Bitcoin’s descent continues with brief capitulation to $25,890: CryptoSlate wMarket Update

Over the last 24 hours, the cryptocurrency market saw net outflows of $20 billion for the second consecutive day and currently stands at $1.1 trillion — down 1.45% from $1.12 trillion.

During the same period, the market caps of Bitcoin (BTC) and Ethereum (ETH) fell 1.8% and 1.6% to $508.48 billion and $214.56 billion, respectively.

Except for Polygon, which gained 1.17%, other top crypto assets recorded losses during the reporting period.

Cardano lost 2.17% of its value, while Bitcoin, Ethereum, BNB, and XRP fell more than 1%, respectively.

Tether’s (USDT) market cap grew to $83.05 billion. In contrast, USD Coin (USDC) and Binance USD (BUSD) fell to $29.14 billion and $5.33 billion, respectively.

Bitcoin

In the last 24 hours, Bitcoin fell 1.8% to trade at $26,242 as of 07:00 ET. Its market dominance descended to 46.1% from 46.3%.

During the reporting period, BTC continued to trade downwards, dropping to $25,890 before rebounding to its current levels. The descent led to $120 million in liquidation.

Ethereum

In the last 24 hours, Ethereum fell 1.6% to trade at $1,786 as of 07:00 ET. Its market dominance remained flat at 19.5%.

ETH mostly mirrored BTC’s price performance, bottoming at $1,760.

Top 5 Gainers

ARPA Chain

ARPA is the day’s biggest gainer, growing 23.41% over the last 24 hours to $0.11470 as of press time. The token is on the top gainer’s list for the second consecutive day. Its market cap stood at $142.56 million.

Kaspa

KASPA jumped 23% to $0.01546 over the last 24 hours. The protocol revealed that technical stores in Istanbul, Turkey, now accept the asset as a means of payment. Its market cap stood at $289.39 million.

ARAW

ARAW gained 22.35% to trade at $0.05149 at the time of writing. It was unclear why this token was rising as of press time. Its market cap stood at $102.66 million.

Escroco Emerald

ESCE rose 17.75% to $0.09831 as of press time. The Ethereum-based token is up 5% over the last seven days. Its market cap stood at $98.31 million.

Open Campus

EDU grew 9.98% over the last 24 hours to $1.21829 as of press time. Crypto exchange Binance enabled an auto-invest feature for the token. It has a market cap of $222.26 million.

Top 5 Losers

HEX

HEX is the day’s biggest loser for the second consecutive day. The token fell 20.28% to $0.01621 at the time of press. Over the past week, the token has lost more than 45% of its value. Its market cap stood at $2.81 billion.

Synthetix

SNX fell 10.46% to $2.30100 over the reporting period. The derivatives token is down roughly 10% in the last month. Its market cap stood at $597.29 million.

WAVES

WAVES is back among the top loser’s list after shedding 10% to trade at $1.79731. The token has experienced heavy volatility since the South Korean exchanges removed the investment warning tag earlier this week. Its market cap stood at $200.42 million.

PancakeSwap

CAKE lost 8.14% and was trading at $1.55814 as of press time. Its market cap stood at $314.55 million.

Kava

KAVA sunk 8% to $0.98471 as of press time. Despite today’s drawdown, the token is up 38% over the last 30 days. Its market cap stood at $115.27 million.

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