Litecoin shines as wider crypto market stutters

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CoinDesk Consensus

The cryptocurrency market cap saw net outflows of $16.95 billion over the last 24 hours and currently stands at $1.16 trillion – down 1.4% from $1.18 trillion.

During the reporting period, the market caps of Bitcoin and Ethereum decreased by 1.9% and 1.9% to $534.7 billion and $214.8 billion, respectively.

The top 10 cryptocurrencies recorded mixed results over the last 24 hours. Leading the losses was Solana, down 3.6% over the period. In contrast, Litecoin jumped 13.2%, while Dogecoin gained 3.5%.

Top 10 cryptocurrencies
Source: CryptoSlate.com

In the last 24 hours, the market cap of Tether (USDT) increased to $77.65 billion. Meanwhile, USD Coin (USDC) fell to $34.7 billion, and Binance USD (BUSD) held flat at $8.06 billion.

Bitcoin

In the last 24 hours, Bitcoin decreased by 1.9% to trade at $27,677 as of 07:00 ET. Its market dominance fell to 46.1% from 46.3%.

During the reporting period — in the run-up to the FOMC announcement — Bitcoin peaked at $28,867. Following news of a 25 basis point hike, BTC sold off, finding support at $26,615. A muted recovery turned into a flat-ranging pattern, oscillating between $27,658 and $27,747.

Bitcoin chart
Source: TradingView.com

Ethereum

Over the last 24 hours, Ethereum fell 1.9% to trade at $1,757 as of 07:00 ET. Its market dominance fell to 18.5% from 18.6%.

During the reporting period, Ethereum mirrored BTC’s moves, topping out at $1,820 before moving down sharply to form a local bottom at $1,710. The ensuing gradual uptrend turned into a tight trading range between $1,745 and $1,759.

Ethereum chart
Source: TradingView.com

Top 5 Gainers

HEX

HEX is the day’s biggest gainer, rising 23.8% over the reporting period to $0.12586 as of press time. The V3 testnet of its sister chain, PulseChain, went live recently. Its market cap stood at $21.83 billion.

Litecoin

LTC gained 12.8% to $91.0035 as of press time. The Litecoin halving is expected to occur around August. Payment provider Mastercard announced partnering with the project at the end of January. Its market cap stood at $6.6 billion.

Celer Network

CELR surged 9.1% to $0.02624 as of press time. CELR was a top-five gainer yesterday; the project recently announced its Brevis platform based on zero-knowledge data attestation. Its market cap stood at $185.94 million.

Nervos Network

CKB is up 6.5% to $0.00601 as of press time. The project launched Version 2.0 of its CKBull wallet recently. Its market cap stood at $241.02 million.

Mask Network

MASK is among the day’s top gainers after increasing 6.4% to $5.38611 at the time of writing. The token is up 42.2% over the past month. Its market cap stood at $410.15 million.

Top 5 Losers

Alethea Liquid Intelligence

ALI is the day’s biggest loser, falling 9.9% to trade at $0.03672 at the time of writing. The token is down 36.9% over the past month. Its market cap stood at $131.75 million.

Huobi Token

HT is down 9.3% to $3.65310. The SEC has charged the exchange’s “Leader,” Justin Sun, for purchasing and selling securities. Its market cap stood at $592.66 million.

Helium

HNT fell 7.7% to $1.18581 at the time of press. The Binance delisting took effect on March 23. Its market cap stood at $167.02 million.

TRON

TRX decreased 7.6% to $0.06215 over the reporting period. The SEC enforcement action against founder Justin Sun specifically mentioned TRX and BTT as the unregistered securities being traded and promoted. Its market cap stood at $5.66 billion.

Algorand

ALGO plunged 6.8% to $0.21939 over the reporting period. The project released its revised SDK. However, hackers exploited a wallet weakness recently. Its market cap stood at $1.56 billion.

Source: https://cryptoslate.com/cryptoslate-daily-wmarket-update-litecoin-shines-as-wider-crypto-market-stutters/
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