Modest Gains On Crypto Street

Crypto markets extended gains early on Friday amidst positive sentiment in stock markets worldwide. Despite hawkish FOMC minutes that revealed a Fed that is willing to endure further pain in order to tame the sticky inflation, the Dollar Index is hovering close to the flatline, supporting the crypto rally.

Overall crypto market capitalization is at $921 billion, versus $906 billion, a day earlier. Only 5 cryptos among the top 100 have shed more than 1 percent in the past 24 hours.

Market leader Bitcoin is trading at $20,416.01, up 1.47 percent on an overnight basis. Around 49 percent of BTC holders are in the money at current prices. The leading cryptocurrency’s market capitalization is at $390 billion. Market dominance of BTC edged down to 42.3 percent, from 42.4 percent a day earlier.

Ether has also gained 4.2 percent in the past 24 hours to trade at $1,185.04. Around 50 percent of ETH holders are in the money at current prices. Market capitalization of Ethereum is at $144 billion. Market dominance increased to 15.6 percent, versus 15.2 percent, a day earlier.

Ether’s rally coincides with the Sepolia testnet successfully switching to proof of stake on Wednesday. Sepolia is the second of three public testnets to run through The Merge. After Sepolia, only Goerli/Prater would need to be merged before moving to mainnet.

3rd ranked Tether (USDT) traded between $0.9994 and $0.9990 in the past 24 hours, versus the $0.9992 to $0.9989 range, a day earlier. Meanwhile blockchain analytics firm Santiment has reported that large whale addresses ($100k to $10 m) holding USDT are nearing a three-year low. Adding to Tether’s troubles is a Chinese court that has declared as illegal, the payment of salaries in the Tether stablecoin.

4th ranked USDCoin (USDC) traded between $1.00 and $0.9997 in the past 24 hours, versus the $1.00 to $0.9998 range a day earlier.

5th ranked BNB (BNB) traded between $239.49 and $235.61 in the past 24 hours. The most valuable cryptocurrency in the Centralized Exchanges category is currently trading at $235.61, down 0.90 percent on an overnight basis.

6th ranked BinanceUSD (BUSD) traded between $1.00 and $0.9986 in the past 24 hours, versus the $1.00 to $0.9994 range, a day earlier.

7th ranked XRP(XRP) has gained 2 percent on an overnight basis and 5 percent on a weekly basis.

8th ranked Cardano (ADA) gained more than 1 percent overnight. Cardano has been experiencing heightened development activity recently in the run up to the Vasil hard fork, which has been postponed beyond the originally scheduled date of June 29, pending resolution of some bugs.

9th ranked Solana (SOL) added 1.8 percent in the past 24 hours to trade at $36.86.

10th ranked Dogecoin (DOGE) gained only 2.3 percent, despite Doge champion Elon Musk’s Boring Company announcing that DOGE would be accepted for payments.

96th ranked Storj (STORJ) is the best price gainer among the top 100, with an overnight gain of more than 11 percent. 36th ranked Internet Computer (ICP) follows with an overnight surge of more than 6 percent.

75th ranked TerraClassicUSD (USTC) is the biggest loser with an overnight decline of 6.5 percent. The cryptocurrency is down more than 95 percent on a year-to-date basis.

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