Cryptocurrencies staged a brilliant recovery early on Wednesday, rallying more than 5 percent in a 24-hour span. Bitcoin traded above $20k whereas Ethereum traded above $1.5k.
Hopes of a Fed pivot shaped world market sentiment on Wednesday, driving stocks and commodities higher and dragging the Dollar and the Dollar Index. Though the Fed is expected to hike rates by 75 basis points in November, markets appear to be pricing in a softer rate action in the December review.
The Dollar Index ranged between a high of 111.14 and a low of 109.94 in the past 24 hours. It is currently at 110.25, after losing 0.63 percent overnight.
Overall market capitalization surged to $990 billion, versus $930 billion a day earlier.
At current levels of market capitalization, Bitcoin commands 39.7 percent of the overall crypto market, closely followed by Ethereum which increased its market share to 18.9 percent. Stablecoins dropped to 14.9 percent of the overall crypto market, in tandem with the risk-on sentiment, leaving a share of 26.5 percent for the residual altcoins.
Market leader Bitcoin rallied 5.6 percent in the past 24 hours to trade at $20,513.59. BTC ranged between a high of $20,702 and a low of $19,456 in the past 24 hours. The proportion of BTC holders making profits at current prices jumped to 55 percent, versus 48 percent a day earlier. The rally also helped Bitcoin record gains of 7 percent in the past week.
Ethereum rallied 11.5 percent in the past 24 hours and is currently trading at $1,531.22. ETH touched a high of $1,542.35 and a low of $1,378.74 in the past 24 hours. The proportion of Ether holders making profits at current prices increased to 56 percent, versus 53 percent a day earlier.
4th ranked BNB(BNB) gained 4.4 percent in the past 24 hours, whereas 6th ranked XRP(XRP) added 3 percent overnight.
8th ranked Cardano (ADA) gained more than 9 percent. 9th ranked Solana (SOL) rallied 7.9 percent whereas 10th ranked Dogecoin (DOGE) added 9.8 percent in the past 24 hours.
30th ranked Toncoin (TON) that rallied close to 20 percent overnight is the biggest gainer among the top 100 cryptos, closely followed by 89th ranked Convex Finance (CVX) that added 12.3 percent. In addition to top ranked ETH, DOGE and ADA, 23rd ranked Ethereum Classic (ETC) also made noteworthy gains of more than 9 percent.
48th ranked Aptos (APT) declined more than 4 percent despite the broad-based crypto rally. 32nd ranked Quant (QNT) shed 3.1 percent whereas 68th ranked Klaytn (KLAY) and 41st ranked Elrond (EGLD) dropped more than 1 percent. Only 4 cryptocurrencies among the top 100 have made overnight losses of more than 1 percent.
For More Cryptocurrency News, visit rttnews.com
Source: Read Full Article