Bitcoin loses momentum after failing to break $24,000 resistance

The cryptocurrency market cap saw net outflows of around $19 billion over the last 24 hours and currently stands at $1,047.31 billion — down 1.81% from $1,066 billion

Over the reporting period, Bitcoin and Ethereum’s market cap fell by 1.29% and 1.55% to $445.8 billion and $193.8 billion, respectively.

All the top 10 cryptocurrencies posted losses over the last 24 hours. Polygon tops the list, decreasing by 5.2%. Followed by Polkadot and Dogecoin which lost 4.58% and 3.93%, respectively.

Since the last market update, the market cap of Tether (USDT) grew to $67.78 billion. On the other hand, the market caps of USD Coin (USDC) and BinanceUSD (BUSD) fell to $43.47 billion and $15.76 billion, respectively.

Bitcoin

Over the last 24 hours, Bitcoin fell 1.47% to trade at $23,097 as of 07:00 ET. Its market dominance grew slightly to 42.5% from 42.4%.

Over the weekend, Bitcoin traded near $24,000, touching a peak of $23,919 on Jan. 29 before retracing to its current levels. The flagship digital assets experienced some mild sell-off during the early trading hours of today.

BTC Price Performance (Source: Tradingview.com)

Ethereum

Ethereum lost 1.60% over the last 24 hours to trade at $1,583 as of 07:00 ET. Its market dominance fell to 18.4% from 18.5%.

ETH price action mirrored BTC, trading at a peak of $1,653 on Jan. 29 before experiencing a sharp sell-off that brought its value down.

Top 5 Gainers

Everscale

EVER is the day’s biggest gainer, increasing 89.45% over the reporting period to $0.11 as of press time. Bullish sentiments around the token is currently high as its DeFi TVL is up 31% in the last 24 hours, according to DeFiLlama data. Its market cap stood at $191.99 million.

DAO Maker

DAO rose 27.46% in the last 24 hours to $1.18 as of press time. The launchpad has begun its anniversary campaign and looks to reduce its token supply by repurchasing them. Its market cap stood at $170.83 million.

Mina

MINA gained 25.84% over the reporting period and was exchanging hands for $0.84 as of press time. The token has seen its OpenMina node browser concept enjoy more support from the community. Its market cap stood at $695.03 million.

Injective

INJ jumped 10.38% to $2.80 as of press time. The smart contract-enabled platform recently launched a $150 million fund to boost decentralized finance (DeFi) adoption. Its market cap stood at $204.45 million.

Syscoin

SYS is up 8.37% in the last 24 hours to $0.17 as of press time. The proof-of-work (PoW) token has risen 70% over the last 30 days. Its market cap stood at $128.91 million.

Top 5 Losers

Alethea Artificial Liquid Intelligence Token

ALI is the day’s biggest loser, declining by 11.39% over the reporting period to $0.035 as of press time. The AI token was one of the biggest gainers over the last 30 days, rising by nearly 300%. Its market cap stood at $128.58 million.

Hooked Protocol

HOOK fell 11.01% in the last 24 hours to $3.11. The token appears to have shed some of the gains it made over the last seven days when it rose by 14%. Its market cap stood at $155.78 million.

Conflux Network

CFX decreased 9.76% over the reporting period to $0.059 as of press time. The token experienced a huge sell-off in the last 24 hours after it recorded gains last week. Its market cap stood at $124.35 billion.

Magic

Magic lost 9.5% in the last 24 hours and was trading for $1.36 as of press time. The NFT-related token has recorded a minimal gain of 3% over the last seven days. Its market cap stood at $284.24 million.

iExec RLC

RLC continued its poor price performance, plunging 8.92% to $1.68 over the reporting period. Its market cap stood at $136.89 million.