Bitcoin falls to $27,000 due to network congestion issues

Since the last market update, the cryptocurrency market capitalization has seen net outflows of more than $30 billion and currently stands at $1.16 trillion – down 2.72% from $1.19 trillion.

Over the past 24 hours, Bitcoin (BTC) and Ethereum’s (ETH) market capitalization has fallen 3.1% and 2.35% to $541.42 billion and $223.85 billion, respectively.

The top 10 cryptocurrencies recorded losses in the last 24 hours, losing more than 2%, respectively.

The biggest losers were Bitcoin, XRP, Cardano, Polygon, Solana and Polkadot, which lost more than 3%.

The market capitalizations of Tether (USDT) and USD Coin (USDC) grew to $82.18 billion and $30.39 billion, respectively. In contrast, Binance USD (BUSD) fell to $5.97 billion.

Bitcoin

Over the past 24 hours, Bitcoin fell 3.18% to trade at $27,942 at 07:00 ET. Market dominance fell to 46.9%.

Over the weekend, BTC saw an increase in unprocessed transactions due to network congestion. This forced Binance to pause withdrawals twice within 24 hours as the exchange, citing high gas fees.

Glassnode noted an “extremely high demand for block space” caused by BRC-20 tokens.

Ethereum

In the last 24 hours, Ethereum fell 2.43% to trade at $1,858 as of 07:00 ET. Market dominance rose to 19.4%.

Over the weekend, ETH deposits on exchanges rose to an 18-month high as PEPE investors converted their profits into the digital asset. Like BTC, the blockchain network has also seen its gas fees rise to new heights amid the recent memecoin craze.

Top 5 winners

RSK Infrastructure Framework

RIF is the biggest gainer of the day, growing 40.08% in the last 24 hours to $0.17221 as of press time. A third layer built on top of Bitcoin has garnered interest due to the network congestion battling the flagship digital asset. The market value was 165.33 million dollars.

tomiNET

TOMI grew 11.26% in the last 24 hours to $3.56926 as of press time. The market value was $141.49 million.

Stacks

STX rose 10.62% to $0.77470 as of press time. Thanks to the growing demand for Ordinals, the BTC layer2 network has seen its market cap return to $1 billion. The market value was 1.07 billion dollars.

Radicle

RAD rose 10.53% to trade at $3.11719 on at the time of writing. The token continues its positive run, growing 64% in the last 30 days. The market value was 155.33 million dollars.

The MX token

MX rose 5.82% to $2.92006 during the last 24 hours. Its market capitalization was $292.01 million.

Top 5 losers

Bitten

BRISE is the biggest loser of the day, falling 12.9% to trade at $0.13080 at the time of writing. The exchange token has experienced minimal sales over the past week, down 13%. IThe market value was 130.37 million dollars.

Uma

UMA fell 12.88% to trade at $0.87442. Despite today’s decline, the decentralized financial contract platform is up more than 30% in the past week. IThe market value was 191.31 million dollars.

Core

CORE lost 12.45% to $1.03664 over the reporting period. The EVM compatible blockchain has lost over 30% in the last 30 days. IThe market value was 115.52 million dollars.

SUI

SUI plunged 11.7% to trade at $1.14938 as of press time. The Layer1 blockchain has experienced great volatility since the launch of the mainnet, down more than 70%. It is mthe sheet cap was $607.19 million.

DeFiChain

DFI fell 10.99% to $0.40535 over the reporting period. IThe market value was $282.55 million.