<p>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.</p>
<p>Over the last 24 hours, Bitcoin (<a rel="noopener noreferrer nofollow">BTC</a>) and Ethereum’s (<a rel="noopener noreferrer nofollow">ETH</a>) market cap fell 3.1% and 2.35% to $541.42 billion and $223.85 billion, respectively.</p>
<p>The top 10 cryptocurrencies recorded losses over the last 24 hours, shedding more than 2%, respectively.</p>
<p>The biggest losers were Bitcoin, XRP, Cardano, Polygon, Solana, and Polkadot, which lost more than 3%.</p>
<figure style="width: 1200px" class="wp-caption aligncenter"><img src="https://cryptoslate.com/wp-content/uploads/2023/05/wMarket-top10-landscape-69.jpg" alt="CryptoSlate wMarket update" width="1200" height="750">
 <figcaption>
  Source: CryptoSlate
 </figcaption>
</figure>
<p>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.</p>
<h2 id="bitcoin">Bitcoin</h2>
<p>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%.</p>
<p>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.</p>
<p>Glassnode noted an “extremely high demand for blockspace” caused by BRC-20 tokens.</p>
<figure style="width: 1477px" class="wp-caption aligncenter"><img src="https://cryptoslate.com/wp-content/uploads/2023/05/BTCUSDT_2023-05-08_19-00-06.png" alt="CryptoSlate wMarket update" width="1477" height="875">
 <figcaption>
  Source: Tradingview
 </figcaption>
</figure>
<h2 id="ethereum">Ethereum</h2>
<p>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%.</p>
<p>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.</p>
<figure style="width: 1477px" class="wp-caption aligncenter"><img src="https://cryptoslate.com/wp-content/uploads/2023/05/ETHUSDT_2023-05-08_19-00-27.png" alt="CryptoSlate wMarket update" width="1477" height="875">
 <figcaption>
  Source: Tradingview
 </figcaption>
</figure>
<h2 id="top-5-gainers">Top 5 Gainers</h2>
<h3 id="a-href-https-cryptoslate-com-coins-uma-rel-noopener-noreferrer-nofollow-rsk-infrastructure-framework-a"><a href="https://cryptoslate.com/coins/uma/" rel="noopener noreferrer nofollow">RSK Infrastructure Framework</a></h3>
<p>RIF is the day’s biggest gainer, growing 40.08% over the last 24 hours to $<span>0.17221 </span><span>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.</span></p>
<h3 id="a-href-https-cryptoslate-com-coins-tominet-rel-noopener-noreferrer-nofollow-tominet-a"><a href="https://cryptoslate.com/coins/tominet/" rel="noopener noreferrer nofollow">tomiNET</a></h3>
<p>TOMI grew 11.26% over the last 24 hours to $<span>3.56926 </span>as of press time. Its market cap stood at $141.49 million.</p>
<h3 id="a-href-https-cryptoslate-com-coins-stacks-rel-noopener-noreferrer-nofollow-stacks-a"><a href="https://cryptoslate.com/coins/stacks/" rel="noopener noreferrer nofollow">Stacks</a></h3>
<p>STX rose 10.62% to $<span>0.77470 </span>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.</p>
<h3 id="a-href-https-cryptoslate-com-coins-radicle-rel-noopener-noreferrer-nofollow-radicle-a"><a href="https://cryptoslate.com/coins/radicle/" rel="noopener noreferrer nofollow">Radicle</a></h3>
<p>RAD gained 10.53% to trade at $<span>3.11719 </span>at<span> 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.</span></p>
<h3 id="a-href-https-cryptoslate-com-coins-mx-token-rel-noopener-noreferrer-nofollow-mx-token-a"><a href="https://cryptoslate.com/coins/mx-token/" rel="noopener noreferrer nofollow">MX Token</a></h3>
<p>MX gained 5.82% to $<span>2.92006 </span>over the last 24 hours<span>. Its market cap stood at $292.01 million.</span></p>
<h2 id="top-5-losers">Top 5 Losers</h2>
<h3 id="a-href-https-cryptoslate-com-coins-bitgert-rel-noopener-noreferrer-nofollow-bitgert-a"><a href="https://cryptoslate.com/coins/bitgert/" rel="noopener noreferrer nofollow">Bitgert</a></h3>
<p>BRISE is the day’s biggest loser, falling 12.9% to trade at $<span>0.13080&nbsp;</span><span>at the time of writing. The exchange token has experienced minimal sell-off over the past week, down 13%. </span>I<span>ts market cap stood at $130.37 million.</span></p>
<h3 id="a-href-https-cryptoslate-com-coins-uma-rel-noopener-noreferrer-nofollow-uma-a"><a href="https://cryptoslate.com/coins/uma/" rel="noopener noreferrer nofollow">Uma</a></h3>
<p>UMA dropped 12.88 % to trade at $<span>0.87442</span><span>. Despite today’s drawdown, the decentralized financial contract platform has increased more than 30% over the past week. I</span><span>ts market cap stood at $191.31 million.</span></p>
<h3 id="a-href-https-cryptoslate-com-coins-core-rel-noopener-noreferrer-nofollow-core-a"><a href="https://cryptoslate.com/coins/core/" rel="noopener noreferrer nofollow">Core</a></h3>
<p>CORE lost 12.45% to $<span>1.03664 </span><span>over the reporting period. The EVM-Compatible blockchain has shed over 30% in the last 30 days. I</span>ts market cap stood at $115.52 million.</p>
<h3 id="a-href-https-cryptoslate-com-coins-sui-rel-noopener-noreferrer-nofollow-span-style-color-383838-sui-span-a"><a href="https://cryptoslate.com/coins/sui/" rel="noopener noreferrer nofollow"><span style="color: #383838;">SUI</span></a></h3>
<p><span style="color: #383838; font-size: 16px;">SUI plunged 11.7% to trade at $<span>1.14938 </span></span><span style="color: #383838; font-size: 16px;">as of press time</span><span style="color: #383838; font-size: 16px;"><span>. </span></span><span style="color: #383838; font-size: 16px;">The layer1 blockchain has experienced heavy volatility since its mainnet launch, down more than 70%. Its m</span><span style="color: #383838; font-size: 16px;">arket cap stood at $607.19 million.</span></p>
<h3 id="a-href-https-cryptoslate-com-coins-defichain-rel-noopener-noreferrer-nofollow-defichain-a"><a href="https://cryptoslate.com/coins/defichain/" rel="noopener noreferrer nofollow">DeFiChain</a></h3>
<p>DFI fell 10.99% to $<span>0.40535 </span><span>over the reporting period. I</span>ts market cap stood at $282.55 million.</p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com/cryptoslate-wmarket-update-bitcoin-drops-to-27k-amid-network-congestion-issues/">CryptoSlate wMarket Update: Bitcoin drops to $27k amid network congestion issues</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com">CryptoSlate</a>.</p>

CryptoSlate wMarket Update: Bitcoin drops to $27k amid network congestion issues

Table of Contents

CryptoSlate

Other articles published on May 8, 2023

Join our free newsletter for daily crypto updates!