Bitcoin drops to $27k amid network congestion issues

2023-05-11

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Because the final market replace, the cryptocurrency market cap noticed web outflows of greater than $30 billion and presently stands at $1.16 trillion — down 2.72% from $1.19 trillion.

Over the past 24 hours, Bitcoin (BTC) and Ethereum’s (ETH) market cap fell 3.1% and a couple of.35% to $541.42 billion and $223.85 billion, respectively.

The highest 10 cryptocurrencies recorded losses during the last 24 hours, shedding greater than 2%, respectively.

The largest losers had been Bitcoin, XRP, Cardano, Polygon, Solana, and Polkadot, which misplaced greater than 3%.

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

Bitcoin

Within the final 24 hours, Bitcoin fell 3.18% to commerce at $27,942 as of 07:00 ET. Its market dominance declined to 46.9%.

Over the weekend, BTC noticed a spike in unprocessed transactions as a consequence of community congestion. This pressured Binance to pause withdrawals twice inside 24 hours because the alternate, citing excessive gasoline charges.

Glassnode famous an “extraordinarily excessive demand for blockspace” attributable to BRC-20 tokens.

Ethereum

Over the past 24 hours, Ethereum declined 2.43% to commerce at $1,858 as of 07:00 ET. Its market dominance rose to 19.4%.

Over the weekend, ETH deposits on exchanges soared to an 18-month excessive as PEPE traders transformed their income into the digital asset. Like BTC, the blockchain community has additionally seen its gasoline charges rise to new highs amid the current memecoin craze.

Prime 5 Gainers

RSK Infrastructure Framework

RIF is the day’s largest gainer, rising 40.08% during the last 24 hours to $0.17221 as of press time. A 3rd layer constructed on high of Bitcoin has garnered curiosity as a result of community congestion battling the flagship digital asset. Its market cap stood at $165.33 million.

tomiNET

TOMI grew 11.26% during the last 24 hours to $3.56926 as of press time. Its market cap stood at $141.49 million.

Stacks

STX rose 10.62% to $0.77470 as of press time. Due to the rising demand for Ordinals, the BTC layer2 community has seen its market cap reclaim the $1 billion mark. Its market cap stood at $1.07 billion.

Radicle

RAD gained 10.53% to commerce at $3.11719 at the time of writing. The token continues its optimistic run, rising 64% within the final 30 days. Its market cap stood at $155.33 million.

MX Token

MX gained 5.82% to $2.92006 during the last 24 hours. Its market cap stood at $292.01 million.

Prime 5 Losers

Bitgert

BRISE is the day’s largest loser, falling 12.9% to commerce at $0.13080 on the time of writing. The alternate token has skilled minimal sell-off over the previous week, down 13%. Its market cap stood at $130.37 million.

Uma

UMA dropped 12.88 % to commerce at $0.87442. Regardless of as we speak’s drawdown, the decentralized monetary contract platform has elevated greater than 30% over the previous week. Its market cap stood at $191.31 million.

Core

CORE misplaced 12.45% to $1.03664 over the reporting interval. The EVM-Appropriate blockchain has shed over 30% within the final 30 days. Its market cap stood at $115.52 million.

SUI

SUI plunged 11.7% to commerce at $1.14938 as of press time. The layer1 blockchain has skilled heavy volatility since its mainnet launch, down greater than 70%. Its market cap stood at $607.19 million.