Bear drags crypto market as XRP leads losses

by Arthur · September 28, 2022

The total cryptocurrency market capitalization produced net outflows totaling $61.1 billion. At press time, it was at $912.6 billion, down 6.3% over the past 24 hours.

Bitcoin’s market capitalization lost 7.36% during the reporting period to $393 billion from $358.54 billion. Meanwhile, Ethereum’s market cap fell 7.67% to $156.8 billion from $169.83 billion.

The top 10 cryptocurrencies all lost over the period, with XRP leading the pack, down over 10.58%. Shiba Inu recorded the least losses as it fell 3.9% in the last 24 hours.

CryptoSlate wMarket Update — Source: CryptoSlate.com

The market capitalization of the top three stablecoins – Tether (USDT), USD Coin (USDC) and BinanceUSD (BUSD) – remained relatively unchanged over the period, standing at $67.96 billion, $49.18 billion and $21.034 billion, respectively.

Table of Contents

Bitcoin

Bitcoin lost 7.4% of its value in the past 24 hours to trade at $18,767 at press time. Market dominance fell from 39.90% to 39.31% during the period.

In the last 24 hours, BTC traded as high as $20,533 before the bears took control, sending the value below the $19,000 level.

Ethereum

Ethereum fell 7.29% in the last 24 hours to trade at $1,284 at press time. Market dominance fell from 17.5% to 17.19%.

ETH traded as high as $1396 in the last 24 hours before its value quickly fell to today’s levels. The asset’s price development has largely been poor after the merger.

Top 5 winners

Polymath Network

POLY is the biggest gainer of the day, rising 11.81% to trade at $0.27693 at press time. The platform has had a decent number of green candles in the last seven days, with an increase of 39.66%. Its market capitalization was $256.16 million.

Quant

QNT is up 10.16% in the last 24 hours to trade at $138.385 at press time. The token has performed strongly over the past week, up 38%. The market value was 1.67 billion dollars.

Reserve rights

RSR gained 9.24% in the last 24 hours to $0.00847 at press time. The token has gained 41% in the last week. The market value was 358.5 million dollars.

Wemix

WEMIX rose 5.61 in the last 24 hours to $1.87142 at press time. The platform’s parent company recently donated 1 billion won to Seoul National University Business School. The market value was 230.62 million dollars.

COTI

COTI recorded 1.31% gains in the last 24 hours to trade at around $0.10568 at press time. The decentralized payment network and stablecoin creation protocol has lost 83% in the past year. The market value was 117.16 million dollars.

Top 5 losers

XRP

XRP is today’s biggest loser, falling 12.22% over the past 24 hours to trade at around $0.42538 at press time. The Ripple-linked token has had a recent run in the green over the past seven days, rising 7.4%. Its market capitalization was $21.15 billion.

Cosmos

ATOM sank 12.16% in the last 24 hours to trade at $12.76 at press time. The Layer-0 blockchain network recently released a new white paper that aims to update the use of its original token. The market value was 3.66 billion dollars.

Neo

NEO fell 12.07% in the last 24 hours to trade at $8.42269 at press time. The token is up 2.47% in the last seven days. The market value was 594.13 million dollars.

Harmony

ONE fell 11.52% in value during the reporting period and traded at $0.1905. The platform recently published a recovery plan to refund hack victims. Its market capitalization was $239.27 million.