Cryptocurrencies Rebound On Wednesday

Cryptocurrencies made strong gains early on Wednesday amidst easing geopolitical tensions and positive sentiment in stock markets worldwide. Market capitalization increased more than 3 percent to $1.08 trillion, versus $1.06 trillion a day earlier.

The crypto market is currently dominated 41.3 percent by Bitcoin, 18.7 percent by Ethereum, 14.2 percent by stablecoins and 25.8 percent by the residual altcoins.

Among the top 100 cryptocurrencies, only 9th ranked Solana (SOL) and 71st ranked Pax Gold (PAXG) are trading with overnight losses of more than 1 percent.

Solana declined following reports that an exploit on the Solana blockchain has drained Phantom wallets, with the hackers stealing more than $5 million. According to the blockchain intelligence firm Elliptic, almost 8,000 wallets have been affected. Though the exact reason for the exploit is not known, experts attribute it to a likely flaw in the wallet software. Solana dropped to a low of $38.28 in the past 24 hours and is currently trading at $39.75, down 1.15 percent on an overnight basis. Solana is still holding on to gains of 7 percent in the past week.

In the same top 100 category, only 20th ranked UNUS SED LEO (LEO) is trading with weekly losses of more than 1 percent.

On a year-to-date basis, only 88th ranked Trust Wallet Token (TWT), 20th ranked UNUS SED LEO (LEO) and 19th ranked Ethereum Classic (ETC) are trading in the green zone.

Market leader Bitcoin is currently trading at $23,291.48, having gained 2.35 percent in the past 24 hours.

Meanwhile, Bitcoin proponent Michael Saylor has stepped down from the post of CEO of his business intelligence company MicroStrategy after reporting a $1 billion loss in the second quarter. More than $900 million of the loss is attributed to impairment on Bitcoin holdings.

Leading alternate coin Ethereum gained 5.27 percent overnight and is currently trading at $1,656.67.

3rd ranked Tether (USDT) traded at $1.00 in the past 24 hours. 4th ranked USDCoin (USDC) traded between $1.00 and $0.9996 in the past 24 hours.

5th ranked BNB (BNB) gained 5 percent in the past 24 hours and 13 percent in the past week. 6th ranked XRP (XRP) gained close to 1 percent overnight. 7th ranked BinanceUSD (BUSD) traded between $1.00 and $0.9996 in the past 24 hours.

8th ranked Cardano (ADA) gained 3 percent in the past 24 hours and 8 percent in the past week.

Smart Contracts market capitalization has gained 5 percent overnight to $301 billion. Stablecoins market cap remained steady at $153 billion. Centralized Exchange category cryptocurrencies gained 3.7 percent overnight to $64 billion. DeFi market capitalization increased 4.9 percent to $61 billion. Web 3 category market capitalization increased 4.6 percent to $26 billion. Market capitalization of the NFTs & Collectibles category increased 4.9 percent overnight to $22 billion. Research category market cap also increased 3 percent overnight to touch $21 billion. The DAO category rallied 10 percent overnight to reach a market cap of $21 billion.

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