Bitcoin Loses $29k As Crypto Market Cap Crumbles A Further $9.6B

Over the last 24 hours, the cryptocurrency market cap saw net outflows of $9.6 billion and currently stands at $1.22 trillion — down 0.8% from $1.22 trillion.

During the reporting period, Bitcoin and Ethereum’s’ market cap fell 1.2% and 1.1% to $558.43 billion and $235.22 billion, respectively.

The top 10 cryptocurrencies posted losses over the past day except for Dogecoin, which increased by 4.9%, and XRP, up 0.1%. Meanwhile, Litecoin recorded the most significant drawdown, losing 4.8% in value.

The market cap of Tether (USDT) grew to $81.32 billion. In contrast, USD Coin (USDC) and Binance USD (BUSD) fell to $31.24 billion and $6.61 billion, respectively.

Bitcoin

In the last 24 hours, Bitcoin fell 1.2% to trade at $28,826 as of 07:00 ET. Its market dominance fell to 46% from 46.2%.

Over the reporting period, Bitcoin trended down, with a sharp spill occurring at around 19:00 (ET) yesterday, losing $29,000. The $28,550 zone provided support.

Ethereum

Over the last 24 hours, Ethereum (ETH) fell 1.1% to trade at $1,954 as of 07:00 ET. Its market dominance grew to 19.4% from 19.3%.

The second largest market cap cryptocurrency dipped at 19:00 (ET) yesterday, finding support at $1,924 on two occasions. The subsequent bounce led to a gradual uptrend that peaked at $1,964.

Ethereum chart — Source: TradingView.com

Top 5 Gainers

Polymesh

POLYX is the day’s biggest gainer growing 28.3% over the last 24 hours to $0.21456 as of press time. Binance joined the Polymesh network as a node operator. Its market cap stood at $131.44 million.

Cocos-BCX

COCOS gained 12.5% to trade at $1.85919 at the time of writing. The project was recently rebranded to COMBO. Its market cap stood at $132.1 million.

HEX

HEX rose 10.9% to $0.07125 over the last 24 hours. The v4 PulseChain testnet was launched. Its market cap stood at $12.36 billion.

BitTorrent

BTT grew 9.7% to $0.000000702515 during the reporting period. The BTFS decentralized storage solution is open for sign-up. Its market cap stood at $650.03 million.

Radiant Capital

RDNT is up 8% to $0.45154 as of press time. The project launched its Fusion DeFi product. Its market cap stood at $118.72 million.

Top 5 Losers

TEMDAO

TEM is the day’s biggest loser, falling 16.4% to trade at $0.01352 at the time of writing. The token was a top 5 loser yesterday. TEM is down 92.6% over the past 30 days. Its market cap stood at $366.37 million.