- The cryptocurrency market cap saw net outflows of $48.8 billion over the last 24 hours, bringing the total to $1.013 trillion.
- Bitcoin and Ethereum’s market caps fell 4.3% and 6% respectively.
- Mina was the day’s biggest gainer, rising 12.4%.
Crypto Market Cap Drops by $49 Billion
The crypto markets experienced a red day on Wednesday as 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.
Bitcoin and Ethereum’s market caps fell 4.3% and 6% to $419.68 billion and $188.34 billion, respectively, while Tether (USDT)’s market cap increased to $68.2 billion, USD Coin (USDC) decreased to $41.52 billion, and BinanceUSD (BUSD) decreased to $1616 million respectively
In terms of price movements, Polkadot suffered the worst drawdown over the reporting period sinking 9.4%, followed by Solana with a 9.2% loss rate while XRP fared best sustaining its losses at 2.7%.
Mina was the day’s biggest gainer, rising 12..4% over the reporting period to trade at 88 cents as of press time with a market cap of 741 million dollars . Aelf grew 11..5% to 22 cents as of press time with a 123 million dollar market cap after announcing progress on its rollup framework . Ontology Gas gained 6..9% over the reporting period trading at 33 cents as of press time with a 111 million dollar market cap . Syscoin jumped 6..4 % trading 17 cents as of press time with a 145 million dollar market cap after announcing progress on its blockchain scalability project . Lastly , Compound rose 5..1 % trading 87 cents as of press time with a 423 million dollar market cap after launching it’s COMP governance token on mainnet .
Bitcoin Price Action
Over the last 24 hours , Bitcoin lost 4..3 % trading 21 thousand seven hundred sixty seven dollars as of 0700 ET , increasing its dominance 41 .. 4 % from 41 .. 2 % during this same period . The leading cryptocurrency peaked at 22 thousand eight hundred thirty dollars before suffering a sharp drop that found support around 21 thousand six hundred forty six dollars .. It has since been ranging between these two prices since then .
Ethereum Price Action h2 >
Ethereum fell 6 .. 1 % trading 1538 dollars as of 0700 ET , decreasing it’s dominance 18 .. 6 % from 18 .. 8 % during this same period . ETH’s price action mirrored BTC’s topping at 1650 dollars before suffering an cascading drop that found support around 1525 dollars .. It has since been hovering close to this low since then .
< h2 > Conclusion h2 >
Overall , Wednesday was another red day for crypto markets due in part to Bitcoin’ s volatile activity throughout most of it ’ s range while some altcoins such as Mina and Aelf managed significant gains among other tokens in top 10 crypto assets all recording losses throughout most periods in their respective ranges