Litecoin shines as wider crypto market stutters

The cryptocurrency market cap saw net outflows of $16.95 billion over the last 24 hours and currently stands at $1.16 trillion – down 1.4% from $1.18 trillion.

During the reporting period, the market caps of Bitcoin and Ethereum decreased by 1.9% and 1.9% to $534.7 billion and $214.8 billion, respectively.

The top 10 cryptocurrencies recorded mixed results over the last 24 hours. Leading the losses was Solana, down 3.6% over the period. In contrast, Litecoin jumped 13.2%, while Dogecoin gained 3.5%.

In the last 24 hours, the market cap of Tether (USDT) increased to $77.65 billion. Meanwhile, USD Coin (USDC) fell to $34.7 billion, and Binance USD (BUSD) held flat at $8.06 billion.

Bitcoin

In the last 24 hours, Bitcoin decreased by 1.9% to trade at $27,677 as of 07:00 ET. Its market dominance fell to 46.1% from 46.3%.

During the reporting period — in the run-up to the FOMC announcement — Bitcoin peaked at $28,867. Following news of a 25 basis point hike, BTC sold off, finding support at $26,615. A muted recovery turned into a flat-ranging pattern, oscillating between $27,658 and $27,747.

Ethereum

Over the last 24 hours, Ethereum fell 1.9% to trade at $1,757 as of 07:00 ET. Its market dominance fell to 18.5% from 18.6%.

During the reporting period, Ethereum mirrored BTC’s moves, topping out at $1,820 before moving down sharply to form a local bottom at $1,710. The ensuing gradual uptrend turned into a tight trading range between $1,745 and $1,759.

Top 5 Gainers

HEX

HEX is the day’s biggest gainer, rising 23.8% over the reporting period to $0.12586 as of press time. The V3 testnet of its sister chain, PulseChain, went live recently. Its market cap stood at $21.83 billion.

Litecoin

LTC gained 12.8% to $91.0035 as of press time. The Litecoin halving is expected to occur around August. Payment provider Mastercard announced partnering with the project at the end of January. Its market cap stood at $6.6…