Bitcoin rallies to 6-month high with explosive 10% gain

The cryptocurrency market cap saw net inflows of $70 billion in the last 24 hours and currently stands at $1.11 trillion — up 6.56% from $1.04 trillion.

During the reporting period, Bitcoin and Ethereum’s market cap rose 9.40% and 7.01% to $473.45 billion and $205.73 billion, respectively.

The top 10 crypto assets recorded gains over the last 24 hours. Bitcoin and Polygon increased by roughly 10%, respectively. Others like Ethereum and Solana saw gains of over 6% each.

In the last 24 hours, the market caps of Tether (USDT) and USD Coin (USDC) increased to $69.80 billion and $41.50 billion, respectively. Meanwhile, the market cap of Binance USD (BUSD) market cap fell to $14.07 billion.

Bitcoin

In the last 24 hours, Bitcoin gained 9.38% to trade at $24,568 as of 07:00 ET. Its market dominance increased to 42.7% from 41.7%.

BTC rallied to a six-month high of $24,769 during the reporting period after bullish sentiments took over the market. The favorable price-performance liquidated over $200 million in short positions against the asset.

Ethereum

Over the last 24 hours, Ethereum rose 6.99% to trade at $1,682 as of 07:00 ET. Its market dominance rose to 18.6% from 18.5%.

ETH price performance mirrored BTC — peaking at $1,700 before retracing to its current levels. The asset’s fear and greed index is firmly rooted in the greed zone as of press time.

Top 5 Gainers

Conflux Network

CFX is the day’s biggest gainer, rising 120.78% over the reporting period to $0.13588 as of press time. The smart contract-enabled platform scored a partnership with China’s second-largest wireless carrier — China Telecom — to develop Blockchain-enabled SIM cards (BSIM). Its market cap stood at $302.31 million.

Floki Inu

FLOKI rose 65.47% to $0.0000546881 in the last 24 hours. Leading crypto exchange KuCoin listed the meme coin on Feb. 15, and its trading volume soared over $150 million. Its market cap stood at $$482.18 million.

Blur

BLUR jumped 49.16% to $1.12527 as of press time. The NFT marketplace token recovered from its over 80% decline on Feb. 15 to cross the $1 mark during the reporting period. Its market cap stood at $405.1 million.

WEMIX

WEMIX gained 39.86% in the last 24 hours to trade at $1.79734. The NFT-related token was listed on crypto exchanges like Mercado Bitcoin and Coinone in the previous 24 hours. Its market cap stood at $439.54 million.

MX Token

MX increased 29.35% to $1.21140 as of press time. It was unclear why the centralized exchange token rose as of press time. Its market cap stood at $121.14 million.

Top 5 Losers

Onyxcoin

XCN is the day’s biggest loser, falling 5.52% to $0.01664 as of press time. The Onyx ecosystem native token rose by 50% in the last seven days. Its market cap stood at $390.69 million.

Axelar

AXL lost 2.17% and traded for $0.77223 as of press time. AXL has not enjoyed much interest from the community despite its Coinbase listing — it fell by 4% over the past week. Its market cap stood at $126.55 million.

Paxos Standard

USDP  shed 0.6% over the reporting period to $0.99431. Its issuer Paxos is under scrutiny for its lax due diligence on its other stablecoin, Binance USD (BUSD). Its market cap stood at $873.09 million.

Liquity USD

LUSD is another stablecoin on the top loser’s list. The stablecoin decreased 0.36% to $1.00115 as of press time. It was unclear why the stablecoin was experiencing high volatility. Its market cap stood at $227.29 million.

Just Stablecoin

USDJ plunged 0.23% to $1.12458 over the reporting period. The Tron-based stablecoin rose by 1.54% over the last seven days. Its market cap stood at $307.29 million.