Cryptocurrencies witnessed a forceful rebound early on Monday amidst waning Fed fears and the Dollar’s retreat. Not-so-robust economic data from the U.S. released on Friday instilled a sense of relief that the Fed would not have sufficient headroom to continue to be aggressive on its monetary policy tightening.
The monthly labor market update on Friday showed Average Hourly earnings rising only by 4.6% versus expectations of 5%. Though the non-farm payrolls grew by 223 thousand in December, higher than the 200 thousand that markets were expecting, it was the least growth since December of 2020. The dull jobs data dented fears of a forceful Fed.
Factory orders (November) declining by 1.8 percent versus expectations of a 0.8 percent decline and the ISM Services PMI (December) dropping to 49.6, below market forecasts of 55, and November’s reading of 56.5 also helped ease Fed fears over monetary tightening.
The Dollar Index, a barometer of the Dollar’s relative strength has plunged to 103.25, versus 105.63 touched on Friday, before being spooked by the jobs data sentiment.
Overall cryptocurrency market capitalization surged 3.2 percent overnight to $851 billion, after more than three weeks. Almost all the top 100 non-stablecoin cryptocurrencies are trading in overnight positive territory. More than 15 percent of the top 100 cryptocurrencies are trading with overnight gains of more than 10 percent.
Market leader Bitcoin (BTC) is trading at $17,251.69, up 1.8 percent on an overnight basis. BTC has gained 3.2 percent in the past week and 3.7 percent on a year-to-date basis. Bitcoin scaled a peak of $17,285.84 in the past 24 hours.
Ethereum (ETH) rallied 4.6 percent overnight to trade at $1,321.84. ETH gained 8.7 percent in the past week and 9.9 percent on a year-to-date basis. ETH touched a high of $1,324.01 in the past 24 hours.
4th ranked BNB(BNB) added 6.4 percent overnight whereas 6th ranked XRP (XRP) gained a modest 3.3 percent.
Cardano (ADA) moved to 8th rank overall and is the greatest gainer among the top 10 cryptos, with an overnight gain of 11.4 percent.
9th ranked Dogecoin (DOGE), and 10th ranked Polygon (MATIC) have both rallied more than 7 percent overnight.
Solana (SOL) jumped to the 11th rank overall with a more than 19 percent overnight rally.
95th ranked Gala (GALA) is the biggest gainer among the top 100, with an overnight rally of a whopping 73 percent.
77th ranked Zilliqa (ZIL) also has added more than 50 percent overnight.
69th ranked PAX Gold’s (PAXG) overnight gain of 0.23 percent is the least among the top 100 non-stablecoin cryptocurrencies.
Among the top cryptocurrency categories, Smart Contracts rallied 5.2 percent overnight, whereas Centralized Exchange category added 5.4 percent. DeFi gained 5 percent whilst Web 3 added 6.23 percent. Meme category cryptos gained 6.6 percent in the past 24 hours. DAO market cap gained 8.55 percent overnight. Research category added more than 10 percent overnight helped by the 11 percent rally in top ranked Cardano (ADA). NFT category recorded a growth of 9 percent. Cryptocurrencies belonging to both Governance and Scaling categories gained more than 7 percent overnight. Metaverse cryptocurrency market cap surged 9.6 percent in the past 24 hours.
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