Bitcoin drops below $20,000 again - crypto markets see red

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Coincierge Market Update summarizes the most important price movements in the crypto markets over the past 24 hours. What is moving investors Bitcoin and Co. right now?

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Reversing the trend of the past three days, the cryptocurrency market has seen $15.3 billion in outflows in the past 24 hours. As a result, the total crypto market cap has dropped to $956.27 billion as of press time.

Notice

The market cap of Bitcoin (BTC), for example, has fallen to $382.97 billion from $387.11 billion the previous day. On the other hand, the Ethereum (ETH) market cap has retreated to $166.42 billion at the time of writing.

After Bitcoin and Ethereum, the ten most important cryptocurrencies have been in the red in the last 24 hours. Binance’s BNB saw the steepest drop, down 3.82% due to exploitation, followed by Dogecoin (DOGE), which fell 3.53%.

Top 10 Cryptocurrencies, Source: CryptoSlate.com

The market cap of USD Coin (USDC) continued its steady decline, falling to $46.15 billion at press time. The market caps of Tether (USDT) and BinanceUSD (BUSD) remained stable during the same period at $68.22 billion and $21.04 billion, respectively.

Bitcoin

BTC price fell 1.69% in the last 24 hours and below the $20,000 resistance level. BTC is currently trading at $20,006. Bitcoin’s market dominance fell to 40% in the past day.

BTC price has been trending down for the past 24 hours and is struggling to stay above $20,000. The price of BTC finally fell below $20,000 around 20:00 UTC, but recovered slightly around 02:00 UTC – only to then fall again.

Ethereum

Ethereum is down 1.21% in the last 24 hours, trading at around $1,355 at press time. However, the signal’s market dominance increased slightly to 17.4% during this period.

The price of ETH has been very volatile in the past day, posting some sharp drops. However, like Bitcoin, it traded down, falling as low as $1,350 during the period. The signal hit a 24-hour high around 14:00 UTC at $1,370.

Top 5 winners

Decentralized Social

DESO posted the biggest gains of the day, up 23.81% and is trading at $17.48. The token is up 183.2% this month, with its market cap at $155.31 million at the time of writing.

Casper

CSPR price increased by 12.95% in the last 24 hours. The token is trading at $0.03 at the time of writing. Casper’s market cap is $371.22 million. The signal has increased by 31.95% in the last 30 days.

reef

REEF is currently trading at $0.005 – up 10.26% in the last 24 hours. The token has increased by 49.43% in the last month and the market cap is $107.15 million.

Ravencoin

The price of RVN is up 4.76% over the last day, trading at around $0.03 at press time. The token’s market cap is $433.76 million.

XinFin

XDC is up 4.43% in the last 24 hours and is trading at around $0.03 at the time of writing. The token’s market cap stands at $388.76 million.

Top 5 losers

Celsius

CEL extended losses over the past 24 hours, falling 13.03% to around $1.12. The token’s market cap is $268.95 million.

Crypto lender Celsius filed for bankruptcy in July and is scheduled to auction off its assets later this month. FTX founder Sam Bankman-Fried said earlier this week that his company will pay “fair market value” for Celsius’ assets.

Celsius users may have to wait a long time, however, as the company’s changed structure earlier this year prioritizes shareholders over users when it comes to returning assets in the event of bankruptcy.

moon

GLMR pared most of its gains from the previous day, falling 9.06% in the past 24 hours. The coin is currently trading at $0.47. The token’s market cap at the time of writing is $190.15 million.

GMX

GMX losses have also increased in the last few days: in the last 24 hours, the token has fallen by 7.92% to a price of $43.98. GMX’s market capitalization is $351.44 million. That’s down 8.29% from $383.22 million the day before.

helium

Helium Coin (HNT) price is down 7.53% in the last 24 hours, trading at $5.03 at press time. The market cap of the token is $643.6 million.

MetisDAO

METIS is down 6.45% in the past day and is trading at $26.38 at press time. This means that most of the gains from the previous day have been cancelled. The token’s market cap at the time of writing is $115.92 million.

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Text credit: Cryptoslate

Last updated on October 7, 2022