CryptoSlate wMarket Update: Bitcoin maintains $27K amid rising network fees CryptoSlate wMarket Update: Bitcoin maintains $27K amid rising network fees
The wMarket Update condenses the most important price movements in the crypto markets over the reporting period, published 07:45 ET on weekdays.
2 min read
Updated: May. 9, 2023 at 12:24 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
In the last 24 hours, the cryptocurrency market cap saw net outflows of around $20 billion and currently stands at $1.14 trillion — down 1.16% from $1.16 trillion.
During the period, Bitcoin (BTC) and Ethereum’s (ETH) market cap fell 1.31% and 0.85% to $534.37 billion and $221.6 billion, respectively.
Except for Tron, the top 10 cryptocurrencies recorded losses over the last 24 hours. Polygon, Solana, and Polkadot were the biggest losers, falling more than 2%, respectively.
The market cap of Tether (USDT) grew to $82.39 billion. In contrast, USD Coin (USDC) and Binance USD (BUSD) fell to $30.24 billion and $5.97 billion, respectively.
Bitcoin
In the last 24 hours, Bitcoin fell 1.24% to trade at $27,609 as of 07:00 ET. Its market dominance remained flat at 46.9%.
During the reporting period, BTC continued to trade around $27,000 amid concerns over its rising network fees. The asset bottomed at $27,310.
Ethereum
Over the last 24 hours, Ethereum declined 2.43% to trade at $1,858 as of 07:00 ET. Its market dominance rose to 19.4%.
ETH mirrored BTC price performance, peaking at $1876 during the reporting period.
Top 5 Gainers
Bitcoin SV
BSV is the day’s biggest gainer, growing 32.26% over the last 24 hours to $0.17221 as of press time. The blockchain network has seen its native token rise amid the rising concerns over BTC’s network congestion issues. Its market cap stood at $779.01 million.
Bitget Token
BGB rose 17.42% to $0.46661 as of press time. The exchange token has been up 18% over the last seven days. Its market cap stood at $653.26 million.
tomiNET
TOMI is on the top gainers’ list for the second consecutive day. It grew 14.33% over the last 24 hours to $4.11 as of press time. Its market cap stood at $163.16 million.
Kava
RAD gained 8.28% to trade at $0.77 at the time of writing. Its market cap stood at $394.63 million.
Lido Dao Token
LDO gained 8.2% to $1.87 over the last 24 hours. Its market cap stood at $1.65 billion.
Top 5 Losers
RSK Infrastructure Framework
RIF is the day’s biggest loser, falling 18.81% to trade at $0.13 at the time of writing. Its market cap stood at $136.22 million.
Radicle
RAD dropped 16.4% to trade at $2.62. Despite today’s drawdown, the token has increased more than 40% over the past month. Its market cap stood at $130.56 million.
Pepe
PEPE plunged 15.15% to trade at $0.0000019 as of press time. The high-flying memecoin is experiencing heavy sell-off as investors begin to take profit. Its market cap stood at $772.25 million.
WOO Network
WOO fell 14.71% to $0.22 over the reporting period. Its market cap stood at $385.38 million.
Core
CORE lost 13.2% to $0.90 over the reporting period. The EVM-Compatible blockchain has shed over 40% in the last 30 days. Its market cap stood at $100.6 million.
Disclaimer: CryptoSlate has received a grant from the Polkadot Foundation to produce content about the Polkadot ecosystem. While the Foundation supports our coverage, we maintain full editorial independence and control over the content we publish.
Mentioned in this article
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.
Editor Editor 
Josh O'Sullivan
Josh has been writing for a decade and is passionate about mainstream crypto adoption, bringing positive financial change to the masses through crypto and decentralized finance.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Cardano
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Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.
tomiNet
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tomi is a project engaged in the development of a decentralized alternative internet network to be used as the infrastructure platform for the Web3.
