Inflation Surge Fails To Deflate Crypto Market Sentiment

Cryptocurrencies are trading more than 6 percent higher overnight, despite hotter-than-expected inflation data that reinforced bets that the Fed would deliver another 75-basis points rate hike in its next review in November. With Wall Street shrugging off the inflation data that showed a 40-year high reading of core inflation, other market benchmarks have followed suit.

Overall crypto market capitalization surged to $938 billion, versus $881 billion a day earlier. The dazzling rally in crypto sphere is despite the Dollar Index ranging intra-day between 112.16 and 113.27, before settling to its current level of 112.78.

Bitcoin gained 7.7 percent in the past 24 hours and is currently trading at $19,783.12. On-chain data shows that 50 percent of the Bitcoin holders are in the money at current prices. Bitcoin is currently ranked 14th in the ranking of all assets as per market capitalization, published by companiesmarketcap.com.

Ethereum surged more than 10 percent in the past 24 hours. 51 percent of the Ethereum holders are making profits at current prices. Ethereum is ranked 61st in the ranking of all assets as per market capitalization, published by companiesmarketcap.com.

3rd ranked Tether (USDT), the top ranking stablecoin traded between $1 and $0.9999 in the past 24 hours. Tether, which has a market capitalization of $68 billion, on Thursday announced that it has eliminated commercial paper from its reserves, replacing these investments with U.S. Treasury Bills (T-Bills).

Meanwhile, Bloomberg Law has reported that a U.S. judge removed law firm Roche Freedman from its plaintiff representation in a lawsuit against crypto exchange Bitfinex and stablecoin issuer Tether after accusations of market manipulation.

4th ranked USD Coin (USDC) traded between $1 and $0.9997 in the past 24 hours.

5th ranked BNB (BNB) gained 5.8 percent in the past 24 hours but is still trading more than 2 percent lower on a weekly basis.

6th ranked XRP (XRP) leaped more than 10 percent overnight. XRP has gained 3.6 percent in the past week, which is the highest among the top 15 cryptocurrencies.

7th ranked Binance USD (BUSD) traded between $1 and $0.9992 in the past 24 hours.

8th ranked Cardano (ADA) gained 6 percent overnight.

9th ranked Solana (SOL) gained the most among the top 10 with a 11.5 percent overnight surge.

10th ranked meme coin Dogecoin (DOGE) rallied 7.5 percent in the past 24 hours.

84th ranked Ethereum Name Service (ENS) that added 20 percent, 78th ranked Lido DAO (LDO) that rallied 16 percent, and 31st ranked Quant (QNT) that gained more than 14 percent overnight are the biggest gainers among the top 100 cryptocurrencies.

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