Bitcoin trades at 2-year low as market rut continues

In the last 24 hours, the cryptocurrency market cap saw outflows of around $50 billion as the industry plunged to $828.94 billion from $875.52 billion as of press time — down 4.23%.

Bitcoin and Ethereum’s market cap fell by 7.25% and 1.95% to $317.46 billion and $143.79 billion, respectively.

The top 10 cryptocurrencies recorded losses for the second consecutive day as the crypto market is still rocking from FTX’s implosion. Solana printed the highest loss with 25%, while Polygon was the only outlier with a 0.2% gain. BTC and ETH fell 7.25% and 1.95%, respectively.

The market caps of Tether (USDT) and BinanceUSD (BUSD) decreased to $69.3 billion and $22.98 billion, respectively. USD Coin (USDC) market cap increased to $42.9 billion.

Bitcoin

Over the last 24 hours, Bitcoin posted losses of 7.25% to trade at $16,439 as of 07:00 ET. Its market dominance decreased to 38.1% from 39.1%.

BTC continued its recent poor market performance, falling below $17,000—the first time it has dropped that low since November 2020. The asset bottomed at $15,682 and peaked at $17,942.

Ethereum

ETH decreased 1.95% to $1,184 as of 07:00 ET. Its market dominance rose to 17.5% from 17%.

ETH struggled to stay above the $1,100 level as the second-largest digital asset was also affected by the FTX implosion. The asset bottomed at $1,083 over the reporting period.

Top 5 Gainers

Counos X

CCXX is the day’s biggest gainer for the second consecutive day, rising by 334% to trade at $146.67 as of press time. Its market cap also surged to $2.62 billion.

Phala Network

PHA grew 36.37% over the reporting period, trading at $0.176 as of press time. Over the past month, the privacy protocol has seen an impressive 119% gain. Its market cap stood at $101.86 million.

dYdX

The native token of the decentralized exchange DYDX saw gains of 20.01% over the last 24 hours, trading at $1.50 as of press time. Its market cap stood at $98.84 million.

Mask Network

MASK rose 18.23% and is currently trading for $2.94 as of press time. Its market cap stood at $84.99 million.

Terra Classic

The native token of the failed Terra ecosystem is also one of the day’s biggest gainers. It is up 12.68% over the reporting period to $0.00019 as of press time. Its market cap stood at $1.25 billion.

Top 5 Losers

FTX Token

FTT continues its rut, shedding 40.08% of its value over the last 24 hours to $2.63 as of press…