Bitcoin’s short-lived rally above $26,000 is burning long traders
Over the past 24 hours, the cryptocurrency market capitalization has seen a net inflow of around $10 billion and currently stands at $1.09 trillion – up 0.89% from $1.08 trillion.
During the reporting period, Bitcoin and Ethereum’s market capitalization fell by 0.53% and 0.52% to $474.77 billion and $205.56 billion, respectively.
All top 10 cryptoassets maintained a positive price trend in the last 24 hours, except for Cardano, which fell 0.71%. The biggest gainers were Polygon, DogeCoin, Solana and Polkadot, which rose over 2%.
In the last 24 hours, the market capitalization of Tether (USDT) increased to $73.73 billion. Meanwhile, Binance USD (BUSD) was flat at $8.36 billion, while USD Coin (USDC) fell to $38.39 billion.
Bitcoin
Over the past 24 hours, Bitcoin gained 0.35% to trade at $24,575 as of 7:00 a.m. ET. Market dominance fell to 43.8% from 44%.
During the reporting hours, Bitcoin broke several resistance levels to trade at a seven-month high of $26,514. However, the gain was short-lived as the asset quickly fell below $25,000. Coinglass data showed that around $150 million in long positions on the asset were liquidated.
Ethereum
In the past 24 hours, Ethereum gained 0.42% to trade at $1,687 as of 07:00 ET. Market dominance fell to 19.0% from 19.1%.
ETH’s price performance mirrored that of Bitcoin. The asset hit a high of $1,779 before returning to today’s levels.
Top 5 winners
SingularityNET
AGIX is the biggest gainer of the day, rising 38.53% during the reporting period to $0.53 at press time. The AI-related token saw its value increase after OpenAI released the new model ChatGPT-4. The market value was $641.45 million.
Conflux Network
CNX is on the list of top winners for the third day in a row. The token gained 35.88% to $0.33 at the time of writing. Its market capitalization was $885.98 million.
Ribbon Finance
RBN increased 30.91% to $0.26 as of press time. The decentralized finance (DeFi) project’s initial token has surged 24% over the past seven days. The market value was 143.42 million dollars.
Stacks
STX is back on the top gainers list after gaining 30.3% to $1.04 at the time of writing. The Bitcoin layer2 network rose 258% in the last 30 days. The market value was 1.42 billion dollars.
ImmutableX
IMX rose 27.71% to $1.23. The market value was 1.08 billion dollars.
Top 5 losers
Gensokishi Metaverse
MV is the biggest loser of the day, falling 7.08% to trade at $0.12 at the time of writing. The NFT-related token has fallen by 31% in the last 30 days. Its market capitalization was $217.08 billion.
DAO Maker
The DAO fell 6.07% to $0.1.70 at the time of writing. The DeFi token is down 6% in the last seven days. The market value was $245.95 million.
Helium
HNT plunged 5.45% to $2.21. The blockchain network has continued to face controversy about its users’ profitability and utility. Its market capitalization was $309.74 million.
Core
CORE is down 3.78% to $2.16. The market value was $144.95 million.
Everscale
EVER fell 3.05% to $0.097 at press time. The project fell 17% in the last seven days. The market value was 168.84 million dollars.
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