Key Insights:

• It was a mixed Wednesday session for the crypto top ten, with Dogecoin (DOGE) avoiding the red to buck the market trend.

• News Tesla Inc. (TSLA) selling 75% of its bitcoin (BTC) holding weighed.

• The total crypto market cap fell by $17 billion to end the day at $1,018 billion.

It was a mixed Wednesday session for the crypto top ten. Bitcoin (BTC) hit $24,000 before falling into the red, while Dogecoin (DOGE) enjoyed a bullish session.

Crypto network updates failed to provide support. The downside aligned with 24-hour liquidation figures for Tuesday and Wednesday morning that pointed to a pullback.

Following the market reaction to the Ethereum (ETH) Merge and Cardano Vasil hard fork dates, Polygon (MATIC) network news failed to provide support.

On Wednesday, the Polygon team introduced zkEVM. Using zero-knowledge proof technology, Polygon delivers Ethereum scaling that will boost throughput, reduce latency, and save on fees.

According to the announcement,

“The basic approach to scaling Ethereum with ZK proofs is to build a ZK rollup, a Layer 2 protocol which “rolls up” a large batch of transactions and proves all of them to the Ethereum network with a single  ZK validity proof.”

Mid-week, the broader crypto market tracked the NASDAQ 100 into positive territory. A post-US-market close sell-off did the damage, with news of Tesla Inc. (TSLA) offloading 75% of its bitcoin holdings weighing.

On Wednesday, the NASDAQ 100 rose by 1.58%, following a Tuesday 3.11% rally.

At the time of writing, the NASDAQ 100 Mini was down 39 points.

The Total Crypto Market Cap Sees Tesla Driven Loss

A bullish start to the Wednesday session saw the total crypto market cap rise to a day high of $1,071 billion. A post-US-market close reversal, however, saw the crypto market cap slide to a day low of $1,003 billion before steadying.

Despite the pullback, the total crypto market cap avoided a fall to sub-$1 trillion, with the market cap falling by $17 billion on the day.

Notable moves across the crypto top ten was a bitcoin return to $24,000 to bring the all-important $25,000 handle into reach.

The Crypto Market Movers and Shakers from the Top Ten and Beyond

Dogecoin (DOGE) bucked the top-ten crypto trend, rising by 1.66%.

It was a bearish session for the rest of the majors, with SOL sliding by 6.30% to lead the way down.

ADA (-4.84%), BNB (-3.87%), and XRP (-2.65%) also struggled, while BTC (-0.76%) and ETH (-1.33%) saw relatively modest losses.

From the CoinMarketCap top 100, Lido DAO (LDO) and Monero (XMR) led the way alongside DOGE.

LDO rose by 3.45%, with XMR gaining 3.42%.