Crypto market update: Bitcoin continues to tread water around $30,000

The total crypto market capitalisation is $500m lower in the past month

The cryptocurrency market continued to tread water on Wednesday afternoon. 

Having fallen as low as $1.23trn ($0.98trn) on Tuesday afternoon, the total capitalisation of the cryptocurrency market rose as high as $1.29trn on Wednesday morning. By 12.30 BST (UTC+1), the metric stood at $1.26trn (£1trn), down by $530m in the past month. 

Bitcoin (BTC) traded up by 0.7% at $29,503, having stood as high as $30,139. Its market capitalisation stood 0.4% higher at $560m. The world’s first and largest cryptocurrency has fallen by 27.3% in the past month, and seen its market capitalisation dwindle by $208m. 

Ether (ETH) traded down by 1% to $1,951, having traded as high as $2,014. Its market capitalisation stood 1.1% lower at $236bn. The world’s second-largest cryptocurrency has sunk by 35.4% in the past month and seen $130bn in value wiped off its market capitalisation.

Among other prominent cryptocurrencies, solana (SOL) and avalanche (AVAX) suffered some of the largest losses, each slipping by 3%. Monero (XMR) and ethereum classic (ETC) enjoyed some of the largest gains, rising by 5.4% and 8.3%, respectively. 

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Biggest gainer

Across the wider crypto asset space, diamond love (LOVE) experienced the largest 24-hour gain, rising by 1,529% to $0.00001205. The multi-chain blockchain project has, however, fallen by 36% from the $0.00001897 all-time high it reached on Tuesday. 

Biggest loser

SwinCoin (SWIN) suffered the largest 24-hour loss, plunging by 96% to $0.0000412. The BEP-20 token built on the Binance Smart Chain has lost 99.97% of its value since the $0.205 all-time high it reached in November. 

All prices correct as of 12:45 BST (UTC+1).

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