The total cryptocurrency market capitalization recovered compared to the previous day and stood at $978.77 billion at 06:00 UTC on Sept 8 — up by 4.29% over the past 24 hours.
Bitcoin’s market cap grew by roughly $10 billion or 2.5% over the day to $369.61 billion. Ethereum’s market cap, on the other hand, grew 8% to $199.87 billion, from around $185 billion on Sept 7.
After a day in the red, the top ten cryptocurrencies followed the recovery of Bitcoin (BTC) and Ethereum (ETH), with Binance Coin (BNB) posting the second highest gains of 6.35% after Ethereum, according to CryptoSlate data.
Tether (USDT) and USD Coin (USDC) market caps remained flat over the day, standing at $67.55 billion and 51.69 billion, respectively. BinanceUSD (BUSD) market cap also remained flat and stood at $19.70 billion as of press time.
After the price drop on Sept 6, BTC recovered slightly over the past 24 hours and was trading at around $19,306 at 06:00 UTC — up 2.91% during the day. However, despite the price recovery, BTC’s market dominance dropped further to 37.8% as of press time, compared to 38.3% on the previous day. The market dominance of BTC is slipping lower every day, with the current levels last seen over 4 years ago.
The recovery of the largest cryptocurrency lacked momentum, and the market sentiment remains mostly bearish. The Bitcoin fear and greed index points to extreme fear.
BTC/USD (Source: Trading View)
Over the past 24 hours, BTC traded between $18,800 and $19,400. At around 20:00 UTC on Sept 7, BTC bagged its biggest gains for the day when the price jumped from around $19,000 to above $19,350.
ETH price rose 7.82% over the past 24 hours to trade at around $1,634 at press time, recouping all its losses from the previous day. Anticipation around the Merge — scheduled for 13th – 15th Sept — has been the key driver of ETH price growth over the past few weeks.
ETH price recovered at a much faster pace than BTC, in keeping with the consistently better performance over the past month as the Merge moves closer. Total ETH staked in the ETH 2.0 contract remained stable at 14.27 million, according to Ethereum Foundation data.
ETH/USD Source: (Trading View)
From around $1,500 the previous day, ETH continued to climb to around $1,570 by 19:00 UTC. The momentum helped the token break the $1,600 mark and go as high as $1,650.
Top 5 gainers
LUNC posted the biggest gains of the day, growing 44.35% and trading at $0.00053 at the time of publishing. The network’s V22 upgrade, which enabled token staking late last month, provided a boost to the community. The token is up 128.44% over the past week.
HNT price saw extreme volatility over the past 24 hours, growing 35.08% to trade at $5.22 at press time. Between 01:00 am and 03:00 am UTC, the token price plunged from $5.28 to $3.59 and was back up again to around $5.18. The token is down 38.37% over the past 30 days. Ever since the developers suggested moving the project to the Solana network, the community has been plunged into doubts.
SYN price grew 22.71% over the past 24 hours to trade at $1.59 at press time. The token recovered all its losses from the previous day and is up 31.68% over the past week. The fluctuations in the token’s price can be attributed to volatility.
The price of EOS grew 22.54% over the past 24 hours, and at the time of publishing, the token was trading at $1.70. The token is up 43.22% over the past 30 days.
RLC recouped all its losses for the month, growing 18.98% over the past 24 hours to trade at $1.22 as of press time. From just above $1, the token price went as high as $1.26 during the day.
Top 5 losers
NTVRK fell 5.47% over the past 24 hours and was trading at $0.22 at the time of publishing. The token experienced high volatility throughout the day.
XCN posted losses of 4.49% over the past 24 hours. The token was trading at $0.06 as of press time, widening its losses for the week to 14.24%. The token has been consistently trading downwards since Aug 22.
REQ was trading at $0.12 as of press time, down 1.95% over the past 24 hours. During the day, the token price spiked to $0.13 but fell back soon after.
DFI continued to lose steam, slumping by 1.66% over the past 24 hours and trading at $1.01 as of press time. The token has undergone a correction, eliminating all losses from earlier this month.
The native token of crypto exchange OKX is down 1.49% over the past 24 hours, trading at $13.91 at the time of publishing. At around 14:30 UTC, the token price fell sharply from around $14.35 to $13. 40, but has recovered slightly since then.
Posted In: Analysis, Featured
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