The last 24 hours has seen wild swings in the price of Bitcoin as market volatility takes hold. This unpredictability highlights the challenges associated with trading cryptocurrencies as their value is closely tied to market sentiments. The sudden changes in Bitcoin price serves as a reminder to investors to exercise caution and take a long-term approach to cryptocurrency investments. As such, it is crucial to stay alert to market trends and changes in sentiment in order to make informed investment decisions.
Cryptocurrency Market Cap Experiences Net Outflows of $10 Billion in 24 Hours
In the last 24 hours, the cryptocurrency market cap saw net outflows of $10 billion, and currently stands at $1.20 trillion, down 0.96% from $1.21 trillion. Bitcoin’s market cap rose 0.43 % to $563.18 billion during the period, while Ethereum’s market cap fell 1.24% to $227.40 billion.
The top 10 cryptocurrencies saw mixed performance during the reporting period. The biggest gainers were Cardano and Bitcoin, which posted meager gains of less than 0.5%, respectively. Others like Dogecoin, BNB, Solana, Polkadot, Litecoin, and XRP lost more than 2%, respectively. This data is according to CryptoSlate.
Market cap of Tether (USDT) and USD Coin (USDC) slightly grew to $81.61 billion and $30.73 billion, respectively. In contrast, Binance USD (BUSD) fell to $6.30 billion.
Bitcoin’s Performance Over the Last 24 Hours
During the reporting period, Bitcoin increased 0.1% to trade at $29,008 as of 07:00 ET. Its market dominance grew to 47% from 46.6%. During the reporting period, Bitcoin’s volatility wiped off over $300 million after rumors emerged that the U.S. government and bankrupt crypto exchange Mt.Gox were selling the asset. CryptoSlate Insight reported that the wild price swings were due to an illiquid market.
Ethereum’s Performance Over the Last 24 Hours
Over the last 24 hours, Ethereum declined 1.52% to trade at $1,886 as of 07:00 ET. Its market dominance fell to 19.0% from 19.1%. The wild market performance saw ETH trade near $2,000 before bottoming at $1,792.
Top 5 Gainers
RSK Infrastructure Framework (RIF) is the day’s biggest gainer, growing 12.64% over the last 24 hours to $0.13968 as of press time. The file-sharing token is down 10% in the previous 30 days. Its market cap stood at $134.1 million. Also, MultiversX EGLD grew 11.73% over the last 24 hours to $45.43 as of press time.
Top 5 Losers
TomiNET (TOMI) is the day’s biggest loser, tumbling 17.66% to trade at $2.98535 at the time of writing. The privacy token is up more than 30% in the last 30 days. Its market cap stood at $118.35 million. Moreover, HEX declined 6.71% to $0.00589 over the reporting period.