Cryptos Jump As Dollar Rally Pauses

Cryptos rallied more than 5 percent in the past 24 hours as the Dollar retreated from its recent highs. The Dollar Index which had touched a high of 114.51 on Monday is currently at 113.62, down 0.42 percent from the previous close. The Dollar’s pause supported the rally in stock markets as well as in crude oil and gold.

Overall crypto market capitalization increased to $972 billion, versus $922 billion a day earlier. Only less than 5 percent of the top 100 cryptocurrencies are trading in the red zone. In the same category, 4 percent have gained more than 10 percent whereas more than 30 percent are trading with gains of more than 5 percent.

Bitcoin increased its dominance to 39.9 percent, from 39.2 percent a day earlier, whereas Ethereum increased its share of the crypto market to 17.5 percent, from 17.2 percent a day earlier. Risk-on sentiment in the digital assets space dragged down investment in stablecoins to 15.7 percent of the crypto market versus 16.5 percent a day ago. With the changed market scenario, the residual altcoins have edged down to 26.9 percent of the overall crypto market versus 27.1 percent on the previous day.

Stablecoins currently command 15.7 percent of the market versus 16.5 percent early on Monday. 134 stablecoins ranked by coinmarketcap.com together command a market capitalization of $152 billion, edging up 0.3 percent over the previous day. Tether (USDT) with a market cap of $68 billion, USD Coin (USDC) with a market cap of $49 billion and Binance USD (BUSD) with a market cap of $21 billion are the top ranking stablecoins.

Bitcoin is trading at $20,301.35, rallying more than 7 percent in the past 24 hours. BTC is holding on to gains of 6 percent in the past week and1.5 percent in the past 30 days.

Bitcoin is currently positioned at the 27th rank among global currencies (fiat and digital) published by coinmarketcap.com, and at the 12th rank among global assets published by companiesmarketcap.com.

Ethereum too has rallied 7.1 percent overnight and is trading near the $1,393 level. ETH has added 3.2 percent in the past week but is 5.8 percent lower in the past 30 days.

Smart Contracts Market capitalization added 5.8 percent overnight to $264 billion, amidst the brilliant 7 percent rally by top ranked Ethereum. BNB’s overnight rally of 4.2 percent, as well as the 3.4 percent uptick in Cardano (ADA) and the 4.8 percent gain in Avalanche (AVAX) helped Smart Contracts category rise to a crypto market dominance of 27.1 percent.

Overnight rallies in cryptocurrencies like BNB (4.2%), UNUS SED LEO (1.7%), FTX Token (6.1%) and Cronos (4.03%), helped the Centralized Exchange category add 3.7 percent and rise to a market cap of $60 billion and a market dominance of 6.1 percent.

DeFi space too recorded a 4.7 percent gain to $53 billion amidst a 4.8 percent spike in Avalanche (AVAX) and 17.8 percent jump in Uniswap (UNI).

Web 3 Category market cap increased 5.1 percent to $23 billion amidst gains in Polkadot (5.4%), Chainlink (8.8%), Filecoin (7.3%).

Gains in the Research category were more modest at 3.2 percent, as top ranked Cardano (ADA) moved up 3.4 percent followed by Algorand (ALGO) which added 1.2 percent.

The NFT & collectibles category market capitalization increased 4.4 percent to $18 billion as top ranked Flow (FLOW), ApeCoin (APE) and Chiliz (CHZ), added more than 5 percent overnight.

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