Polygon defies flat market, posting 8% gains

The cryptocurrency market cap saw net outflows of $2.09 billion over the last 24 hours and currently stands at $1,044.31 billion — down 0.2% from $1,046.4 billion.

Over the reporting period, the Bitcoin market cap fell 0.2% to $442.43 billion from $443.07 billion. Similarly, Ethereum’s market cap dropped 1.6% to $193.42 billion from $196.32 billion.

The top 10 cryptocurrencies recorded a mixed performance over the last 24 hours. Polygon tops the list, posting 7.7% gains. By contrast, yesterday’s top gainer Solana brings up the rear, down 2.6%.

The market caps of Tether (USDT) and BinanceUSD (BUSD) grew to $67.34 billion and $15.76 billion, respectively. USD Coin (USDC) fell to $43,47 billion.

Bitcoin

Over the last 24 hours, Bitcoin fell 0.2% to trade at $22,960 as of 07:00 ET. Its market dominance grew slightly to 42.4% from 42.3%.

BTC reached a peak price of $23,242 over the past day. A gradual downtrend followed, resulting in a sharp sell-off that found support at $22,541. Bulls stepped in to take the price back above pre-sharp sell-off levels.

Ethereum

Ethereum lost 1.6% over the last 24 hours to trade at $1,578 as of 07:00 ET. Its market dominance fell to 18.5% from 18.8%.

ETH price action mirrored BTC, achieving a local top of $1,622 during the reporting period. The ensuing sharp sell-off bounced at $1,553, leading to a muted recovery.

Top 5 Gainers

Conflux Network

CFX is the day’s biggest gainer, increasing 66.7% over the reporting period to $0.06972 as of press time. China’s version of Instagram, Little Red Book, announced CFX integration. Its market cap stood at $145.77 billion.

Neutrino USD

USDN gained 33.9% to trade at $0.31703 as of press time. The stablecoin lost its $1 peg price around June 2022. Its market cap stood at $215.67 million.

Hooked Protocol

HOOK grew 23.2% in the last 24 hours to $3.49106. Upcoming developments include the Hooked Party Pass Season 2 NFT airdrop and token distribution airdrop. Its market cap stood at $174.55 million.

Theta Fuel

TFUEL gained 17.9% in the last 24 hours to $0.05719. The token is up 80% over the past month. Its market cap stood at $343.64 million.

Flux

FLUX rose 15.6% in the last 24 hours to $0.75635. The token grew over 138% over the past month. Its market cap stood at $218.01 million.

Top 5 Losers

Threshold

T is the day’s biggest loser, falling 14% to $0.04725 as of press time. Despite today’s dip, the token is still up 223% over the past…