Red day sees $49B wiped from crypto market cap

The cryptocurrency market cap saw net outflows of $48.8 billion over the last 24 hours and currently stands at $1.013 trillion — down 4.6% from $1.062 trillion.

Over the reporting period, Bitcoin and Ethereum’s market cap fell 4.3% and 6% to $419.68 billion and $188.34 billion, respectively.

The top 10 crypto assets all recorded losses over the last 24 hours. Polkadot suffered the worst drawdown, sinking 9.4%, closely followed by Solana, down 9.2%. Meanwhile, XRP fared best, sustaining its losses to 2.7%.

The market cap of Tether (USDT) increased to $68.2 billion. By contrast, USD Coin (USDC) and BinanceUSD (BUSD) decreased to $41.52 billion and $16.16 billion, respectively.

Bitcoin

Over the last 24 hours, Bitcoin lost 4.3% to trade at $21,767 as of 07:00 ET. Its market dominance increased to 41.4% from 41.2%.

During the reporting period, the leading cryptocurrency peaked at $22,830 before a sharp drop took hold. BTC has since been ranging between $21,646 and $21,942.

Ethereum

Over the last 24 hours, Ethereum fell 6.1% to trade at $1,538 as of 07:00 ET. Its market dominance fell to 18.6% from 18.8%.

ETH’s price action mirrored BTC’s, topping at $1,650 before suffering a cascading drop that found support at $1,525. ETH has since been hoovering close to this low.

Top 5 Gainers

Mina

MINA is the day’s biggest gainer, rising 12.4% over the reporting period to $0.88963 as of press time. The project announced progress on its rollup framework. Its market cap stood at $741.97 million.

aelf

ELF grew 11.5% to $0.22279 as of press time. A recent update disclosed a range of developments, including the eBridge heterogeneous cross-chain bridge. Its market cap stood at $123.4 million.

Ontology Gas

ONG gained 6.9% over the reporting period to trade at $0.33525 as of press time. The token is up 40% over the last 30 days. Its market cap stood at $111.14 million.

Syscoin

SYS jumped 6.4% to $0.17798 as of press time. The project announced partnering with Supra Oracles recently. Its market cap stood at $134.12 million.

Saitama

SAITAMA rose 5.1% to $0.00288 as of press time. The token is up 135.4% over the past month. Its market cap stood at $111.1 million.

Top 5 Losers

Gifto

GFT is the day’s biggest loser, posting a 29.8% loss to $0.11757 as of press time. The token was yesterday’s top gainer; despite today’s drawdown, GFT is still up 268% over the past week. Its market cap stood at $117.14 million.

WEMIX

WEMIX decreased 22.4% to $1.00820 as of press time. Its market cap stood at $247.55 million.

FLOKI

FLOKI dropped 19.9% over the reporting period to $0.06731 as of press time. The project announced burning 5.1 trillion tokens and closing the main cross-chain bridge. Its market cap stood at $200.06 million.

Ocean Protocol

OCEAN is down 17.2% to $0.43366 as of press time. Its market cap stood at $265.88 million.

Hooked Protocol

HOOK fell 17.5% in the last 24 hours to $2.54578. Its market cap stood at $127.294 million.