Cryptos Lag After Brief Rally

Cryptocurrencies are trading with overnight losses of more than 2 percent early on Friday after spectacular gains in earlier sessions. Anxiety over the Fed’s likely stance ahead of the interest rate review next week, kept markets on tenterhooks.

Stock markets in Asia retreated on renewed Covid fears from China and the negative sentiment triggered by the tech rout in Wall Street a day earlier. European stocks too traded mostly on a negative note despite recent GDP data from France and Germany indicating growth offshoots.

Overall crypto market capitalization is at $982 billion versus $1 trillion a day earlier.

At current levels of market capitalization, Bitcoin commands 39.5 percent of the overall crypto market, closely followed by Ethereum which enjoys a market share of 18.8 percent. Stablecoins account for 15.0 percent of the overall crypto market, leaving a share of 26.7 percent for the residual altcoins.

Market leader Bitcoin is currently trading at $20,213.21, down 2.4 percent on an overnight basis.

Meanwhile Core Scientific, a large Bitcoin miner has issued a bankruptcy warning causing its stock CORZ to nosedive.

Ethereum is currently trading at $1,517.82, down 3.4 percent on an overnight basis.

4th ranked BNB (BNB) edged up 0.3 percent to trade at $290.26. Meanwhile cyrpto exchange Binance confirmed that it has participated in Musk’s Twitter takeover with a $500 million investment.

6th ranked XRP (XRP) declined 2 percent overnight but is still holding on to weekly gains of more than 4 percent.

8th ranked Cardano (ADA) declined more than 5 percent overnight and is the biggest loser among the top 10 cryptos.

Dogecoin (DOGE) gained more than 9 percent overnight amidst euphoria surrounding DOGE champion Elon Musk buying Twitter and speculations of more use cases for the meme-coin on the social media platform. DOGE has gained 45 percent in the past week and close to 15 percent in the past 90 days and has jumped to the 9th position among all cryptocurrencies according to market capitalization.

10th ranked Solana (SOL) dropped 2.6 percent in the past week but is still maintaining a 13 percent gain on a weekly basis.

Only 8 among the top 100 cryptocurrencies are trading with gains of more than a percent.

86th ranked TerraClassicUSD (USTC) gained more than 12 percent overnight.

60th ranked Klaytn (KLAY) was the biggest gainer among the top 100 on a weekly basis. KLAY gained more than 90 percent in the past week.

Overall crypto market capitalization is down 2 percent on an overnight basis. While major cryptocurrencies mostly moved in tandem, a few categories varied in the direction and magnitude of the overnight variance. Stablecoins gained 0.30 percent amidst an increased risk aversion. Centralized Exchanges declined only 0.1 percent. Memes gained more than 4 percent. Research category declined more than 5 percent. DAO also lost 4.2 percent.

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