The wMarket Update condenses the most important price movements in the crypto markets over the reporting period, published 07:45 ET on weekdays
Over the reporting period, the cryptocurrency market cap saw net outflows of $31.56 billion to $796.6 billion, down 3.8% from $828.16.
Bitcoin’s market cap decreased by 4% to $308.8 billion from $322 billion. Ethereum’s market cap fell 8% to $137.1 billion from $149.1 billion.
The top 10 cryptocurrencies all sold off over the reporting period, with Dogecoin and XRP leading the biggest losses at 7.7% and 7%, respectively. Meanwhile, TRON fared best, losing 0.6% over the last 24 hours and ousting Solana from the top ten.
Over the reporting period, the market caps of Tether (USDT) and BinanceUSD (BUSD) remained flat at $65.9 billion and $22.9 billion, respectively. Meanwhile, the market cap of USD Coin (USDC) increased 0.9% to $44.4 billion from $44.09 billion.
In the last 24 hours, Bitcoin lost 2.7% to trade at $16,088 as of 07:00 ET. Its market dominance rose slightly to 38.8% from 38.5% over the reporting period.
The leading cryptocurrency was trading flat until a breakdown Sunday evening turned into a spill that bottomed at $15,900. Market sentiment remains fragile over fears of contagion affecting the Digital Currency Group and its subsidiary companies Grayscale and Genesis.
ETH decreased by 4% over the last 24 hours to trade at $1,124 as of 07:00 ET. Its market dominance fell to 17.3% from 17.8% over the reporting period.
Price action for Ethereum mirrored Bitcoin. A local bottom of $1,105 was found just before 06:00 today.
Top 5 Gainers
SRM is the day’s biggest gainer, growing by 24.5% as of press time to $0.27561. Serum underwent a fork to distance itself from the FTX debacle. Since then, the token has grown 40% in value. Its market cap stood at $72.55 million.
BTCST is up 10.8% over the reporting period to $7.16520. The BTC mining liquidity protocol is up 20.4% over the past week. Its market cap stood at $87.43 million.
XEM increased by 5.8% over the last 24 hours to $0.03456 as of press time. Its market cap stood at $311.02 million.
SYS increased by 3.3% to $0.12009 over the reporting period. Its market cap stood at $80.58 million.
STORJ gained 3% in the last 24 hours to trade at $0.33668 as of press time. The storage protocol has risen by 14% over the last seven days. Its market cap stood at $139.03 million.
Top 5 Losers
YFII is the day’s biggest loser sinking 49.7% over the last 24 hours to $1,861.16 as of press time. No new fundamental developments have come to light, however, onchain analysis shows selling pressure coming from whales offloading their holdings. Its market cap stood at $71.83 million.
CHZ is down 15.6% to $0.19285 at the time of press. Since the start of this month, the token has experienced extreme volatility in both directions. Its market cap stood at $1.18 billion.
POLY recorded a 12.6% loss over the reporting period to trade at $0.19852 as of press time. Its market cap stood at $183.63 million.
ALGO was down 12.2% to $0.24691 as of press time. The token is down 19.8% over the past month. The Algorand Foundation recently confirmed zero affiliation with FTX. It is unclear why ALGO continues to sell off. Its market cap stood at $1.76 billion.
RLC fell 8.8% over the reporting period to $1.05678 as of press time. Despite today’s drawdown, the token is still up 32.8% over the past week. Its market cap stood at $85.6 million.
Source : Cryptoslate