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Crypto Market Cap Reclaims $1T Amid Long-Awaited Blur Airdrop (Market Watch)



The latest airdrop in the NFT space led to an increase in gas fees on Ethereum.

After a few consecutive days of free falls, bitcoin finally bounced off and reclaimed $22,000.

Most altcoins are also well in the green, with Cardano, Dogecoin, MATIC, Litecoin, and others spiking by over 5% in a day.

Bitcoin Back at $22K

The past several days didn’t go well for the primary cryptocurrency amid the ongoing regulatory scrutiny from US watchdogs. At first, the SEC went after Kraken and its staking platform before the agency, as well as the NYDFS, put Paxos under their scope, alleging that it sells unregistered securities by issuing Binance USD (BUSD).

These had a dramatic effect on the price of bitcoin, which went from over $24,000 to under $21,500 in a matter of a week. The latest multi-week low came on Monday at $21,375 (on Bitstamp), while the community focused on the CPI numbers about to be announced yesterday.

As they were slightly worse than the general estimations, BTC headed south quickly before it shot up to over $22,000 later during the day. The asset has remained there as of now as well, as it’s 1.75% up on the day.

Its market capitalization has neared $430 billion once again, while its dominance over the alts stands quiet at 41.6%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView


The atlcoins also suffered from the regulatory scrutiny, but most have turned green now, led by a 3% increase from the largest one. As such, ETH has tapped $1,550 after falling beneath $1,500 yesterday.

More impressive gains are evident from Cardano (7%0, Dogecoin (6%), MATIC (5%), LTC (5.5%), FIL (6%), LDO (10%), GRT (14%), and FTM (11%).

Aside from Dogecoin, Shiba Inu and Floki Inu also skyrocketed today following a dog-related joke from Elon Musk.

Nevertheless, perhaps the most anticipated news in the crypto space over the past 24 hours was the BLUR airdrop. According to Dune, over 300,000,000 tokens have already been claimed out of the 360,000,000 in total.

Somewhat expectedly, this resulted in a gas fee increase on Ethereum, with certain cases going up to $200 per transaction. BLUR is currently down to $0.77 on CMC after spiking to above $5 shortly after the airdrop.

Overall, though, the crypto market cap is up by more than $30 billion daily and sits well above $1 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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