Cryptos Muted After Relief Rally
Cryptocurrencies remained sober post the massive relief rally following the lower-than-expected readings on U.S. CPI released on Wednesday. Hawkish comments from some Fed officials also impacted market sentiment on the digital assets.
The Asian markets reflected mixed sentiments at close of trade. European stock markets are however trading in the green zone. Wall Street Futures are also trading mildly higher.
Overall market capitalization stood at $1.15 trillion versus $1.17 trillion a day earlier.
The crypto market cap is now constituted 40 percent by Bitcoin, 20.1 percent by Ethereum, 13.4 percent by stablecoins and 26.5 percent by the residual altcoins. Bitcoin’s market dominance dropped from 40.4 percent a day earlier whereas Ethereum increased market share from 20 percent a day before.
Bitcoin has declined to $23,882 after ranging between $24,822 and $23,828 in the past 24 hours.
At current prices, Bitcoin is down 2.3 percent on an overnight basis and 49.6 percent on a year-to-date basis. On a weekly basis, BTC has gained more than 3 percent.
BTC had rallied to $24,822 on Thursday amidst the easing inflation and reports of BlackRock Inc., setting up its own Bitcoin Fund.
Ethereum has touched $1,887, up 0.16 percent on an overnight basis. At current prices, Ether is down 49.7 percent on a year-to-date basis. On a weekly basis, ETH has gained more than 13 percent.
Ethereum’s rally comes amidst reports that the protocol’s transition to Proof of Stake from Proof of Work would now take place on September 15. The proposed date is at least three days ahead of Sep. 19, the date earlier predicted by Ethereum developer Tim Beiko. The Merge is expected to happen when the Total Terminal Difficulty (TTD) hits 58750000000000000000000. The TTD is in other words the total difficulty required for the final block that would be mined before the transition to PoS.
3rd ranked Tether (USDT), traded at $1 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) has declined 1.55 percent in the past 24 hours. 6th ranked XRP (XRP) and 7th ranked Cardano (ADA) dropped close to 1 percent overnight.
Binance USD (BUSD), ranked 8th overall traded between $1.00 and $0.9993.
9th ranked Solana (SOL) has declined 2.7 percent. 10th ranked Polkadot (DOT) is also trading with losses of around 1 percent.
Smart Contracts market capitalization has edged up 0.08 percent overnight to $341 billion. Stablecoins market cap remained steady at $153 billion. Centralized Exchange category cryptocurrencies dropped 1 percent overnight to $70 billion. DeFi market capitalization also dropped 1 percent to $66 billion. Web 3 category market capitalization decreased 0.6 percent to $29 billion. Market capitalization of the NFTs & Collectibles category declined 1.5 percent overnight to $24 billion. Research category market cap also slipped 0.8 percent overnight to touch $22 billion. The DAO category shed 0.7 percent overnight to reach a market cap of $22 billion.
In another development, Rune Chirstensen, the founder of MakerDAO has urged members to “seriously consider” preparing the depeg of the DAI stablecoin from the U.S. Dollar, CoinGape has reported. Dai (DAI) ranked 14th overall and 4th among all stablecoins currently commands a market cap of $7.4 billion.
Meanwhile, BlockchainNews has reported that crypto mixer Tornado Cash which was recently banned by United States Treasury Department’s Office of Foreign Assets Control (OFAC) has seen an 80 percent decline in the total deposits on the platform.
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