Crypto sphere regained momentum as Bitcoin’s rally to an almost three-week high of $42,965, charged up the entire crypto sphere. Overall crypto market capitalization soared to $1.93 trillion, from $1.87 trillion early on Monday.
Bitcoin is currently trading at $42,943.55 recording an overnight gain of 3.65 percent and weekly gain of 10.83 percent. BTC is ranked 9th among all assets as per companiesmarketcap.com.
Ethereum breached the psychological $3,000 mark after almost 20 days and is currently trading at $3,005.62, gaining 3 percent in the past 24 hours and 19 percent in the past 7 days. ETH is ranked 24th among all assets as per companiesmarketcap.com.
The excitement surrounding the transition to the PoS consensus and the revised burning mechanism implemented post the London Fork EIP 1559 have helped Ethereum to rise in market capitalization. According to data from ultrasound.money, the Ethereum network has officially destroyed a total of 2 million ETH since the hard fork, removing approximately $6 billion permanently from circulation.
The rally in cryptocurrencies is despite the Dollar’s strength which led the Dollar Index to surge to 98.96, versus the previous close of 98.50 and 52 week-high of 99.42. It has since retreated to 98.44.
The risk-on sentiment also pulled down the stablecoins’ dominance to 9.65 percent, from 9.95 percent a day ago.
Meanwhile on-chain analytics Santiment has revealed that addresses interacting on the network surged in the past week to record levels of 83k on Thursday and 74k on Saturday, implying diminishing stagnancy in the market.
4th ranked BNB gained 3 percent overnight and 11 percent in the past week.
6th ranked XRP(XRP) has gained 3.64 percent in the past 24 hours amidst reports that SEC has again filed request in the court to extend the decision on the long dispute between it and Ripple Labs that created the XRP cryptocurrency.
24th ranked Bitcoin Cash (BCH), 29th ranked Ethereum Classic (ETC), 49th ranked Helium (HNT), 51st ranked EOS (EOS), 86th ranked Oasis Network (ROSE), 88th ranked IoTeX (IOTX) are among the top 100 cryptocurrencies that have gained more than 10 percent in the past 24 hours.
88th ranked IoTeX (IOTX) tops the price charts with a 24.55 percent overnight surge. Bitcoin spinoff BCH gained 12.23 percent and Ethereum spinoff ETC rallied 10.53 percent.
7th ranked Terra (LUNA), 10th ranked Avalanche (AVAX), 48th ranked THORChain (RUNE), 80th ranked Arweave (AR) and 93rd ranked Celsious (CEL) are the cryptocurrencies (excluding stablecoins) that have declined more than 1 percent despite the broad-brush rally.
AVAX is the greatest laggard with a 4 percent drop to $86.54. The DeFi crypto had touched a high of $92.31 on March 21 and oscillated between $85.33 and $90.54 in the past 24 hours.
Terra (LUNA) shed more than 1 percent in the past 24 hours. It is still ranked 2nd among crypto assets by staked value as published by stakingrewards.com.
Meanwhile reports of an exploit attack in the DeFi space where Arthur Cheong, the founder of a DeFi venture, DeFiance Capital and an experienced crypto investor himself found his hot wallet compromised has surfaced. The hack saw NFT worth $1.7 million being stolen and advertised for sale on OpenSea. Arthur Cheong has remarked that hot wallet on mobile phone was not safe enough and the attack appeared scary and audacious as the attacker was able to access separate wallets with different seed phrases. Records on Etherscan have also showed that more than 130 ETH has been transferred to the hacker’s address in recent hours in the phishing scam.
The broad-based rally in the crypto market is indeed a great relief for crypto watchers. The rally is despite reports that the EU parliament may debate the PoW mining ban in the days to come. The gain in market cap is also despite the Dollar’s resilience amidst hawkish comments from the Fed.
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