Bitcoin briefly touches $21,000 in market wide weekend pump

The cryptocurrency market cap saw net inflows of around $6 billion in the last 24 hours and currently stands at $979 billion — up 0.69%.

Over the reporting period, Bitcoin and Ethereum’s market cap increased by 0.72% and 0.87% to $402 billion and $189.18 billion, respectively.

Most top 10 cryptocurrencies recorded gains over the reporting period, excluding Dogecoin, Polkadot and Litecoin, which recorded losses.

Polygon and Solana posting the highest gains at 2.9% and 2.18%, respectively.

The market cap of Tether (USDT) rose to $66.38 billion in the last 24 hours. The market caps of USD Coin and BinanceUSD (BUSD) slightly decreased to $43.95 billion and $16.30 billion, respectively.

Bitcoin

BTC gained 0.65% to trade at $20,841 as of 07:00 ET. Its market dominance rose to 41% from 40.2%.

Since the last market report, Bitcoin has broken the $20,000 barrier and briefly tapped $21,000 amid a weekend pump that liquidated short sellers. Analysts have suggested that bullish sentiments are returning to the coin.

Ethereum

Ethereum grew 0.81% over the last 24 hours to trade at $1,544 as of 07:00 ET. Its market dominance rose to 19.3% from 19%.

The price performance of ETH mirrored BTC’s. The second-largest digital asset by market cap traded near its pre-FTX levels throughout the weekend. The impressive price performance also saw it turn deflationary.

Top 5 Gainers

FTX Token

FTT is the day’s biggest gainer, rising 61.03% to $2.69 as of press time. It was unclear why the token’s value was rising, considering there has been no new information regarding the exchange’s bankruptcy case. Its market cap stood at $886.34 million.

Frax Share

FXS gained 41.78% over the reporting period to trade at $9.53 as of press time. The DeFi-related token surged by over 62% in the last seven days. Its market cap stood at $677.37 million.

Convex Finance

CVX rose 26.65% to $4.89 as of press time. The staking platform token increased by 42% in the last 30 days. Its market cap stood at $357.48 million.

Everscale

EVER is up 24.43% over the reporting period to trade at $0.053 as of press time. It was unclear why the token was rising. Its market cap stood at $89.42 million.

Decentraland

MANA grew 23.66% in the last 24 hours to $0.69. The metaverse-related token has been on a tear in the last 30 days, rising by 114%. Its market cap stood at $1.3 billion.

Top 5 Losers

Neutrino USD

USDN is the day’s biggest loser, shedding 9.79% over the reporting period to trade at $0.36. The depegged stablecoin has been trending downward  and has fallen 32% in the last 30 days. Its market cap stood at $244.88 million, as of press time.

Civic

CVC fell 6.51% in the last 24 hours to $0.103. The identity verification blockchain network’s value rose 27% over the previous seven days. Its market cap stood at $103.83 million.

Smooth Love Potion

SLP decreased 6.76% to $0.0028 as of press time. The Axie Infinity-linked token has seen renewed interest in the last 30 days, rising 33%. Its market cap stood at $122.64 million.

Threshold

T plunged 6.35% in the last 24 hours to $0.021 as of press time. The token started strongly in 2023, posting gains of over 25% in the last seven days. Its market cap stood at $179.54 million.

NuCypher

NU is down 6% over the reporting period to $0.15. The Ethereum-based token has increased by over 70% since the start of the year. Its market cap stood at $108.73 million.