CryptoSlate Daily wMarket Update: Bitcoin dumps to $23,800 after brief rally above $25,000

The cryptocurrency market cap saw net outflows of $20 billion in the last 24 hours and currently stands at $1.09 trillion — down 1.94 % from $1.11 trillion.

During the reporting period, Bitcoin and Ethereum’s market cap fell 2.90% and 0.78% to $459.49 billion and $203.99 billion, respectively.

Meanwhile, Polygon and Polkadot — other top 10 crypto assets — recorded losses over the last 24 hours. Solana, Shiba Inu, and Bitcoin were the top three losers — shedding 4.3%, 3.86%, and 2.94%, respectively.

CryptoSlate wMarket update
Source: CryptoSlate

In the last 24 hours, the market caps of Tether (USDT) and USD Coin (USDC) increased to $70.16 billion and $41.70 billion, respectively. Meanwhile, Binance USD (BUSD) market cap fell to $13.57 billion.

Bitcoin

In the last 24 hours, Bitcoin fell 2.94% to trade at $23,807 as of 07:00 ET. Its market dominance fell to 42.2% from 42.7%.

During the reporting period, BTC rallied above $25,000 for the first time since August 2022. The flagship digital asset later retraced to its current levels as investors began to take profit.

CryptoSlate wMarket update
Source: Tradingview

Ethereum

Over the last 24 hours, Ethereum decreased 0.81% to trade at $1,667 as of 07:00 ET. Its market dominance rose to 18.7% from 18.6%.

ETH’s price performance mirrored BTC — peaking at $1,732 before retracing to its current levels where it bottomed at $1,636.

CryptoSlate wMarket update
Source: Tradingview

Top 5 Gainers

Filecoin

FIL is the day’s biggest gainer, rising 22.24% over the reporting period to $0.13588 as of press time. The file storage protocol announced the launch of the Filecoin Virtual Machine on Mar. 1 — the development would bring smart contract functionality to the network. Its market cap stood at $2.59 billion.

Astar

ASTR  gained 18.03% in the last 24 hours to trade at $0.10985. The project scored a partnership with Sony Network Communications to launch a Web3 incubation program for NFTs and DAOs. Its market cap stood at $454.06 million.

Stargate Finance

STG increased 17.24% to $1.24867 as of press time. The project has seen increased interest over the past week, rising 67%. Its market cap stood at $197.43 million.

Floki Inu

FLOKI is on the top gainer’s list for the third consecutive day. The meme coin rose 15.62% to $0.0000594325 in the last 24 hours. The token has continued to rally since Elon Musk made a meme about his dog being Twitter’s new CEO. Its market cap stood at $539.24 million.

Magic

MAGIC jumped 14.25% to $2.22555 as of press time. The NFT-related token rose by 215% over the past 30 days. Its market cap stood at $466.97 million.

Top 5 Losers

Blur

BLUR is the day’s biggest loser, falling 18.54% to $0.91379 as of press time. The NFT marketplace token has experienced a volatile start to life, erasing part of the 49% gains it made on Feb. 16. Its market cap stood at $328.97 million.

OriginTrail

TRAC shed 13.45% over the reporting period to $0.39702. It was unclear why the Polkadot-based token was experiencing a sell-off. Its market cap stood at $145.1 million.

Onyxcoin

XCN is on the top loser’s list for the second consecutive day. The token fell 11.42% to $0.01465 as of press time. The Onyx ecosystem native token rose by 39% in the last seven days. Its market cap stood at $344.04 million.

Synapse

SYN lost 11.21% to trade at $1.41971 at the time of writing. Its market cap stood at $198.44 million.

Aptos

APT declined 11.17% in the last 24 hours to $14.4332 as of press time. The layer1 blockchain network enjoyed a blistering start to the year and has risen by over 80% in the last 30 days. Its market cap stood at $2.35 billion.

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