Cryptos Rise As Powell Sounds Less Hawkish Than Feared

Cryptocurrencies extended gains, early on Wednesday amidst the positive sentiment generated by the not-so-hawkish tone in Fed Chair Jerome Powell’s speech on Tuesday. The Dollar’s subdued tone too helped dollar-denominated crypto prices make fresh gains.

Overall crypto market capitalization is currently at $1.09 trillion versus $1.07 trillion a day earlier. The overnight gains are around 1.3 percent.

Market leader Bitcoin (BTC) is currently trading at $23,135.35, up 0.72 percent on an overnight basis, 0.09 percent on a weekly basis and 39 percent on a year-to-date basis.

Smart Contracts category gained 2.1 percent in the past 24 hours helped by strong gains in 2nd ranked Ethereum (ETH) that rallied 2.3 percent and Cardano (ADA) that rallied 2.6 percent. Smart Contracts category currently occupies 28.2 percent of the overall crypto market.

Stablecoins declined to a market dominance of 12.8 percent. The top three stablecoins viz Tether (USDT), USD Coin (USDC) and Binance USD (BUSD) currently occupy 11.64 percent of the overall crypto market.

Centralized Exchange Tokens gained 1.2 percent overnight and touched a market share of 5.98 percent. BNB (BNB) that tops the category made modest gains of 0.7 percent.

DeFi category rallied 1.7 percent overnight and currently commands market dominance of 5.4 percent. Avalanche (AVAX) that rallied 2.3 percent, Chainlink (LINK) that added 2.9 percent and Lido DAO (LDO) that strengthened 5.8 percent are the big gainers in this category.

Web 3 market capitalization also added 2.3 percent in the past 24 hours. The category’s market cap share stood at 2.7 percent. Top ranked Polkadot (DOT) and Chainlink (LINK) surged more than 2 percent overnight followed by Filecoin (FIL), Internet Computer (ICP) and The Graph (GRT) that added more than 4 percent.

The NFT & Collectibles category added 6.2 percent in the past 24 hours to touch market dominance of 2 percent. Top ranked Apecoin (APE) surged 4.9 percent, followed by Decentraland (MANA) that surged 8 percent and The Sandbox (SAND) that surged more than 20 percent.

Down the hierarchy, the memes category added 0.82 percent, DAO gained 2.5 percent, Scaling added more than 5 percent, Research gained 2.5 percent whereas Governance added 2.3 percent.

The metaverse category also added more than 5 percent overnight helped by the gains in APE, MANA and SAND. Decentralized Exchange tokens added 1.6 percent in the past 24 hours. Gaming and Content creation categories also rallied close to 5 percent overnight. Yield farming category that occupies a little above 1 percent of the overall crypto market also rallied 2.3 percent overnight.

AI & Big Data which rallied 24 percent a day earlier, extended gains with a 5.4 percent rally. Top ranked The Graph (GRT) added 4 percent whereas Singularity NET (AGIX) dropped more than 9 percent overnight.

For More Cryptocurrency News, visit

Source: Read Full Article