Cryptos Tread The $1 Trillion Track Again
Cryptocurrencies rallied more than 4 percent early on Monday to scale the $1 trillion mark in market capitalization, after a gap of more than a month.
Receding fears of a 100-basis points rate hike by the Fed, the Dollar’s retreat from recent peaks and the momentum in the stock markets helped the digital assets surge ahead with a bullish fervor.
The varying magnitudes of price movements amongst the cryptocurrencies as well as the risk-on sentiment in the day’s crypto rally have significantly altered the crypto market dominance. Bitcoin’s dominance dropped to 41.8 percent, from 42.7 percent early on Thursday, while Ethereum jumped to a market dominance of 17.7 percent as compared to 14.9 percent earlier. Stablecoins dropped to 15.1 percent of the overall market versus 17.3 percent early on Thursday. The share of residual altcoins increased to 25.4 percent, from 24.8 percent between the same period.
96th ranked Theta fuel (TFUEL) is the best performer in the top 100 category with an overnight gain of 22.5 percent.
24th ranked Ethereum Classic (ETC), 32nd ranked ApeCoin (APE) and 66th ranked STEPN (GMT) also gained more than 20 percent.
Market leader Bitcoin (BTC) touched a 24-hour high of $22,430.62 amidst the broad-based market rally. BTC is currently trading at $22,200.95, up 4.6 percent on an overnight basis. Bitcoin’s market capitalization has risen to $424 billion.
Ethereum touched a high of $1,493.23 in the past 24 hours, and is now trading at $1,480.84 holding on to overnight gains of around 9.6 percent. At current levels Ethereum’s market capitalization is at $180 billion.
3rd ranked Tether (USDT) traded between $0.9999 and $0.9997 in the past 24 hours.
4th ranked USDCoin (USDC) traded between $1.00 and $0.9995 in the past 24 hours.
5th ranked BNB (BNB) gained 4 percent in the past 24 hours and 13 percent in the past week.
6th ranked XRP (XRP) gained more than 4 percent overnight.
7th ranked BinanceUSD (BUSD) traded between $1.00 and $0.9983 in the past 24 hours.
8th ranked Cardano (ADA) gained 9 percent in the past 24 hours as well as in the past week.
9th ranked Solana (SOL) rallied 6 percent in the past 24 hours.
10th ranked Dogecoin (DOGE), gained more than 5 percent in the same span.
Overall crypto market capitalization surged to $1.02 trillion, versus $933 billion, early on Friday. According to the ranking of all assets by market cap published by companiesmarketcap.com, only Gold (market cap: $11.3 trillion), Apple (market cap: $2.4 trillion), Saudi Aramco (market cap: $2.2 trillion), Microsoft (market cap: $1.9 trillion), Alphabet (market cap: $1.5 trillion), Amazon (market cap: $1.2 trillion) and Silver (market cap: $1.1 trillion) rank higher than the overall crypto market cap.
Between July 12 and July 18, Bitcoin jumped two slots to rank 15 whereas Ethereum jumped 29 notches to rank 62.
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