CryptoSlate wMarket Update: Bitcoin boost delivers market reprieve

The cryptocurrency market cap saw net inflows of $17.9 billion over the last 24 hours and currently stands at $1.18 trillion — up 1.5% from $1.16 trillion.

During the reporting period, Bitcoin (BTC) and Ethereum’s (ETH) market cap grew 2% and 2% to $553.45 billion and $224.66 billion, respectively.

The top 10 cryptocurrencies recorded a mixed performance, with Polygon leading the gainers, up 3%. Meanwhile, XRP fell 1.2% to bring up the rear.

The market cap of Tether (USDT) grew to $81.9 billion. In contrast, USD Coin (USDC) and Binance USD (BUSD) fell to $30.23 billion and $6.09 billion, respectively.

Bitcoin

In the last 24 hours, Bitcoin increased 2% to trade at $28,598 as of 07:00 ET. Its market dominance grew to 47% from 46.7%.

During the reporting period, BTC saw a spike that resulted in a local top of $28,870. It has since been trading flat with sell-side bias, finding support around the $28,450 level.

Ethereum

Over the last 24 hours, Ethereum grew 2% to trade at $1,865 as of 07:00 ET. Its market dominance increased to 19.1% from 18.9%.

During the reporting period, ETH’s price action closely followed Bitcoin, topping out at $1,882, leading into a pattern ranging between $1,860 and $1,876.

Top 5 Gainers

RSK Infrastructure Framework

RIF is the day’s biggest gainer, growing 38.5% over the last 24 hours to $0.16079 as of press time. The project will host a Twitter Space on May 5 to discuss product lineup and grants, among other topics. Its market cap stood at $154.36 million.

Stacks

STX gained 18.6% to trade at $0.81805 at the time of writing. Its market cap stood at $1.13 billion.

HEX

HEX grew 11.7% over the last 24 hours to $0.05678 as of press time. Daily transactions on the PulseChain testnet reached 367,000. Its market cap stood at $9.85 billion.

Kaspa

KAS gained 9.1% to $0.02610 over the last 24 hours. The token was a top-five loser yesterday and is down 23.1% over the past month. Its market cap stood at $477.57 million.

aelf

ELF rose 8% to $0.30026 as of press time. The project completed its v1.3.1 upgrade last month. Its market cap stood at $183.73 million.

Top 5 Losers

Radicle

RAD is the day’s biggest loser, falling 23.4% to trade at $3.45441 at the time of writing. The project said it is progressing with its Heartwood upgrade. Its market cap stood at $172.13 million.

UMA

UMA dropped 10.3% to trade at $1.12742. Its market cap stood at $148.14 million.

iExec RLC

RLC fell 8.7% to $1.82744 over the reporting period. The project recently posted an article about its V8 upgrade on Medium. Its market cap stood at $148.02 million.

JOE

JOE fell 5.4% to $0.40485 over the reporting period. The project has a presence at the Avalanche Summit, which takes place in Barcelona between May 3-5. Its market cap stood at $136.21 million.

Space ID

ID plunged 5.1% to trade at $0.59107 as of press time. The token is down 23.6% over the past month. Its market cap stood at $179.97 million.

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