Cryptos Rise; Bitcoin Touches 3-week High

Cryptocurrencies gained emphatically, early on Monday with overall crypto market capitalization increasing close to 2 percent overnight to $865 billion. Bitcoin traded at $17,378.15, a level last touched on November 11. Ethereum also traded above the psychological $1300 level.

The Dollar’s weakness amidst the Fed Chair’s recent hints of moderation in interest rate increases supported the crypto rally. The Dollar Index, a measure of the Dollar’s relative strength has fallen to 104.49, versus 106.82, a day before Jerome Powell’s speech.

Bitcoin which commands 38.3 percent of the overall crypto market has gained 1.7 percent overnight. BTC is currently trading at $17,240.65, after ranging between $17,378.15 and $16,940.90 in the past 24 hours.

Rival Ethereum, which occupies 18.2 percent of crypto market capitalization has gained 2.7 percent overnight. Ether is currently trading at $1,288.59. The leading alternate currency traded between $1,302.24 and $1,253.16 in the past 24 hours.

All the top 10 cryptocurrencies (excluding stablecoins) are trading in the green zone. Litecoin (LTC), ranked 12th overall, is the top gainer in the league with an overnight rally of more than 9 percent.

Down the hierarchy, 50th ranked Axie Infinity (AXS) leads the top 100 pack with an overnight gain of more than 23 percent. The AXS token surged amidst the Axie ecosystem progressing to a decentralization setup.

28th ranked Cronos (CRO), the native token of the Crypto.com cryptocurrency exchange followed with gains of more than 10 percent.

92nd ranked Celo (CELO) led the laggards with an overnight decline of more than 4 percent.

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