$49B Wiped from Crypto Market Cap: Red Day for Crypto Markets

• Crypto market cap saw net outflows of $48.8 billion over the last 24 hours and currently stands at $1.013 trillion — down 4.6% from $1.062 trillion
• BTC and ETH’s market cap fell 4.3% and 6%, respectively, while Polkadot suffered the worst drawdown, sinking 9.4%.
• The market cap of Tether (USDT) increased to $68.2 billion while USD Coin (USDC) and BinanceUSD (BUSD) decreased to $41.52 billion and $16.16 billion, respectively

Crypto Market Cap Sees Net Outflow

The cryptocurrency market cap saw net outflows of $48.8 billion over the last 24 hours, with the total market cap dropping 4.6% to a current value of $1.013 trillion from its previous value of $1.062 trillion . Bitcoin (BTC) and Ethereum’s (ETH) market caps also fell by 4.3% and 6%, respectively, during this period .

Biggest Lossers & Gainers

Polkadot was one of the biggest losers in this period, dropping 9.4%, followed by Solana which dropped 9.2%. XRP fared best among the top 10 crypto assets losing only 2.7%. In terms of gains, Mina was up 12.4%, Aelf 11.5%, Ontology Gas 6.9% and Syscoin 6 % .

Tether vs USD Coin & BinanceUSD

Tether’s (USDT) market capitalization increased to a total value of 68$ million during this period while USD Coin (USDC) decreased 41$ million in value and BinanceUSD (BUSD) dropped 16$ million in value .

Bitcoin Over Last 24 Hours

During this reporting period Bitcoin lost 4 .3 % , trading at 21,767$. It peaked at 22,830 before falling sharply afterwards , ranging between 21,646-21,942$.

Ethereum Over Last 24 Hours

Similar to Bitcoin , Ethereum lost 6 . 1 % over this reporting period trading at 1 , 538$. Its peak during this time was 1 , 650 before suffering a cascading drop that found support at 1 , 525$.

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