The total cryptocurrency market capitalization broke below a crucial support level over the past 24 hours, suggesting that the market has entered into a correction period. During this time, several cryptocurrencies printed an average loss of 3%. Despite this, there were some altcoins that were able to print gains during the past day of trading.
This drop in the cryptocurrency market cap can be attributed to the uncertainty present in the market as rumors that the U.S. Federal Reserve (Fed) may not be done hiking interest rates begin to make the rounds. Should the Fed announce further interest rate hikes in the coming weeks, it may result in more of the already-low liquidity in the cryptocurrency market exiting the Web3 space, as investors will opt to invest in less riskier asset classes.
Overall Market Capitalization
The total cryptocurrency market capitalization broke below the $1.15 trillion mark over the past 24 hours, suggesting that the market has entered into a correction period. At press time, CoinMarketCap indicated that the collective capitalization for the cryptocurrency market stood at around $1.17 trillion.
Daily chart for the total market capitalization (Source: TradingView)
The total crypto market capitalization (TOTAL) had risen and closed above the $1.15 trillion level on 30 June 2023. It then continued to climb to a high of $1.191 trillion in the days that followed. It was a strong 2.20% market wide selloff on 6 July 2023 that caused the total to fall back below the significant mark. Throughout the following week, the total lingered below the level before the most recent 6+% move to $1.22 trillion on 13 July 2023.
Shortly after reaching a high of $1.239 trillion, TOTAL entered into a gradual decline. This gradual drop experienced its biggest move during yesterday’s trading session, however, as it declined 2.55% through the course of the trading session. As a result, TOTAL dropped from a high of $1.169 trillion to $1.123 trillion, but closed yesterday’s daily candle at $1.137 trillion.
During today’s trading session, the market continued to suffer the wrath of overwhelming sell pressure. At press time, there was more than $62.8 billion worth of sell volume recorded for today so far.
Biggest Losers
Compound (COMP) printed the biggest loss over the past 24 hours after it dropped 6.49% during this time. As a result, the altcoin’s price stood at $61.19. Furthermore, the cryptocurrency also weakened against the two market leaders Bitcoin (BTC) and Ethereum (ETH) by 6.60% and 7.08% respectively. This meant that 1 COMP was worth approximately 0.002089 BTC and 0.03283 ETH.
The second biggest loser was The Graph (GRT) with its 24-hour loss of 3.47%. This brought the cryptocurrency’s price down to $0.1105 at press time.
Next on the list of the biggest losers over the past day of trading was Aptos (APT), which was changing hands just above $7 - a 3.27% drop in its price. Meanwhile, at number 4 and 5 of the biggest losers list was Zcash (ZEC) and Bitcoin Cash (BCH). At press time, ZEC was down 3.19%. Likewise, BCH printed a 3.10% loss during the past day of trading. As a result, ZEC’s price stood at $29.68 and BCH was changing hands at $234.07.
Biggest Gainers
Although the majority of the cryptocurrency market fell victim to an influx of sell volume over the past 24 hours, there were some altcoins that were able to outshine their competitors in the past day of trading. The best performing cryptocurrency at press time was XDC Network (XDC), which had achieved a remarkable 31.37% gain. This boosted its price to $0.06097.
In addition to strengthening against the Dollar, XDC was also able to outperform BTC and ETH by 27.77% and 27.17% respectively. Notably, the altcoin was trading very close to its 24-hour high of $0.061 as well, while XDC’s daily low sat at $0.0485.
The surge in XDC’s price was accompanied by a spike in the altcoin’s daily trading volume. At press time, the cryptocurrency’s total trading volume stood at $20,659,823 following a 56.71% increase in the past 24 hours.
Maker (MKR) was the second best performing cryptocurrency in the market and was up 5.66%. This resulted in MKR changing hands at $1,103.99. Similar to XDC, MKR was able to print gains against BTC and ETH. Subsequently, it was up 5.65% against BTC and had outshined ETH by around 5.41%.
Theta Network (THETA) and GMX were the 3rd and 4th best performers for the day. CoinMarketCap indicated that THETA was up 5%, which boosted its price to $0.8287 at press time. Meanwhile, GMX investors enjoyed a 3.64% increase in the altcoin’s price over the past 24 hours. This resulted in GMX changing hands at $53.42.
At number 5 on the list was Trust Wallet Token (TWT). The altcoin was able to make the top 5 gainers list following a 24-hour gain of 3.21%. This positive performance elevated the cryptocurrency’s price to $0.9317.
Notable Gainers
Some of the top 20 cryptocurrencies in terms of market capitalization were also able to make the top gainers list, albeit not in the top 5 gainers list. Notably, Dogecoin (DOGE), Avalanche (AVAX), Toncoin (TON) and Litecoin (LTC) were all top gainers as well.
Ranked as the 7th biggest cryptocurrency, the popular meme coin DOGE was able to achieve a 1.45% gain. This pushed the meme coin’s price up to $0.07792 at press time. AVAX was the top 20 cryptocurrency with the next biggest gain, as its price increased approximately 1.36%. As a result, the cryptocurrency was changing hands at $13.27.
Last but not least, TON and LTC were trading at $1.41 and $89.33. This was after the altcoins saw their prices increase by 0.62% and 0.15% respectively over the past day of trading.
