Bears take control as Bitcoin dips to $23,500

The cryptocurrency market cap saw a net outflow of around $10 billion over the last 24 hours and currently stands at $1.08 trillion — down 0.86% from $1.09 trillion.

Over the reporting period, Bitcoin and Ethereum’s market cap fell 1.32% and 1.51% to $453.27 billion and $201.57 billion, respectively.

The top 10 crypto assets posted losses across the board over the reporting period except Polkadot, which is up 3.96%. The top losers included Polygon, Dogecoin, and Solana, which decreased by 3.58%, 2.19%, and 2.27%, respectively.

Over the last 24 hours, the market caps of Tether (USDT) and USD Coin (USDC) marginally rose to $68.04 billion and $42.44 billion, respectively. On the other hand, the market cap of BinanceUSD (BUSD) remained flat at $16.10 billion.

Bitcoin

Over the last 24 hours, Bitcoin fell 1.3% to trade at $23,523 as of 07:00 ET. Its market dominance dropped to 41.9% from 42.1%.

During the reporting period, BTC managed to stay above $23,500 after surging to $24,091 around on Feb. 2. The asset liquidated over $30 million from traders who held long positions.

Ethereum

Ethereum declined 1.4% over the last 24 hours to trade at $1,648 as of 07:00 ET. Its market dominance remained flat at 18.7%.

ETH traded above $1700 for the first time since September 2022 but soon retraced to its current levels after the bears took control of the market.

Top 5 Gainers

TerraUSD

USTC is the day’s biggest gainer, rising 57.97% over the reporting period to $0.039 as of press time. Terra community members have passed a new proposal to re-peg the algorithmic stablecoin. Its market cap stood at $390.36 million.

Illuvium

ILV grew 38.35% to $101.96 as of press time. The play-to-earn game rose by over 150% in the last 30 days. Its market cap stood at $214.84 million.

Orbs

ORBS gained 32.67% over the reporting period to trade at $0.040 as of press time. The blockchain network has enjoyed a stellar start to the year, growing by over 90 since Jan. 1. Its market cap stood at $115.17 million.

Wemix

WEMIX jumped 23.41% to $1.11 as of press time. The NFT-related token recently burnt 2 million WEMIX Classic tokens. Its market cap stood at $280.54 million.

Baby Doge Coin

BabyDoge rose 18.4% to $0.000000001874 as of press time. Earlier today, the meme coin revealed that it had burnt over 352 million tokens, and the total value of assets locked on its decentralized exchange (DEX)…