CryptoSlate Daily wMarket Update – Oct. 5: Bulls struggle to keep BTC above $20,000

Cryptocurrency market inflows totaled $5 billion over the past 24 hours, indicating a slowdown in the market cap growth compared to the past few days. As of press time, the market capitalization of the entire crypto market stood at $971.57 billion.

The market cap of Bitcoin (BTC) fell to $387.11 billion from $387.57 billion the previous day. Ethereum’s (ETH) market cap, on the other hand, stood at $167.34 billion at press time.

Among the top 10 cryptocurrencies, Ripple (XRP) booked the highest gains over the past day at 1.32%. Dogecoin (DOGE) price, which spiked over 7% upon Elon Musk’s new Twitter acquisition offer, slowed in growth, gaining only 1.1% over the past 24 hours,

The USD Coin (USDC) market cap continued its slow but steady downward trend, declining to $46.43 billion at press time. Tether (USDT) market cap increased slightly from $68.07 billion the previous day to $68.22 billion at the time of writing. BinanceUSD (BUSD) market cap rose marginally to $21.04 billion.

Bitcoin

Bitcoin was trading at around $20,250 at the time of writing — up 0.35% over the past 24 hours. The market dominance of the largest cryptocurrency remained stable at 40.1% during the period.

BTC’s price saw its third day of appreciation on Oct. 5, albeit with more volatility and less momentum. From 06:00 UTC, the price of Bitcoin started its downward journey and fell below $19,900 by 14:00 UTC.

BTC price then shot upwards, reaching $20,270 at around 18:00 UTC, only to plunge below $20,000 again. The dip was followed by another short rally that peaked at $20,370 at around 01:00 UTC on Oct. 6, before it started declining again.

While Bitcoin, despite the heavy fluctuations in price, managed to stay in the green over the past day, the U.S. stock markets are in the red.

Ethereum

Ethereum’s price stood at $1,373 at the time of writing — up 1.59% over the past 24 hours. The token’s market dominance increased slightly to 17.3% during the period.

ETH price mirrored BTC price movements over the past day. Around 06:00 UTC, ETH started falling until it reached around $1,323 at 14:00 UTC. The token’s price climbed to $1,356 by 18:00 UTC before dipping again. The subsequent growth spurt caused the ETH price to jump to $1,379 at around 01:00 UTC on Oct. 6.

Top 5 Gainers

SushiSwap

SUSHI posted 12.25% gains over the past 24 hours, trading at around $1.27 at press time. The token’s market capitalization stood at $161.83 million. Between 13:00 and 21:00 UTC, the token’s price grew from $1.11 to $1.29 before it started falling.

MetisDAO

METIS grew 11.97% over the past 24 hours to trade at around $28.27 at the time of publishing. The token’s market cap stood at $124.2 million.

Moonbeam

GLMR price stood at $0.51 at the time of writing, up 10.47% over the past 24 hours. The token’s market cap totaled $205.79 million.

Numeraire

NMR was trading at $16.50 at press time — up 12.82% over the past 24 hours. From 11:00 UTC, the token price shot up on a steep slope until it peaked at around $18.32 by 13:00 UTC. The token price traded with a downward bias through the rest of the day. At the time of publishing, the token’s market cap stood at $97.22 million.

Ethereum Name Service

ENS booked gains of 10.28% over the past 24 hours to trade at $17.53 as of press time. The token’s market cap stood at $354.98 million. The token price has grown 28.8% over the past month.

Top 5 Losers

Bitcoin Standard Hashrate Token

BTCST declined 10.31% over the past 24 hours to trade at $9.34 at press time. The token eliminated most of its gains from the previous day, and its market cap stood at $114.03 at the time of writing, down from $128.48 million the day before.

GMX

GMX price dropped 9.11% over the past 24 hours to trade at around $45.95 at the time of writing. The token’s market capitalization stood at $383.22 million. The token traded with a downward bias throughout the day, eliminating most of its gains from the day before.

Voyager Token

VGX fell 5.23% over the past day to trade at $0.53 at the time of publishing. The token’s market cap amounted to $149.28 million. While FTX placed the winning bid at the auction of Voyager’s assets with a $1.4 billion offer, pending court approval, Voyager users are still unsure how much they can recover.

Celsius

The price of CEL declined 4.64% to trade at around $1.29 at press time. The token’s market cap stood at $310.01 million.

Celsius’ assets are scheduled to be auctioned later this month. FTX founder Sam Bankman-Fried has said that FTX will pay “fair market value” for Celsius’ purchases. But a change in the firm’s corporate structure made earlier in 2022 prioritizes shareholders over customers when it comes to asset recovery in a bankruptcy.

Pundi X

PUNDIX was trading at $0.49 as of press time — down 4.44% over the past 24 hours. The token’s market cap amounted to $128.89 million at the time of writing.

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