Cryptos Make Mild Gains

Crypto markets gained more than 1.5 percent in the past 24 hours amidst lackluster trading in global stock markets. Market mood was influenced by the hawkish tone of the discussions at the previous ECB meeting as revealed in the Minutes, as well as indications of a loosening in labor market conditions in the U.S. inferred from the increase in initial jobless claims.

Initial jobless claims data showed the number of Americans filing new claims for unemployment benefits increased by 29,000 to 219,000 in the week ended October 1, versus 190,000 in the previous week and sharply above expectations of 203,000.

Earlier, the Minutes of the ECB meeting in September revealed a hawkish undertone, in the backdrop of anxiety over inflation getting entrenched at exceptionally high levels.

Overall crypto market capitalization stood at $970 billion, versus $954 billion a day earlier.

Bitcoin edged up almost a percent in the past 24 hours. BTC ranged between $20,408.39 and $19,801.80 in the past 24 hours and is currently trading at $20,213.24.

Ethereum’s overnight gains of more than 2.5 percent helped it trade at $1,369.67. Ether traded between $1,380.40 and $1,320.86 in the past 24 hours.

99th ranked Casper (CSPR) rallied the most among the top 100 cryptos, adding 10.9 percent in the past 24 hours.

85th ranked Trust Wallet Token (TWT) added 9.5 percent, closely followed by 97th ranked Ethereum Name Service (ENS) which gained 8.5 percent overnight.

91st ranked Reserve Rights (RSR) is the greatest laggard among the top 100 cryptos with an overnight decline of 3.3 percent.

The Smart Contracts Category gained 2.1 percent aided by strong gains in Ethereum (ETH). Market capitalization of the category stood at $263 billion, implying a market dominance of 27.18 percent.

Stablecoins are steady at $150 billion, commanding 15.43 percent of the overall crypto market.

The Centralized Exchanges category which occupies 6.35 percent of the overall crypto market gained 0.75 percent overnight. Except for UNUS SED LEO (LEO) that ranks 2nd in the category, most other top cryptocurrencies in the group have recorded good gains.

DeFi category gained 1.5 percent in the past 24 hours and increased to a market cap of $53 billion or 5.4 percent of the overall crypto market.

The Web3 category gained 2.5 percent amidst broad-based gains in the category. The category commands a market cap of $24 billion or 2.5 percent of the overall crypto market.

The Research category added 0.87 percent to touch $18 billion or 1.88 percent of the overall crypto market.

The NFT and Collectibles category rallied 1.7 percent overnight to a market cap of $18 billion, commanding 1.85 percent crypto market dominance.

Meanwhile, reports indicate that about $1 million has been stolen from Sovryn, a Bitcoin-based DeFi Protocol. The exploit has been carried out by manipulating the token price. About half the value of the exploit has been recovered. Sovryn has clarified that user funds are not at risk as the exchequer would reinject any missing value to the lending pools.

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