Bitcoin drops to $27k amid network congestion issues

Since the last market update, the cryptocurrency market cap saw net outflows of more than $30 billion and currently stands at $1.16 trillion — down 2.72% from $1.19 trillion.

Over the last 24 hours, Bitcoin (BTC) and Ethereum’s (ETH) market cap fell 3.1% and 2.35% to $541.42 billion and $223.85 billion, respectively.

The top 10 cryptocurrencies recorded losses over the last 24 hours, shedding more than 2%, respectively.

The biggest losers were Bitcoin, XRP, Cardano, Polygon, Solana, and Polkadot, which lost more than 3%.

The market caps of Tether (USDT) and USD Coin (USDC) grew to $82.18 billion and $30.39 billion, respectively. In contrast, Binance USD (BUSD) fell to $5.97 billion.

Bitcoin

In the last 24 hours, Bitcoin fell 3.18% to trade at $27,942 as of 07:00 ET. Its market dominance declined to 46.9%.

Over the weekend, BTC saw a spike in unprocessed transactions due to network congestion. This forced Binance to pause withdrawals twice within 24 hours as the exchange, citing high gas fees.

Glassnode noted an “extremely high demand for blockspace” caused by BRC-20 tokens.

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%.

Over the weekend, ETH deposits on exchanges soared to an 18-month high as PEPE investors converted their profits into the digital asset. Like BTC, the blockchain network has also seen its gas fees rise to new highs amid the recent memecoin craze.

Top 5 Gainers

RSK Infrastructure Framework

RIF is the day’s biggest gainer, growing 40.08% over the last 24 hours to $0.17221 as of press time. A third layer built on top of Bitcoin has garnered interest due to the network congestion battling the flagship digital asset. Its market cap stood at $165.33 million.

tomiNET

TOMI grew 11.26% over the last 24 hours to $3.56926 as of press time. Its market cap stood at $141.49 million.

Stacks

STX rose 10.62% to $0.77470 as of press time. Thanks to the growing demand for Ordinals, the BTC layer2 network has seen its market cap reclaim the $1 billion mark. Its market cap stood at $1.07 billion.

Radicle

RAD gained 10.53% to trade at $3.11719 at the time of writing. The token continues its positive run, growing 64% in the last 30 days. Its market cap stood at $155.33 million.

MX Token

MX gained 5.82% to $2.92006 over the last 24 hours. Its market cap stood at $292.01 million.

Top 5 Losers

Bitgert

BRISE is the day’s biggest loser, falling 12.9% to trade at $0.13080 at the time of writing. The exchange token has experienced minimal sell-off over the past week, down 13%. Its market cap stood at $130.37 million.

Uma

UMA dropped 12.88 % to trade at $0.87442. Despite today’s drawdown, the decentralized financial contract platform has increased more than 30% over the past week. Its market cap stood at $191.31 million.

Core

CORE lost 12.45% to $1.03664 over the reporting period. The EVM-Compatible blockchain has shed over 30% in the last 30 days. Its market cap stood at $115.52 million.

SUI

SUI plunged 11.7% to trade at $1.14938 as of press time. The layer1 blockchain has experienced heavy volatility since its mainnet launch, down more than 70%. Its market cap stood at $607.19 million.

DeFiChain

DFI fell 10.99% to $0.40535 over the reporting period. Its market cap stood at $282.55 million.