Bitcoin’s short-lived rally above $26,000 burns long traders

In the last 24 hours, the cryptocurrency market cap saw net inflows of around $10 billion and currently stands at $1.09 trillion — up 0.89% from $1.08 trillion.

Over the reporting period, Bitcoin and Ethereum’s market cap decreased by 0.53% and 0.52% to $474.77 billion and $205.56 billion, respectively.

All top 10 crypto assets maintained a positive price performance over the last 24 hours, except Cardano, which fell 0.71%. The biggest gainers were Polygon, DogeCoin, Solana, and Polkadot, which rose by over 2%.

In the last 24 hours, the market cap of Tether (USDT) increased to $73.73 billion. Meanwhile, Binance USD (BUSD) remained flat at $8.36 billion, while USD Coin (USDC) decreased to $38.39 billion.

Bitcoin

In the last 24 hours, Bitcoin increased 0.35% to trade at $24,575 as of 07:00 ET. Its market dominance fell to 43.8% from 44%.

During the reporting hours, Bitcoin broke multiple resistance levels to trade at a seven-month high of $26,514. However, the gains were short-lived as the asset quickly tumbled below $25,000. Coinglass data showed that around $150 million in long positions held on the asset were liquidated.

Ethereum

Over the last 24 hours, Ethereum gained 0.42% to trade at $1,687 as of 07:00 ET. Its market dominance dropped to 19.0% from 19.1%.

ETH’s price performance mirrored that of Bitcoin. The asset peaked at $1779 before returning to its current levels.

Top 5 Gainers

SingularityNET

AGIX is the day’s biggest gainer, rising 38.53% over the reporting period to $0.53 as of press time. The AI-related token saw its value spike after OpenAI released the new model ChatGPT-4. Its market cap stood at $641.45 million.

Conflux Network

CNX is on the top gainer’s list for the third consecutive day. The token increased 35.88% to $0.33 at the time of writing. Its market cap stood at $885.98 million.

Ribbon Finance

RBN gained 30.91% to $0.26 as of press time. The decentralized finance (DeFi) project native token has increased 24% over the last seven days. Its market cap stood at $143.42 million.

Stacks

STX is back on the top gainers’ list after increasing 30.3% to $1.04 at the time of writing. The Bitcoin layer2 network rose 258% in the past 30 days. Its market cap stood at $1.42 billion.

ImmutableX

IMX rose 27.71% to $1.23. Its market cap stood at $1.08 billion.

Top 5 Losers

Gensokishi Metaverse

MV is the day’s biggest loser, falling 7.08% to trade at $0.12 at the time of writing. The NFT-related…