Bitcoin has experienced another significant drop in value, losing $28,000 in just one day. The cryptocurrency has been experiencing a series of red days recently, with many investors being concerned about the implications of the decline. The drop in value is attributed to a variety of factors, including regulatory pressures and a general lack of support from major financial institutions. Despite the recent setbacks, experts are still bullish on the long-term potential of Bitcoin, citing its growing acceptance and increasing adoption among consumers and businesses alike.
Cryptocurrency Market Cap Sees $29.6 Billion Net Outflows in 24 Hours
The latest data from CryptoSlate shows that the cryptocurrency market cap saw net outflows of $29.6 billion in the last day, resulting in a 2.4% decline to $1.18 trillion from $1.22 trillion. Bitcoin and Ethereum’s market caps also fell 3% and 2.1%, respectively, with Bitcoin’s market cap currently at $541.93 billion and Ethereum’s at $230.35 billion. The top 10 cryptocurrencies posted losses except for Binance Coin (BNB) which managed to stay 1.3% in the green over the last day, while Dogecoin suffered the biggest losses, down 8.7%.
Tether (USDT) saw an increase in market cap growth to $81.42 billion, whereas USD Coin (USDC) and Binance USD (BUSD) witnessed a decline in market cap to $30.99 billion and $6.58 billion, respectively.
Bitcoin’s 24-Hour Performance
In the last 24 hours, Bitcoin’s market dominance fell to 45.7% from 46% as it fell 3% to trade at $27,995 as of 07:00 ET. Bitcoin trended downwards to hit support at $27,820 around 03:00 ET, with the subsequent bounce reaching a peak of $28,250, leading to a flat pattern since.
Ethereum’s 24-Hour Performance
Over the last 24 hours, Ethereum fell 2.1% to trade at $1,913 as of 07:00 ET, with its market dominance staying flat at 19.4%. Ethereum’s price movements mirrored that of Bitcoin, as it found support at $1,906 during the early hours of today. The recovery peaked at $1,915, leading to a flat print.
Top 5 Gainers and Losers
The day’s biggest gainer was Polymath Network (POLY), growing 18.6% over the last 24 hours to $0.21994 as of press time, with its market cap at $203.45 million. POLYX gained 15.6% to trade at $0.24983 at the time of writing, making it the second-biggest gainer of the day. On the other hand, Radix (XRD) was the day’s biggest loser, falling 21.8% to trade at $0.08948 at the time of writing, despite the token still being up 125.8% over the past 30 days.