The crypto market as a whole is bearish with most of the top 100 coins in the red at the time of writing. Bitcoin fell slightly, altcoins did worse even as stocks rose.
Top cryptos
Bitcoin was recently trading at around $29,000, generally unchanged over the previous 24 hours. Ether lost around 8% over the same period and was trading below $1,800.
Most of the top 10 altcoins were in the red. Solana is the biggest loser, down about 10%. Investors are showing a preference for Bitcoin, considered the least risky of all digital assets, amid continued concerns over an economic slowdown and high inflation.
Relative to other coins, Bitcoin saw a spike in its market cap. XRP and Tron are the only top 20 coins in the green, up by around 2% resp. 1%.
Top Movers
Outside of the top 20, the trend was bearish, with most coins losing 3-8% of their value. Notable standouts include Elrond at 15% loss, THORChain at 14%, Loopring at 10%, Gala at 9%, and Waves at 12%.
The biggest loser, however, is STEPN, down 22%. STEPN is in freefall for three reasons: it was banned in China, a massive NFT selloff is resulting in lower prices, and the crypto market is weak overall.
UST’s descent continues. It is currently trading at 4 cents and has lost 52% of its value today.
On the other end, Decred added 2% and Ethereum Classic gained 3%, continuing its upward trajectory seen in the last few days. Tron’s stablecoin USDD is rapidly rising in the market cap ranking.
Tendency
The biggest winner today is Topchain, which aims to become the world’s leading gaming brand, transforming the industry to create a global decentralized gaming ecosystem. Its TOPC token added 225% to its value today.
