Cryptocurrencies remained positive early on Monday, amidst world markets that are digesting the PMI contractions in Europe, the political crisis in U.K., the slump in oil prices and renewed hopes of softening in the Fed’s stance.
Interest rate reviews by Bank of Canada, ECB, Bank of Japan, Reserve Bank of Australia and the Federal Reserve are due in the next few days. The ECB and the Fed are widely believed to hike interest rates by 75 basis points, whereas Bank of Japan is expected to maintain status quo. Markets have however started increasing the expectations of a moderation by Fed in the review due in December, which is also lifting the market sentiment towards risky assets.
The Dollar Index which measures the Dollar against a basket of 6 currencies and an important barometer tracked by world markets strengthened 0.40 percent to 112.46.
Overall crypto market capitalization stood at $933 billion, gaining around 1.6 percent overnight.
At current levels of market capitalization, Bitcoin commands 39.9 percent of the overall crypto market, closely followed by Ethereum which enjoys a market share of 17.7 percent. Stablecoins account for 15.8 percent of the overall crypto market, leaving a share of 26.6 percent for the residual altcoins.
Bitcoin is trading at $19,430.01, having gained 1.42 percent in the past 24 hours. BTC traded between $19,646.65 and $19,124.20 in the past 24 hours. 48 percent of Bitcoin holders are in the money at current prices. On-chain metrics related to the largest cryptocurrency also reveals 10 percent concentration by large holders. Holders’ composition by time held shows 63 percent holding on for more than a year.
Ether’s overnight gains were much higher at 3.61 percent and is trading at $1352.00. Ether traded between $1,368.43 and $1,302.91 in the past 24 hours. 51 percent of Ether holders are making profits at current prices. Unlike Bitcoin, the large holder concentration is substantially higher at 41 percent. 64 percent of Ethereum is being held for more than a year.
69th ranked Klaytn (KLAY) rallied more than 22 percent in the past 24 hours. KLAY is also the highest gainer in the past week with an addition of more than 28 percent.
11th ranked Polygon (MATIC) added 8.8 percent overnight.
98th ranked Arweave (AR) declined close to 3 percent overnight, followed by 81st ranked Trust Wallet Token (TWT) that dropped 2.85 percent. 45th ranked Chain (XCN) also erased more than 2 percent.
58th ranked Axie Infinity (AXS) is the biggest loser in the past week with a decline of more than 21 percent. 30th ranked Quant (QNT) erased more than 17 percent in the past week.
81st ranked Trust Wallet Token (TWT) and 19th ranked UNUS SED LEO (LEO) are the only two cryptocurrencies among the top 100 to have gained on a year-to-date basis.
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