Daily Market Update – BTC Falls 3.5% as Liquidity Concerns Rise
The Crypto market capitalization has dropped by 2.3% to $ 1.17 trillion in the past 24 hours. During this period, BTC’s market valuation decreased to $521.3 billion from $534.9 recorded the previous day. Ethereum’s market cap also dropped to $206.4 billion from $211.3 billion.
Except for XRP, all top ten cryptocurrencies have posted losses ranging between 0.5% and 4%. XRP recorded gains of 3.3%, while Polygon and Cardano saw the biggest losses of 4% and 3.7%, respectively.
As for stablecoins, the market valuation of Tether’s USDT rose to $79 billion, while those of USDC and BUSD dropped to $33.8 billion and $8 billion, respectively.
Bitcoin has fallen by 3.5% in the past day to trade at $26,944 as of this writing. There have been concerns about the BTC’s liquidity after the asset’s trading volume on Binance fell to levels not seen since last July. The drop is largely attributed to the exchange’s move to end its zero-fee trading program.
The second largest crypto asset saw losses of 3.2% in the past day. Ethereum is now changing hands for $1,712, as per CoinGecko data.
Top Five Gainers
Radicle: RAD becomes the biggest gainer of the day after rising 21% to $2.3 in the past 24 hours. The token has a market cap of $126.8 million.
inSure: Sure increased by 11.5% to $0.00805741. It has a market valuation of $217.6 million.
JOE: The crypto is up 11.1% to $0.471378 in the last 24 hours. Its market capitalization rose to $161.67 million.
Kaspa: KAS surged 9% to change hands for $$0.01900217 at press time. Its market cap increased to $336.7 million.
UMA: The token rose by 7.9% to $2.13. Its current market valuation sits at $153.1 million.
Top Five Losers
Gitcoin: GTC shed 18.3% to trade at $2.02 as of this writing. It has a market valuation of $128.59 million.
RSK Infrastructure Framework: RSK dropped by 11.2% to $0.137622. It has a market cap of $135.5 million.
MetisDAO: In the past 24 hours, METIC declined by 6.9% to $23.72. The token has a market capitalization of $109.12 billion.
Arbitrum: ARB shed 6.1% to trade at $1.22. Airdropped last Thursday, the token has a market cap of $1.56 billion.
Beldex: BDX plummeted by 6.07% in the past day. It is now priced at $0.058 and has a market cap of $235.29 million.