CryptoSlate Daily wMarket Update – Sept. 12

The total cryptocurrency market cap saw net inflows totaling $9.4 billion from the previous day. As of press time, it stood at $1.067 trillion, up 0.88% over the last 24 hours.

Bitcoin’s market cap grew 3% over the reporting period to $428.73 billion from $415.8 billion. Meanwhile, Ethereum’s market cap fell by 0.4%, dropping from $211.12 billion to $210.18 billion over the same period.

Over the last 24 hours, most of the top 10 cryptocurrencies traded flat with a slight upside bias. Bitcoin saw 3.24% gains over the last 24 hours. However, Solana leads the large caps posting 11.5% gains.

The market cap of the top three stablecoins — Tether (USDT), USD Coin (USDC), and BinanceUSD (BUSD) — remained relatively flat over the past 24 hours, standing at $67.74 billion, $51.50 billion and $20.13 billion, respectively.

Bitcoin

Since the last wMarket update, Bitcoin price has grown 3.24% to stand at $22,400 as of press time. Following a weekend of gains, market dominance fell from 40.9% to 40.2% over the past day.

The gains of the last 24 hours took BTC above the $21,800 resistance level. The next level of resistance lies at $25,200; clearing this could pave the way for a $30,000 price in the near term. However, macro factors continue to weigh heavily on the digital assets market.

Ethereum

The price of Ethereum stayed flat, falling 0.9% to trade at $1,721 as of press time. Market dominance also dropped slightly to 19.7% from 20.75%.

With the Merge expected to occur around September 15, investors have slowed their interest as the date fast approaches. It’s unclear whether this is driven by broader crypto markets trading flat.

Top 5 gainers

Pundi X

PUNDIX posted the most significant gains over the reporting period, trading around $0.92415 as of press time — up 70% over the past 24 hours. However, the token is down 45% year on year. The market cap currently stands at $238.89 million.

Function X

FX recorded gains of 21% over the past 24 hours and was trading at around $0.30542 at press time. The token’s market cap stood at $124.77 million.

Ravencoin

RNV grew 11% over the past 24 hours and was trading at around $0.06150 at the time of publishing. The token has been on a phenomenon run, growing by 70% over the last 30 days. A factor in this is likely the exodus of ETH PoW to the chain. At writing, the token’s market cap stood at $644.09 million.

Fruits

FRTS is up 14% since the last wMarket update to trade at $0.01379 at press time. Despite today’s spike, the token is still down 98% from a year ago. Its market cap stood at $290.46 million at the time of writing.

Astar

ASTR bagged gains of 12% over the past 24 hours to $0.04288 at the time of publishing. The token’s market cap stood at $159.16 million.

Top 5 losers

Metacraft

MCT plunged 24% over the past 24 hours and hovered around $2.00449 at press time. Its market cap stood at $105.59 million.

Loom Network

LOOM was down 23% over the past 24 hours to trade around $0.09115. The token was a top 5 gainer in the last report following explosive 146% gains over the weekend. However, bull exhaustion has set in, giving up a substantial proportion of the weekend’s gains.

Terra Classic

LUNC declined 18% over the past 24 hours, trading at $0.00034. However, the token is still up 234% over the past 30 days. The new v22 upgrade that enabled token staking boosted the community, pushing the token price up over the past few weeks.

Terra

LUNA fell 17% over the past 24 hours to around $4.36. LUNA is a rebooted version of TerraClassic (LUNC) which collapsed in May. Despite the fall over the day, the token is up 104% over the past 30 days.

TerraUSD

The price of USTC fell 15% over the past 24 hours to around $0.04414 as of press time. The token’s market cap stood at $433.23. Algorithmic stablecoin USTC dropped its peg price in May and triggered the collapse of the Terra ecosystem and the larger crypto market. Several attempts to re-establish its $1 price have all failed.

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