Cryptocurrencies edged half a percent higher early on Tuesday ahead of a speech by Fed Chair Jerome Powell later in the day. The speech assumes significance amidst recent data that showed the labor market remaining strong despite the cumulative interest rate hikes.
Overall crypto market capitalization is currently at $1.07 trillion, versus $1.06 trillion a day earlier. The 24-hour trading volume stood at $51 billion.
Bitcoin’s dominance is at 41.4 percent, while Ethereum’s share is 18.7 percent. Stablecoins dominate 12.9 percent of the crypto market, whereas the residual altcoins account for 27.00 percent of the overall crypto market.
Bitcoin’s 24-hour trading range was between $23,119.28 and $22,692.03. BTC is currently trading at $23,003.56, up 0.51 percent on an overnight basis.
Ethereum gained 0.48 percent overnight and is currently changing hands at $1,640.76. Ether ranged between $1,653.72 and $1,611.32 in the past 24 hours.
Cryptocurrencies tagged to the AI & Big Data industry viz GRT, AGIX and FET were the best performers on an overnight basis. Of the total 134 cryptocurrencies tagged to AI & Big data in the ranking of cryptocurrencies provided by coinmarketcap.com, more than 50 have gained more than 100 percent on a year-to-date basis. With market capitalization surging 24 percent overnight to $5 billion, the category currently enjoys a market dominance of 0.46 percent.
40th ranked The Graph (GRT) gained 34 percent overnight and topped the gainer’s list. GRT has surged 100 percent in the past week and 216 percent in 2023. 74th ranked SingularityNET (AGIX) has gained 27 percent overnight and 221 percent in the past week. AGIX tops the gainers list on a year-to-date basis with a 1105 percent rally in 2023. 93rd ranked Fetch.ai (FET) has added 22 percent overnight, 100 percent in the past week and 488 percent in 2023.
54th ranked Frax Share (FXS) also added close to 20 percent in the past 24 hours.
86th ranked Casper (CSPR), 32nd ranked Lido DAO (LDO) and 80th ranked Render Token (RNDR) have also gained more than 10 percent overnight.
13th ranked Shiba Inu (SHIB) was the greatest laggard with an overnight decline of 3.6 percent.
Crypto market sentiment was supported following announcement that Genesis had reached an in-principle agreement among Digital Currency Group and the ad hoc groups of creditors of Genesis Global Capital representing more than $2 billion in asserted claims.
Under the agreement, DCG would exchange its existing $1.1 billion note due in 2032 for convertible preferred stock to be issued by DCG as part of Genesis’s Chapter 11 plan. DCG would also refinance its existing 2023 term loans through a new, junior secured term loan in two tranches made payable to creditors aggregating to $500 million. DCG would also contribute its equity interest in Genesis Global Trading to Genesis Global Holdco, bringing all Genesis entities under the same holding company. Also, Gemini would contribute up to $100 million in additional funds to Earn users.
The U.S. Securities and Exchange Commission had in January charged Genesis Global Capital and Gemini Trust Company for the unregistered offer and sale of securities to retail investors through the Gemini Earn crypto asset lending program. Genesis Global Holdco and two of its lending business subsidiaries, Genesis Global Capital and Genesis Asia Pacific had soon after filed voluntary Chapter 11 petitions.
Meanwhile, the CoinShares’ Digital Asset Fund Flows Weekly report on institutional investments showed an inflow of $75.6 million for the week ended February 3. Bitcoin products recorded inflows of $68.5 million whereas short bitcoin products registered inflows of $8.2 million. Ethereum products added a meager $0.7 million. The country-wise analysis shows inflows of $38.1 million in the United States, $24.8 million in Canada and $24.1 million in Germany. Brazil recorded outflows of $1.6 million. Cumulative AUM stood at $30.24 billion.
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