Daily Crypto Market Update – BTC Reclaims $27K Following a 1.66% 24-Hour Growth
The crypto market cap stands at $1.143 trillion after netting $20.12 billion in inflows. Bitcoin’s market valuation increased by 1.87% to $529.78 billion, while that of Ethereum rose by 2.245% to $223.19 billion.
Except for TRON and Dogecoin, the rest of the top ten cryptocurrencies have seen price increases. TRX is down 0.61% to trade at $0.078. The token posted the biggest gains on Monday. DOGE, on the other hand, is trading at $0.072 after declining by 0.32%.
Polygon added 2.46% to its value in the last 24 hours, becoming the top gainer among the top ten. It now changes hands for $0.889.
Stablecoins Market
USDT’s market cap stands at $82.95 billion after recording net inflows of $224.76 million. Meanwhile, BUSD and USDC’s market valuations are down to $5.47 billion and $29.41 billion, following 24-hour net outflows of $186.43 million and $143.28 million, respectively.
The declines witnessed in the two stablecoins are influenced by various factors. In BUSD’s case, for example, the coin has been in free fall since the US Securities and Exchange Commission directed its issuer Paxos to cease issuing new tokens. As for USDC, investors appear to have lost confidence in the stablecoin after it depegged earlier this year.
Bitcoin
BTC is up 1.66% to trade at $27,356 as of this writing. The crypto asset only traded that high last Thursday. Over the past 24 hours, Bitcoin retested resistance at $27,476, failing to cross the 20-day Exponential Moving Average (EMA) of $27,650.
It now dominates 46.5% of the crypto market. The latest data indicates that Bitcoin has become the second-biggest blockchain in terms of NFT volume, only behind Ethereum.
Ethereum
ETH is priced at $1,854 after growing by 1.94%. Before pulling back to its current price, the second-biggest cryptocurrency by market cap peaked at $1,871 early Tuesday. Note that Ethereum is now trading above the 20-day EMA ($1,844). The question remains whether the bulls can cause a rally toward the $1,927 resistance level.
Top Five Gainers
KAVA: The token has rallied significantly after South Korean crypto exchanges removed ‘investment warning’ tags on its profile. With a market cap of $658.83 million, KAVA has grown by 15.6% to trade at 1.238% as of this writing.
WAVES: The South Korean exchanges have made a similar move on WAVES, causing its price to surge by 13.57%. The token trades at $1.869 with a market valuation of $208.41 million.
Stepn: GMT rose 11.04% to trade for $0.301 after the move-to-earn game announced that it had enabled NFT trading on its newly rolled-out iOS app. As of Tuesday evening, GMT market cap had risen to $259.79 million.
TomoChain: TOMO is valued at $1.256, following a 24-hour growth of 10.91%. The token is up 96.34% over the past thirty days. Its market cap stands at $126.92 million.
FTX Token: Following rumors of a possible reopening of the crypto exchange FTX, FTT has surged 8.87% to change hands for $1.096 as of this writing. Its market cap stands at $360.53 million.
Top Five Losers
Multichain: MULTI takes the top loser spot after dropping by 9.71%. The project has declined by 25.38% over the previous month. With a market cap of $102.04 million, MULTI trades at $7.016 as of Tuesday evening.
Kaspa: KAS was a top loser yesterday. Today, it has extended the decline, shedding 7.32% of its value to trade at $0.014. It’s not clear why KAS is witnessing a huge sell-off. The token market cap has also fallen to $265.37 million.
HEX: With a market valuation of $4.59 billion, HEX trades at $0.025 after plummeting by 6.21%.
WEMIX: This cryptocurrency is down 29.98% over the last thirty days. It has recorded a 24-hour loss of 5.43% to trade at $0.812. Its market cap stands at $204.35 million.
iExec RLC: RLC is valued at $1.592 after dropping by 3.34%. Nonetheless, the crypto asset has seen 7-day gains of 4.12%. Its market valuation stands at $115.25 million.
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