CryptoSlate Daily wMarket Update: Bears take control as Bitcoin dips to $23,500 CryptoSlate Daily wMarket Update: Bears take control as Bitcoin dips to $23,500
The wMarket Update condenses the most important price movements in the crypto markets over the reporting period, published 07:45 ET on weekdays.
3 min read
Updated: Feb. 3, 2023 at 12:42 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The cryptocurrency market cap saw a net outflow of around $10 billion over the last 24 hours and currently stands at $1.08 trillion — down 0.86% from $1.09 trillion.
Over the reporting period, Bitcoin and Ethereum’s market cap fell 1.32% and 1.51% to $453.27 billion and $201.57 billion, respectively.
The top 10 crypto assets posted losses across the board over the reporting period except Polkadot, which is up 3.96%. The top losers included Polygon, Dogecoin, and Solana, which decreased by 3.58%, 2.19%, and 2.27%, respectively.
Over the last 24 hours, the market caps of Tether (USDT) and USD Coin (USDC) marginally rose to $68.04 billion and $42.44 billion, respectively. On the other hand, the market cap of BinanceUSD (BUSD) remained flat at $16.10 billion.
Bitcoin
Over the last 24 hours, Bitcoin fell 1.3% to trade at $23,523 as of 07:00 ET. Its market dominance dropped to 41.9% from 42.1%.
During the reporting period, BTC managed to stay above $23,500 after surging to $24,091 around on Feb. 2. The asset liquidated over $30 million from traders who held long positions.
Ethereum
Ethereum declined 1.4% over the last 24 hours to trade at $1,648 as of 07:00 ET. Its market dominance remained flat at 18.7%.
ETH traded above $1700 for the first time since September 2022 but soon retraced to its current levels after the bears took control of the market.
Top 5 Gainers
TerraUSD
USTC is the day’s biggest gainer, rising 57.97% over the reporting period to $0.039 as of press time. Terra community members have passed a new proposal to re-peg the algorithmic stablecoin. Its market cap stood at $390.36 million.
Illuvium
ILV grew 38.35% to $101.96 as of press time. The play-to-earn game rose by over 150% in the last 30 days. Its market cap stood at $214.84 million.
Orbs
ORBS gained 32.67% over the reporting period to trade at $0.040 as of press time. The blockchain network has enjoyed a stellar start to the year, growing by over 90 since Jan. 1. Its market cap stood at $115.17 million.
Wemix
WEMIX jumped 23.41% to $1.11 as of press time. The NFT-related token recently burnt 2 million WEMIX Classic tokens. Its market cap stood at $280.54 million.
Baby Doge Coin
BabyDoge rose 18.4% to $0.000000001874 as of press time. Earlier today, the meme coin revealed that it had burnt over 352 million tokens, and the total value of assets locked on its decentralized exchange (DEX) crossed $40 million. Its market cap stood at $214.75 million.
Top 5 Losers
Bitgert
BRISE is the day’s biggest loser, posting 13.47% losses and exchanging hands for $0.00000049 as of press time. The Binance Smart Chain-based crypto has erased its gains of Feb. 2. Its market cap stood at $195.38 million.
Hooked Protocol
HOOK fell 11.48% in the last 24 hours to $3.04. The token is on a downward trend, falling by over 14% in the previous seven days. Its market cap stood at $153.49 million.
Status
SNT is on the top losers list for the second consecutive day. The token plunged 9.93% to $0.031 as of press time. The token rose by over 60% in the last 30 days. Its market cap stood at $123.95 million.
Storj
STORJ decreased 9.14% to $0.39 as of press time. The filesharing token rose by 53% over the last 30 days. Its market cap stood at $162.98 million.
dYdX
DYDX is down 9.02% to $3.13 as of press time. The DEX token has seen improved price performance since its foundation released a bullish report about its ecosystem. Its market cap stood at $491.53 million.
Mentioned in this article
Bitcoin 
Ethereum 
Storj 
dYdX (Native) 
WEMIX 
Baby Doge Coin 
Status 
Hooked Protocol 
Bitgert 
Illuvium 
TerraUSD 
Orbs Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,023.50
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Storj
$0.51763
Storj is a platform, cryptocurrency, and suite of decentralized applications that allows users to store data in a secure and decentralized manner..
dYdX (Native)
$2.16893
DYDX is a governance token that allows the dYdX community to truly govern the dYdX Layer 2 Protocol.
WEMIX
$1.45642
Wemix is a blockchain based Global Gaming Platform developed by Wemade Tree that issubsidiary company of WEMADE as its flagship blockchain gaming services arm.
Baby Doge Coin
$0.00000
Baby Doge is a deflationary coin designed to become more scarce over time.
Status
$0.03689
Status is a free and open source mobile client targeting Android & iOS built, entirely on Ethereum technologies..
Hooked Protocol
$0.90144
Hooked Protocol is building the on-ramp layer for massive Web3 adoption, providing tailored Learn & Earn products and onboarding infrastructures for users & businesses to enter the new world of web3.
Bitgert
$0.00000
Bitgert (BRISE) is a crypto engineering project launched in July 2021 that specializes in blockchain products and auditing solutions.
Illuvium
$87.9042
Illuvium is an open-world fantasy battle game built on the Ethereum blockchain.
TerraUSD
$0.01673
TerraUSD is a native Terra stablecoin pegged to the US Dollar..
Orbs
$0.03572
Orbs is a public blockchain built for the needs of apps with millions of users, from SLAs to adjustable fee models to on-demand capacity.
