Cryptos Climb Despite A Firm Dollar And Lingering Fed Fears

Cryptocurrencies rallied more than a percent in the past 24 hours even as world market sentiment was swayed by anxiety ahead of a speech by Fed Chair Jerome Powell.

Overall cryptocurrency market capitalization increased to $1.34 trillion, from $1.32 trillion a day earlier. The 24-hour trading volume also increased 3.6 percent to $44 billion.

Bitcoin (BTC) gained 1.6 percent in the past 24 hours to trade at $35,325.94. The leading cryptocurrency, which dominates 51.2 percent of the overall crypto market traded between a high of $35,892.42 and a low of $34,613.02 in the past 24 hours. The momentum helped BTC clock weekly gains of 0.8 percent and year-to-date gains of 113 percent.

Ethereum (ETH) also added 0.31 percent in the past 24 hours. It is currently changing hands at $1,883.34. The leading alternate currency, which dominates 16.95 percent of the overall crypto market traded between a high of $1,907.56 and a low of $1,852.79 in the past 24 hours. Despite the modest overnight gains, Ether is holding on to weekly gains of 3.5 percent. ETH has rallied 57 percent in 2023.

Among the top 10 cryptocurrencies, 4th ranking BNB (BNB) is the only cryptocurrency to trade with overnight losses. BNB has slipped 1.1 percent in the past 24 hours causing weekly gains to reduce to 8.4 percent. With the negative overnight move, the cryptocurrency has turned mildly negative on a year-to-date basis as well.

XRP (XRP) ranked 5th overall edged up in the past 24 hours, 13 percent in the past week and more than 102 percent in 2023 to trade at $0.6886.

7th ranked Solana (SOL) added 2.7 percent to trade at $43.15. SOL has added 8.3 percent in the past week and more than 333 percent in the year 2023.

8th ranked Cardano (ADA) also added close to 2 percent in the past 24 hours. ADA gained 20.9 percent in the past week and 44 percent in 2023.

9th ranked Dogecoin (DOGE) added a little less than a percent in the past 24 hours. With a surge of more than 9 percent in the past week, DOGE added 5.5 percent on a year-to-date basis.

10th ranked Toncoin (TON) dazzled with overnight gains of 9.6 percent, weekly gains of 21 percent and year-to-date gains of more than 14 percent.

74th ranked Sui (SUI) topped overnight gains with a surge of more than 10 percent.

69th ranked Trust Wallet Token (TWT) slipped close to 15 percent in the past 24 hours.

The rally in crypto sphere comes amidst a 0.25-percent jump in the Dollar Index. The Dollar Index measures the Dollar’s strength against a basket of six currencies.

Dollar has climbed in the recent sessions amidst renewed fears about the Fed’s interest rate trajectory. Much against market expectations, recent Fed speakers have not been inclined to indicate a potentially rapid and immediate pivot in the Fed’s monetary policy strategy. Though rising bond yields had led to speculation about the Fed no longer being required to raise interest rates, the recent easing in yields has again triggered fresh uncertainty.

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