Cryptocurrencies extended gains for another day, surging to a market capitalization of $1.19 trillion. The euphoria that followed major institutional players flocking to the digital assets space bolstered market sentiment, lifting Bitcoin above $30k and Ethereum above $1.9k.
Valkyrie, an existing player in the crypto space joined investment managers Blackrock and Invesco to file for a spot Bitcoin ETF with the SEC adding to positive sentiment in the crypto space.
Federal Reserve Chair Jerome Powell’s comments that the Federal Reserve board considered stablecoins as a form of money also supported sentiment in the digital assets space.
Crypto markets shrugged off the renewed rate hike fears triggered by Federal Reserve Chair Jerome Powell’s congressional testimony. Bond yields however hardened and the Dollar Index firmed up 0.20 percent overnight to 102.28 amidst Powell’s hints of more rate hikes to rein in inflation.
Overall crypto market capitalization is at $1.18 trillion versus $1.14 trillion a day earlier and $1.02 trillion a week earlier. Only 6 of the top 100 cryptocurrencies are trading with overnight losses of more than one percent.
The Bitcoin-led crypto rally also meant a reduction in the market share of residual altcoins. Over the past 24 hours, Bitcoin’s dominance increased to 49.8 percent, from 49.4 percent a day before and Ethereum’s market share edged higher to 19.4 percent from 19.2 percent a day ago. Amidst the risk-on sentiment generated by the overall bullish momentum, stablecoins dropped to 10.9 percent of the crypto market, from 11.3 percent a day earlier. The fallout of this market movement has been a drop in the share of residual altcoins to 19.9 percent from 20.1 percent a day earlier.
Bitcoin added 4.1 percent in the past 24 hours and close to 21 percent in the past week to trade at $30,252.62. The leading cryptocurrency touched a high of $30,737.33 earlier in the trade. Bitcoin regained the $30k level for the first time after April 19, 2023. The percent of BTC holders in profit jumped to 77 percent, from 72 percent a day earlier.
Ethereum too touched a high of $1,932.07 in the past 24 hours. It is currently changing hands at $1,903.91, having gained 4.3 percent in the past 24 hours and 16.1 percent in the past week. The percent of ETH holders in profit jumped to 68 percent, from 63 percent a day earlier.
4th ranked BNB (BNB) gained close to half a percent overnight and 6 percent over the past week. BNB has however shed more than 20 percent over the past 30 days.
6th ranked XRP (XRP) added 1.2 percent overnight and 3.9 percent in the past week amidst reports that Ripple labs has secured in-principle approval for Major Payments Institution License in Singapore. XRP has gained close to 8 percent over the past 30 days.
7th ranked Cardano (ADA) leaped 6.5 percent overnight and 13 percent over the past week amidst a steady surge in the number of new wallets. However, ADA has also slipped 19 percent over the past 30 days amidst the SEC classifying the crypto as a security in its lawsuit against Coinbase.
8th ranked Dogecoin (DOGE) added 4 percent overnight and 9 percent in the past week. The 30-day losses are a little less than 9 percent.
9th ranked Solana (SOL) added 2 percent overnight and 16 percent over the past week. The cryptocurrency however continues to be burdened by the close to 15 percent loss over the past 30 days triggered by the SEC’s recent security classification.
10th ranked TRON (TRX) added 2 percent in the past 24 hours as well as past week. Losses over the past 30 days are currently at 7 percent.
11th ranked Polygon (MATIC) jumped 4.9 percent overnight and 13 percent in the past seven days amidst the euphoria that followed Polygon launching its ChatGPT-inspired artificial intelligence interface for users. The rally also comes amidst Polygon Labs announcing that it was included on the TIME’s list of the 100 most influential companies of 2023.
Meme token Pepe (PEPE) ranked 63rd overall surged 53 percent in the past 24 hours, topping the top-100 crypto asset category. The frog-based cryptocurrency has added 90 percent in the past week and more than 4 percent over the 30-day horizon. The rally helped meme category currencies add 7.5 percent overnight to its market capitalization.
48th ranked Render Token (RNDR) is the greatest laggard having shed 1.93 percent over the past 24 hours. 50th ranked Rocket Pool (RPL), 16th ranked Toncoin (TON) and 82nd ranked XDC Network (XDC) have also lost more than 1 percent overnight.
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