Cryptos rallied more than 3 percent in the past 24 hours amidst a revival in global market sentiment. An unexpected drop in factory output in the U.S and a less than expected hike in interest rates by the Reserve Bank of Australia spurred the risk-on sentiment across global markets.
Increasing expectations that central banks would pause on the monetary policy tightening dominated market sentiment. Markets now await the job openings data from the U.S. for labor market cues and its influence on the Fed’s interest rate decisions.
The Dollar Index meanwhile hovered between 110.81 and 111.89 and is currently near 110.97. The easing in Bond yields and the Dollar’s retreat from recent highs helped digital assets trade comfortably in the green zone. Stocks too have rallied across regions.
Overall crypto market capitalization is now at $961 billion, versus $930 billion, a day earlier. More than 95 percent of the top 100 cryptocurrencies are trading in the green zone.
Market leader Bitcoin is currently trading at $20,085.60, having gained 4.5 percent in the past 24 hours. BTC traded between $20,085 and $19,184 in the past 24 hours, but is still in negative territory on a weekly, monthly and quarterly basis. BTC currently dominates 40 percent of the overall crypto market.
Around 52 percent of Bitcoin holders are in the money at current prices. On-chain metrics also reveal that around 63 percent of Bitcoin holders have been holding on to the digital asset for more than a year.
Ethereum also gained 4.2 percent in the past 24 hours and is currently trading at $1,356.80. Ether ranged between $1356.80 and $1,299.60 in the past 24 hours. Ethereum currently dominates 17.3 percent of the overall crypto market.
Only 41 percent of Ethereum holders are out of money at current prices. 64 percent of Ethereum holders have been holding on to the cryptocurrency for more than a year.
3rd ranked Tether (USDT) traded at $1 in the past 24 hours. The top ranked stablecoin currently has a market cap of close to $68 billion.
BNB(BNB) jumped to the fourth rank among all cryptocurrencies, relegating USDCoin (USDC) to the fifth rank. BNB has a market capitalization of $47.5 billion versus $47.04 billion enjoyed by USDC. USDC traded between $1 and $0.9998 in the past 24 hours.
6th ranked XRP’s overnight gain of 6.8 percent is the best among the top 10 cryptos.
8th ranked Cardano (ADA) added 2.5 percent in the past 24 hours, whereas 9th ranked Solana (SOL) moved up 4.1 percent. 10th ranked Dogecoin’s (DOGE) uptick was more modest at 1.6 percent.
71st ranked Lido DAO (LDO) added 10.5 percent overnight and is the best performer among the top 100 cryptos.
31st ranked TerraClassic (LUNC) is the greatest laggard with an overnight decline of 5.5 percent.
For More Cryptocurrency News, visit rttnews.com
Source: Read Full Article
Barclays Considering Bitcoin Trading Desk
Bitcoin Incurs Short-Lived Rally as Choppy Trading Conditions Persist
A Big Glitch Appears in Bitcoin Bullish Bias: Rising Rate Hikes Bets | Bitcoinist.com
Bitcoin Banknotes of Low Value Launched in Singapore
This Pattern Suggests Bitcoin May Soon Reel Lower and Tap Fresh Lows