Rate Hike Fears Dim Crypto Market Sentiment

Fears of the Fed keeping interest rates higher than anticipated, for longer than feared, kept crypto market sentiment subdued. The recent spike in bond yields that followed data showing a jump in job vacancies in the U.S. in August added to the concerns. The ISM Services PMI report is due later in the day.

Anxiety ahead of the non-farm payroll data due for release on Friday also impacted sentiment in the digital assets market. Economists expect additions to non-farm payroll in the month of September to fall to 170 thousand from 187 thousand in the previous month. The unemployment rate is seen falling to 3.7 percent, from the existing level of 3.8 percent.

Overall crypto market capitalization is currently steady at $1.09 trillion.
The crypto market cap is now constituted 49.5 percent by Bitcoin, 18.2 percent by Ethereum, 11.4 percent by stablecoins and 20.9 percent by the residual altcoins. Bitcoin’s market dominance edged up from 49.3 percent a day earlier whereas Ethereum decreased market share from 18.4 percent a day before.

Bitcoin has gained 0.4 percent on an overnight basis to trade at $27,553.24. BTC is holding on to gains of 2.8 percent in the past week and almost 66 percent on a year-to-date basis. Bitcoin’s market cap is currently at $537 billion.

Ethereum shed 0.5 percent in the past 24 hours and is currently changing hands at $1,645.48. Ether is holding on to gains of more than 1 percent in the past week and 37 percent on a year-to date basis. Ether currently commands a market cap of $198 billion.

4th ranked BNB (BNB) which enjoys a market cap of $33 billion has shed 0.50 percent overnight, 1.3 percent in the past week and 13 percent in 2023.

5th ranked XRP (XRP) jumped 4.7 percent in the past 24 hours amidst euphoria following a court rejecting the SEC’s motion for an interlocutory appeal in the legal dispute with Ripple Labs. Ripple Markets APAC Pte Ltd., the Singapore subsidiary of Ripple Labs, announcing the receipt of a Major Payments Institution license from the Monetary Authority of Singapore also supported the rally. Weekly gains jumped to 5.5 percent whereas year-to-date gains surged to 58 percent. XRP’s (XRP) market capitalization is currently at $28 billion.

Though 7th ranked Solana (SOL) has shed 1.5 percent in the past 24 hours, it is still holding on to weekly gains of more than 21 percent and year-to-date gains of 137 percent. Market cap is close to $10 billion.

Cardano (ADA), ranked 8th overall with a market cap of $9 billion slipped 1.5 percent overnight, curtailing weekly gains to 3.5 percent and year-to-date gains to less than 3 percent.

9th ranked Dogecoin (DOGE) extended losses with an overnight decline of more than 1 percent, a weekly decline of quarter percent and a year-to-date loss of 13 percent. Market cap of the highest-ranking meme crypto has also fallen to $8.6 billion.

10th ranked TRON (TRX) has gained 1.2 percent overnight, 3.6 percent in the past week and 62 percent in 2023, lifting market capitalization to $8 billion.

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