Taking a closer look at the overall cryptocurrency market, we can observe recent trends and movements in various cryptocurrencies.
The cryptocurrency market experienced net outflows of $2.6 billion in the last 24 hours, resulting in a slight decrease in the total market capitalization. Currently standing at $1.12 trillion, the market cap dipped by 0.2% from its previous level of $1.13 trillion.
Among the top cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH) experienced a marginal decline in their market caps. Bitcoin’s market cap fell by 0.6% to $520.51 billion, while
Ethereum’s market cap decreased by 0.4% to $217.14 billion. These slight fluctuations in market caps indicate the overall stability of these leading cryptocurrencies amidst the macroeconomic factors affecting the market.
Looking at the top 10 cryptocurrencies, there was a mix of performance over the last 24 hours. XRP emerged as the leader with 5.5% gains after Judge Hinman refused the SEC’s motion to seal the Hinman documents. Following XRP, Litecoin experienced a 4.1% increase, driven by the ongoing halving narrative. On the other hand, Solana posted losses of 1.2%, rounding out the top 10 performers.
The market caps of other major stablecoins, such as Tether (USDT), USD Coin (USDC), and Binance USD (BUSD), also witnessed a decrease. Tether’s market cap fell to $82.84 billion, while USD Coin stood at $29.64 billion, and Binance USD recorded $5.55 billion.
Now let’s delve into the performance of the two largest cryptocurrencies individually:
What you'll learn 👉
Bitcoin
Over the past 24 hours, Bitcoin experienced a slight decline of 0.6%, with its price reaching $26,864 as of 07:00 ET.
Bitcoin has lost its grip on the $27,000 handle and is currently holding support near $26,750. BTC might start a fresh increase if there is a clear move above the $27,550 resistance zone.
Ethereum
Similarly, Ethereum witnessed a decrease of 0.4% in the last 24 hours, with its price at $1,805 as of 07:00 ET. During the reporting period, ETH displayed an uptrend that peaked at $1,837 on Tuesday evening (ET), followed by a slight dip to $1,803 in the early hours of today.
Here are some major support and resistance levels to keep in mind:
- ETH major support levels: $2,200, $2,000, $1,800
- ETH major resistance levels: $2,500, $2,800, $3,000
Potential factors that could sway the price up or down include the debt ceiling negotiations in Washington, risk-averse sentiment, and the release of Ethereum 2.0. It is important to keep an eye on the news and market trends to make informed decisions on buying or selling.
Now, let’s take a closer look at the top five gainers and losers in the market:
Top 5 Gainers
- Axie Infinity (AXS): AXS experienced the most significant gain of the day, growing by 13% over the last 24 hours, reaching $7.69020 at press time. The recent listing of the Axie Infinity game on the Apple App Store contributed to this surge. The market cap of AXS stood at $899.42 million.
- Gala (GALA): GALA jumped by 12.5% to $0.03417 during the same period. The project’s migration to a new contract address, along with its token burns as part of an expansion plan, propelled its growth. GALA’s market cap reached $238.43 million.
- Decentraland (MANA): MANA experienced a 9.3% increase, reaching $0.51553 as of press time. The project’s “Wearable Wednesday” Twitter Space event contributed to its recent growth. MANA’s market cap stood at $968.31 million.
- RenderToken (RNDR): RNDR rose by 6.6% to $1.97746. The company achieved a milestone of 88,000 followers on Tuesday through its Twitter account, which contributed to its positive performance. The market cap of RNDR reached $719.62 million.
- Dash (DASH): DASH gained 5.3%, trading at $44.8293 at the time of writing. The recent core development update hosted by Dash contributed to its price appreciation. The market cap of DASH stood at $505.67 million.
Top 5 Losers
- HEX: HEX experienced the most significant decline, falling by 20% to $0.02793 at the time of writing. The recent launch of the PulseChain mainnet impacted HEX’s market performance. The market cap of HEX stood at $4.84 billion.
- tomiNET (TOMI): TOMI dropped by 10.9%, trading at $3.33286. CryptoDiffer highlighted tomiNET as the leading project by Daily Active Addresses in the last 30 days. The market cap of TOMI reached $132.12 million.
- DAO Maker (DAO): DAO plunged by 9.4% to $1.40297. DAO Maker gained attention as one of the top five gainers recently due to the interest surrounding its incubated Tenet layer 1 chain. The market cap of DAO stood at $201.95 million.
- Kaspa (KAS): KAS lost 9.1%, trading at $0.01909 over the reporting period. A recent Rust Development Update from the project impacted its market performance. The market cap of KAS reached $354.45 million.
- Open Campus (EDU): EDU fell by 6.3% to $1.10943. The project’s recent opening of the Global Educators Fund contributed to its market performance. The market cap of EDU stood at $161 million.
Overall, the cryptocurrency market continues to experience fluctuations influenced by the macro situation, including factors such as inflation, central bank tightening, and geopolitical uncertainty. Bitcoin’s performance remains crucial, and the impact of Tether’s Bitcoin purchases adds another layer of influence. Investors should carefully monitor these market conditions and consider the long-term potential of cryptocurrencies amidst the short-term price fluctuations.
