Crypto market update: Bitcoin fails to hold above $32,000

Total cryptocurrency market capitalisation has fallen by about 1% to $1.3trn

Bitcoin (BTC) failed to stay above the $32,000 benchmark last night, after falling to around $31,552 by early Wednesday afternoon. 

The world’s first and largest cryptocurrency has risen by 7% in the past week, seeing its market capitalisation rise from around $560bn last week to around $601bn today. 

Ethereum was also trading down by 2% at $1,933. The cryptocurrency has risen by 12% since Friday when it fell to around $1,722, its lowest level since March 2021. 

The market capitalisation of ETH has almost halved since the start of year, sinking from $442bn to $233bn. 

Out of the top 100 cryptos on CoinMarketCap, Tron (TRX) enjoyed the largest gain, rising by 10% to $0.0892. Meanwhile, Cardano (ADA) and Axie Infinity (AXS) suffered some of the largest losses, falling by 5.6% and 9.3%, respectively. 

The capitalisation of the total cryptocurrency market fell by 1% to $1.3trn. Although almost $50bn higher than a week earlier, this metric has fallen by $400bn in the past month. 

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Biggest overall crypto gainer

Across the whole crypto asset space, TNC Coin enjoyed the largest 24-hour gain, rising by 403% to $0.003176.

The official digital currency of TNC IT Solutions Group, which provides blockchain ecosystems for both the gaming and M&A spaces, has fallen by 99% since the $0.3202 record high it reached two years earlier. 

Biggest overall crypto loser

Metacyber suffered the largest loss, sinking by 77% in 24 hours to $0.0000001167. The currency for the virtual blockchain-based metaverse has fallen by 99.9% since the $0.0002802 it reached two months ago. 

Its market capitalisation also fell by 77% in a day to $92,062.

All prices correct as of 13:15 BST (UTC +1).

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