Cryptocurrencies remain strong in the past 24 hours, rising a little less than one percent as markets brace for interest rate reviews by key central banks. Interest rate reviews by the Federal Reserve, European Central Bank and the Reserve Bank of Australia are due next week whilst the Bank of England would announce its decision in the following week.
The Fed is widely expected to raise rates by 25 basis points despite weak GDP data and lingering concerns over the health of the banking sector. Data released on Thursday had shown the American economy grew 1.1 percent in the first quarter, versus 2.6 percent in the previous quarter and expectations of a growth of 2 percent. Data released just a while ago also showed PCE inflation in the U.S. cooling in March. The PCE price index increased only 0.1% in March, as compared to the uptick of 0.3% in the month of February.
The CME FedWatch tool, indicates that markets have priced in an 87.4 percent probability for a 25-basis points rate hike by the Fed in the forthcoming review. The same was 83.9 percent a day earlier and 89.1 percent a week earlier.
The Dollar Index, a measure of the Dollar’s relative strength and a proxy for rate hike expectations gained 0.53 percent overnight to rise to 102.04.
Overall crypto market capitalization has increased to 1.21 trillion, versus $1.19 trillion a day earlier.
Bitcoin is currently trading at $29,260.29, having gained 1.2 percent overnight and 3.7 percent in the past week. The leading cryptocurrency has gained 76 percent in 2023 but is still 57 percent below its all-time peak of $68,789 touched in November 2021.
Ether has added 1.1 percent overnight and is currently trading at $1,900.37. The leading alternate currency has gained 59 percent in 2023 but is still 61 percent below its all-time peak of $4,891 touched in November 2021.
Bitcoin’s crypto market dominance is at 47.1 percent whereas Ether dominates 19 percent of the crypto market. Stablecoins account for 10.8 percent of the overall crypto market. Share of the residual altcoins is at 23.1 percent.
4th ranked BNB(BNB) is the highest ranking crypto to trade with overnight losses, followed by 7th ranked Cardano (ADA) that has declined 1 percent and 11th ranked Polkadot (DOT) that has shed 0.62 percent overnight.
BNB shed 2.3 percent overnight amidst BNB’s Beacon Chain experiencing a temporary halt, which was subsequently resolved.
Among the top 10 cryptos, 2nd ranked Ethereum (ETH), 4th ranked BNB(BNB), 8th ranked Dogecoin (DOGE) and 9th ranked Polygon (MATIC) have still not recouped losses suffered over the past week.
59th ranked Render Token (RNDR) has gained more than 11 percent in the past 24 hours. RNDR tops the weekly price charts as well with a 40 percent rally over the past week.
27th ranked Internet Computer (ICP) has gained close to 10 percent overnight.
45th ranked MultiversX (EGLD) has shed 3.5 percent in the past 24 hours.
83rd ranked PancakeSwap (CAKE) is the biggest laggard over the past week with a 19 percent decline. It has however gained 7.5 percent overnight.
58th ranked Conflux (CFX) and 94th ranked SingularityNET (AGIX) continue to be the highest gainers on a year-to-date basis. CFX has surged 1379 percent whereas AGIX has gained 640 percent in 2023.
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