“The total cryptocurrency market capitalization has experienced a significant influx of over $20 billion within the past 24 hours. This comes just three days after witnessing an outflow of more than $31 billion on September 11th, in an event that made a full recovery the following day.
Market Capitalization Swings in Recent Days
According to data from TradingView, the TOTAL-CRYPTOCAP index shows a 2% increase in capital inflow, rising from a market capitalization of $1.02 trillion on September 13th to a local peak of $1.04 trillion on September 14th. As of the time of writing, the total cryptocurrency market capitalization stands at $1.036 trillion.
Notably, this recent influx of capital follows closely on the heels of a significant outflow, which saw the market capitalization drop from $1.014 trillion to $0.982 trillion within an 8-hour period, marking a decrease of $31.21 billion (-3%). Analysts have pointed out signs of capitulation during this time, which could potentially signal a price recovery in the long term.
Cryptocurrencies Performing Well Amidst Increased Capital Inflows
In this context, three cryptocurrencies have garnered attention today as the market turns green, and sentiment shifts. According to CoinMarketCap’s rankings of the top 100 cryptocurrencies by market capitalization, with 24-hour trading volumes exceeding $50,000:
1. Axie Infinity (AXS) is trading at $4.66, with a 9.79% increase on the day.
2. Hedera (HBAR) is trading at $0.051, with a 5.41% increase over the past 25 hours.
3. THORChain (RUNE) is trading at $1.65, with a 5.2% increase.
The largest capital inflows have come from the two leading cryptocurrencies: Bitcoin (BTC) and Ethereum (ETH). When these two digital assets were excluded from the CRYPTOCAP index, the remaining coins only saw a $2 billion increase in market capitalization during the same period, as opposed to the overall $20 billion surge, representing only 10% of the total growth.