Cryptos Rise Amidst Lingering Debt Ceiling Crisis

Cryptocurrencies rose more than 1 percent in the past 24 hours rebounding from the levels a day earlier, amidst uncertainty surrounding the debt ceiling crisis in the U.S. The Dollar’s weakness also supported the rally.

The Dollar Index which measures the Dollar’s strength against a basket of 6 currencies dropped 0.21 percent overnight to 102.46. The day’s trading range was between 102.38 and 102.75.

Overall crypto market capitalization has increased to $1.14 trillion, from $1.13 trillion a day earlier.

Bitcoin is trading at $27,277.08, having gained 1.5 percent in the past 24 hours. On a weekly basis, BTC has shed more than 2 percent. Year-to-date gains have fallen to 65 percent. Bitcoin currently dominates 46.5 percent of the overall crypto market.

Ethereum is trading at $1,817.56, up half a percent on an overnight basis. Ethereum, which dominates 19.7 percent of the overall crypto market has gained 52 percent in 2023.

4th ranked BNB (BNB) added 0.73 percent overnight but is still trailing 0.80 percent on a weekly basis.

6th ranked XRP (XRP) lost 0.64 percent overnight and 2.2 percent on a weekly basis.

7th ranked Cardano (ADA) edged up 0.07 percent overnight. It has lost 0.73 percent over the past 7 days.

8th ranked Dogecoin (DOGE) also edged up 0.15 percent in the past 24 hours but is trailing the levels a week ago by as much as 2.8 percent.

9th ranked Solana (SOL) has gained 0.80 percent overnight and 0.26 percent in the past week.

10th ranked Polygon (MATIC) gained 0.62 percent overnight but is losing around 7 percent on a weekly basis.

32nd ranked Lido DAO (LDO) and 42nd ranked The Graph (GRT) rallied more than 9 percent in the past 24 hours. 55th ranked Conflux (CFX) also rallied close to 9 percent. CFX continues to top the price charts on a year-to-date basis among the top 100 cryptocurrencies with gains of close to 1200 percent.

66th ranked Pepe (PEPE) is the greatest laggard with an overnight decline of more than 9 percent. 72nd ranked Klaytn (KLAY) also shed more than 7 percent overnight. PEPE led losses on a weekly basis as well with a decline of more than 21 percent.

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