CryptoSlate Daily wMarket Update – Dec. 8: Inflows of roughly $19B bring welcome relief to crypto markets

The cryptocurrency market cap saw net inflows of $18.77 billion and currently stands at $861.04 billion — up 2.2% from $842.27 billion over the last 24 hours.

Over the reporting period, Bitcoin’s market cap grew 2.3% to $331.63 billion from $324.04 billion. Meanwhile, Ethereum’s market cap increased by 3.7% to $157.57 billion from $151.90 billion.

Over the last 24 hours, the top 10 cryptocurrencies all posted gains. The biggest gainer was Ethereum, recording 4% gains, closely followed by Litecoin, up 3.9%. Yesterday’s biggest gainer, XRP, brings up the rear, growing 1.5%.

Since the last report, the market cap of Tether (USDT) saw a marginal increase to $65.71 billion. In contrast, USD Coin (USDC) and BinanceUSD (BUSD) saw slight decreases to $42.80 billion and $22.06 billion, respectively.

Bitcoin

Bitcoin gained 2.5% to trade at $17,245 as of 07:00 ET. Its market dominance remained flat at 38.5%.

The leading cryptocurrency experienced a spike higher around 14:00 (ET) yesterday. It has since settled into a narrow trading range between $17,159 and $17,296.

Ethereum

ETH posted 4% gains over the last 24 hours to trade at $1,287 as of 07:00 ET. Its market dominance grew slightly to 18.3% from 18.0% over the reporting period.

Ethereum’s price performance mirrored Bitcoin’s. Its post-spike trading range settled between $1,274 and $1,293.

Top 5 Gainers

Fetch

FET is the day’s biggest gainer, growing by 43.1% over the last 24 hours to $0.11962 as of press time. Interest in the Cosmos-based token is increasing, as evidenced by rising trade volumes. Its market cap stood at $89.25 million.

FTX Token

FTT is up 33% in the last 24 hours to trade at $1.79835. Talk of a revival plan was a contributory factor in the spike. Its market cap stood at $591.47 million.

Mass Vehicle Ledger

MVL gained 29.9% over the reporting period to trade at $0.00418 as of press time. Its market cap stood at $93.04 million.

Ocean Protocol

OCEAN increased by 20.1% to $0.16204 over the last 24 hours. Its market cap stood at $99.35 million.

Numeraire

NMR is up 12.5% in the last 24 hours to trade at $15.7447. Its market cap stood at $92.71 million.

Top 5 Losers

Radix

XRD is today’s biggest loser falling 11.6% to $0.04050 over the reporting period. No new fundamental developments have been noted. Its market cap stood at $407.04 million.

MAGIC

MAGIC decreased 4.7% over the last 24 hours to $0.59325. Its market cap stood at $105.11 million.

Celsius

CEL fell 2.7% to $0.66444 as of press time. The bankruptcy hearing is currently ongoing. Its market cap stood at $158.71 million.

Ren

REN lost 2.6% to trade at $0.08482 as of press time. Its market cap stood at $84.74 million.

Kaspa

KAS declined 1.2% to trade at $0.00719. The token remains up 84% over the past month. Its market cap stood at $107.94 million.

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