap stands at $172.11 million.
UMA: This token has lost some of yesterday’s gains after declining by 10.4%. It now trades at $1.127 with a market valuation of about $148.13 million.
iExec RLC: RLC was also a top gainer on Tuesday. However, it has lost 8.65% of its value in the last 24 hours. It’s priced at $1.82 with a market cap of $148.07 million. The project has hinted at its V8 upgrade in an article published on Medium a few days ago.
JOE: The digital asset took a 5.8% loss to trade at $0.40 on Wednesday evening. JOE’s market cap plummeted to $136.27 million. The project is a participant in the ongoing Avalanche Summit in Barcelona.
Space ID: ID trades at $0.591 after declining 5.2%. Its 30-day losses now stand at 23.7%. ID’s market valuation is $179.96 million.
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