Bitcoin dumps below $27,000 amid marketwide rout

In the last 24 hours, the cryptocurrency market cap saw net outflows of around $30 billion and currently stands at $1.10 trillion — down 2.75% from $1.13 trillion.

During the period, Bitcoin (BTC) and Ethereum’s (ETH) market cap fell 4.01% and 2.32% to $511.15 billion and $214.44 billion, respectively.

All top 10 crypto assets recorded losses in the last 24 hours — except XRP,  Cardano, and Dogecoin, which saw minimal gains. Bitcoin and Ethereum led the outflows among the top 10 assets.

The market cap of Tether (USDT) grew to $82.77 billion. In contrast, USD Coin (USDC) and Binance USD (BUSD) fell to $29.98 billion and $5.70 billion, respectively.

Bitcoin

In the last 24 hours, Bitcoin fell 4.08% to trade at $26,372 as of 07:00 ET. Its market dominance remained fell to 46.3% from 46.9%.

During the reporting period, BTC’s price descent wiped $51 million in positions held on it. Some analysts have argued that its drop could lead to further declines towards $25,000.

Ethereum

Over the last 24 hours, Ethereum declined 3.15% to trade at $1,767 as of 07:00 ET. Its market dominance rose to 19.4% from 19.3%.

ETH mirrored BTC’s price performance. According to Nansen’s data, the number of staked Ethereum reached a new all-time of 19.55 million as staking deposits have surpassed withdrawals.

Top 5 Gainers

tomiNET

TOMI is the day’s biggest gainer, growing 12.56% over the last 24 hours to $4.44673 as of press time. The token enjoyed a high upside after being listed by the Crypto.com exchange on May 11. Its market cap stood at $176.28 million.

Solar

SXP rose 8.49% to $0.45655 as of press time. Earlier today, Binance revealed it supported Swipe’s (SXP) mainnet swap and rebranding plan to Solar. Its market cap stood at $257.56 million.

Decred

DCR gained 4.61% to trade at $17.4418 at the time of writing. The privacy coin has shed 10% over the past week. Its market cap stood at $260.62 million.

Cosmos

ATOM jumped 3.34% to $11.2553 over the last 24 hours. The self-styled internet of blockchains said its Game of NFTs Hackathon had been extended until June 19. Its market cap stood at $3.22 billion.

Core

CORE grew 2.37% over the last 24 hours to $0.90466 as of press time. Its market cap stood at $105.87 million.

Top 5 Losers

Pepe

PEPE is the day’s biggest loser for the second consecutive day. It fell 25.01% to trade at $0.0000012591 at the time of writing. The high-flying meme coin’s market cap is now below $500 million. Its market cap stood at $484.06 million.

Hex

HEX dropped 20.23% to trade at $0.05321. The token has experienced a heavy sell-off in the last seven days, down 18%. Its market cap stood at $9.23 billion.

WEMIX

WEMIX plunged 19.59% to trade at $0.65767 as of press time. The NFT-related token has decreased by more than 45% in the past month. Its market cap stood at $164.8 million.

Threshold

T lost 12.1% to $0.02673 over the reporting period. The blockchain network DAO approved a proposal to boost cross-chain Bitcoin liquidity in DeFi by integrating Wormhole & incentivizing the minting of up to 26,000 tBTC. Its market cap stood at $232.73 million.

JasmyCoin

JASMY fell 11.94% to $0.00478 over the reporting period. The token has been experiencing a sell-off since Binance moved it to its innovation zone. Its market cap stood at $227.26 million.