After appearing in a strong recovery run, the crypto market becomes hit with a widespread loss of almost every cryptocurrency, a decent number of cryptocurrencies facing losses of over 20% over the past 24 hours while the US stablecoins still stay strong in the leaderboard.
Briefing
First, taking a look at the top 10 of the crypto market, a crash is instantly shown. Every period (i.e. 1h, 24h and 7d) have a red, the only green for USD Coin (USDC) for its 7d at 0.5%. This means that every cryptocurrency here has lost, no matter which cryptocurrency it is, suggesting that there are no popular crypto options for investment in hope of a quick gain. Interesting, USDC has now moved up to 8th place, previously sitting at 9th, indicating that it is gaining popularity and use. The current market cap of USDC is about $22 billion, last week sitting around $19 billion, a movement of $3 billion from these figures. For Tether (USDT), the reigning US stablecoin and boasting of the third-place it has taken from Binance Coin (BNB), its market cap is still increasing. A large gap between USDT and BNB remain, approximating $11 billion, BNB having a good way to go if it wants to come back at third place.
Looking at the two crypto kings, both Bitcoin (BTC) and Ethereum (ETH) have tumbled downwards of over 10%, respectively being at the moment 11.5% and 14.5% over the past 24 hours. Note that ETH has a very similar 24h volume to BTC, suggesting that there is equal activity to each crypto king although BTC's market cap is much higher.
Between Dogecoin (DOGE) and XRP (XRP), the gap has closed to a tight squeeze, now at about $20 million. It is expected from this gap closing that XRP will soon outpace DOGE in market cap and reach 6th place, its next challenger being Cardano (ADA), which has had strong trends over the past weeks as it develops its blockchain. In fact, ADA has launched its first Alonzo smart-contract testnet today.
Looking at the top 10 gains over the past 24 hours it is dominated by US stablecoins and respective cryptocurrencies (i.e. cUSDC and cDAI), the only cryptocurrencies other than the stablecoins being Theta Fuel (TFUEL), with a 24h gain at the time of this taking 5.1%. Looking at its 'Last 7 Days' graph, TFUEL is having a strong positive trend, the highest in the top 100 for the past 7 days.
Going to the contrary of the top 10 losses over the past 24 hours, a range of popular cryptocurrencies come to view, including Enjin Coin (ENJ - -23.3%), Terra (LUNA - -22.7%) and Chainlink (LINK - -20.8%). The one heaviest hit in this scope is NEXO (NEXO) at a loss of -23.7%, though contains the only gain over the past hour at 0.5%, all others having losses. LUNA has had the heaviest hit for the top 100 in losses over the past week, going to 45.6% - a huge amount, almost half of the amount.
Taking a look at the top 10 for 24h volume, USDT, as usual, takes the top, followed by BTC then ETH. Binance USD (BUSD) makes a prominent stance in this scope being at 5th, previously noted to be further done the leader of 24h volume. Litecoin (LTC), XRP (XRP) and EOS (EOS) are unprecedented cryptocurrencies for the top 24h volume, bringing up interesting subjects and ideas. USDC, before appearing here in the week-long crash, is no longer here.
Side Crypto News Headlines
BSC Defi BurgerSwap hit with a flash loan attack to lose $7 million - suspicions that it was an inside job - Crypto Briefing - https://cryptobriefing.com/7-million-lost-flash-loan-attack-bsc-burgerswap/
UK Treasury official claims that a "significant number" of crypto firms are not up with the AML (Anti-Money Laundering_ standards - The Block - https://www.theblockcrypto.com/post/106452/city-minister-john-glen-crypto-aml-standards?utm_source=rss&utm_medium=rss
Australia puts a statement on its 600,000 crypto users to pay their taxes as they clamp down on crypto trading/investing - be[in]crypto - https://beincrypto.com/australia-pressures-600000-crypto-users-pay-taxes/
Further Reading
Blockworks - How Booming Exchanges are Prepping for a Bear Market - https://blockworks.co/how-booming-exchanges-are-prepping-for-a-bear-market/
CoinGape - Bitcoin (BTC) Wipes Out Weekly Gains With 9% Fall As BoJ Governor Casts Doubt On the Crypto - https://coingape.com/bitcoin-btc-wipes-weekly-gains-9-fall-boj-governor-casts-doubt-crypto/
Forkast - Cardano launches first Alonzo smart-contract testnet - https://forkast.news/cardano-alonzo-smart-contracts-testnet-launch/?utm_source=rss&utm_medium=rss&utm_campaign=cardano-alonzo-smart-contracts-testnet-launch