Cryptos Extend Gains

Cryptocurrencies continued the recovery from the recent lows, with market capitalization surging to $925 billion, from $817 billion on Saturday and $891 billion on Friday.

Market leader Bitcoin (BTC) is currently trading at $21,061.40. The market leading virtual currency has gained 2.92 percent in 24 hours. Despite the overnight rally, it is trading 5.5 percent lower on a weekly basis and 56 percent lower on a year-to-date basis.

Rival contender Ethereum (ETH) is currently trading at $1,146.43. The lead alternate coin has gained 1.74 percent in the past 24 hours. Despite the gains, Ether has lost 5 percent in seven days and close to 70 percent in 2022.

Despite the broad-based rally in the overall crypto market, 27th ranked Bitcoin Cash (BCH), 40th ranked Helium (HNT), are trading lower on an overnight basis. Only 18 of the top 100 cryptos are trading with losses on a weekly basis.

Bitcoin dominates the overall crypto market with a share of 43.5 percent. Ethereum’s dominance is at 15 percent. Stablecoins dominate 16.7 percent of the market. The residual altcoins command 24.8 percent of the overall crypto market.

3rd ranked Tether (USDT) traded between $0.9992 and $0.9988 in the past 24 hours. The USDT market cap however dropped to a 9-month low of $67.4 billion, versus $69.2 billion on Friday.

4th ranked USDCoin (USDC) traded between $1.00 and $0.9998 in the same period. USDC market cap increased to $55.7 billion versus $55 billion on Friday.

6th ranked BinanceUSD (BUSD) traded between $1.00 and $0.9987 in the past 24 hours.
7th ranked Cardano (ADA) lagged the price charts with a modest 0.55 percent rally amidst reports that the Vasil upgrade has been delayed due to pending bug fixes.

15th ranked Shiba Inu (SHIB), 37th ranked Elrond (EGLD), 50th ranked Aave (AAVE), 65th ranked Waves (WAVES), 69th ranked Stacks (STX), 71st ranked Zilliqa (ZIL), 89th ranked Synthetix (SNX), 96th ranked Convex Finance (CVX) and 97th ranked Compound (COMP) and have gained more than 10 percent in the past 24 hours.

Banking and Financial services platform Celsius (CEL) currently ranked 101 among all cryptocurrencies and 5th in the lending and borrowing category gained 53 percent in the past 24 hours amidst reports of retail-driven short squeeze.

The rebound in crypto markets coincides with the risk-on sentiment in stock markets worldwide. The Dollar’s retreat too supported the rally.

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