The crypto market cap has dropped further today after recording net outflows worth about $25.37 billion in the past 24 hours. It stands at $1.103 trillion as of Wednesday evening. The Bitcoin and Ethereum market valuations are down 3.18% and 2.08% to $512.82 billion and $221.39 billion, respectively.
There have been losers and gainers among the top ten over the past 24 hours. XRP leads the gainers with a 2.97% growth, while BNB takes the top loser spot after declining by 7.45%.
Stablecoin Market
BUSD’s market cap is down 1.06% to $4.98 billion. The stablecoin has witnessed massive net outflows since yesterday when the Securities and Exchange Commission charged crypto exchange Binance with securities fraud. This is not the first time that the agency has targeted BUSD. In February, it directed the stablecoin’s issuer Paxos to stop minting more tokens, alleging that BUSD was an unregistered security.
USDC’s market valuation has also fallen to $28.65 billion after losing $46.27 million to net outflows. Meanwhile, that of USDT has increased by 1.26% to $83.31 billion.
Bitcoin
BTC is up 2.03% to trade at $26,589 as of this writing. The bulls managed to drive the crypto asset above $27,000 despite the Securities and Exchange Commission’s attempts to cause panic by taking legal action against another crypto exchange, Coinbase. The agency claims that the company did not register its trading platform as a broker and sold several unlicensed securities.
Bitcoin is now dominating 46.49% of the market.
Ethereum
ETH is changing hands for $1,842 after recording a 1.19% increase in the last 24 hours. The token reached a daily peak of $1,897, failing to retest the $2,000 resistance level. Its market share is now 20.12%.
Top Five Gainers
ARAW: According to data from CoinMarketCap, ARAW has seen a 200% surge over the past 30 days. Today, the token rallied 98.87% to trade at $0.102 as of this writing. Its market cap stands at $203.13 million.
FantasyGold: FCG has risen by 77.18% in the last 24 hours, offsetting the 74% loss posted last week. It now trades at $0.864 with a market valuation of $156.91 million.
FLEX: Since crypto exchange OPNX announced new developments last week, its native token, FLEX, has attracted investors. The token has added 67.06% to its value over the previous 24 hours. With a market cap of $230.05 million, FLEX is changing hands for $2.34.
Global Currency Reserve: GCR is valued at $1.31 after growing by 44.17%. But the crypto asset is still down 1.14% over the last seven days. Its market cap stands at $138.63 million.
Metal: MTL was among Tuesday’s top gainers and features again today after rallying 19.22%. It’s trading at $1.83 with a market valuation of $120.52 million.
Top Five Losers
WEMIX: The last four weeks have been tough for WEMIX. It is down 22.58% during that period. The crypto asset is currently selling for $0.675 after dropping 8.86% in the last 24 hours. WEMIX’s market cap stands at $169.79 million.
Space ID: Wednesday marks the second straight day of ID posting losses. It’s trading at $0.357 following a 24-hour drop of 7.79%. The ID market valuation stands at $115.07 million.
Apecoin: APE is down 7.61% to trade at $2.942. According to Token Unlocks data, the project plans to add over 15.5 million tokens to the circulating supply on June 17. APE’s market cap stands at $1.08 billion.
BNB: As stated earlier, the native token of crypto exchange Binance has dropped by 7.45% in the last 24 hours. It trades at $256 as of this writing. The token is one of the multiple cryptocurrencies labeled as securities by the US Securities and Exchange Commission. BNB’s market cap is down to $1.46 billion.
Flare: With a market valuation of $331.11 million, FLR is priced at $0.0199 after losing 6.48% in the past day. It’s worth pointing out that the token has been down 3.84% in the last seven days.
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