Cryptos Rally Despite Regulatory Woes, Bitcoin Tops $28,500

Cryptocurrencies rallied more than 4 percent in the past 24 hours, shrugging of concerns of regulatory activism by the SEC and the CFTC in the U.S. Hopes that the recent banking crisis would goad the Fed to tone down its aggressive monetary policy provided bullish momentum to the digital assets market.

Overall crypto market capitalization is currently at $1.18 trillion, versus $1.13 trillion a day earlier. More than 10 percent of the top 100 cryptos have rallied more than 10 percent in the past 24 hours.

Bitcoin gained 5.1 percent overnight and is currently trading at $28,308.47, after touching a high of $28, 619.54 earlier in the trade. Year-to date gains exceed 70 percent.

Ethereum too rallied 3.3 percent in the past 24 hours to trade at $1,797.30. The day’s high was $1,825.60. Ether has gained 51 percent in 2023.

The brilliant rally has helped Bitcoin rise to a market dominance of 46.4 percent. Ethereum meanwhile commands a crypto market share of 18.7 percent. Stablecoins have fallen to 11.3 percent of the crypto market whereas the residual altcoins command 23.6 percent of the overall crypto market.

6th ranked XRP (XRP) gained 10 percent overnight and 22 percent in the past week amidst expectations of a favorable verdict in the long-standing dispute with SEC.

85th ranked Mask Network (MASK) has rallied more than 19 percent in the past 24 hours. MASK, the governance token for the Mask Network, also touched a 52-week high earlier in the trade. 73rd ranked Frax Share (FXS) also gained 18.5 percent overnight.

88th ranked Flare (FLR) is the only cryptocurrency among the top 100 to trade with overnight losses of more than 1 percent. FLR has lost more than 2 percent overnight.

54th ranked Conflux (CFX) is the biggest gainer in 2023 among the top 100 cryptocurrencies, with a surge of close to 1620 percent. 84th ranked Sungularity Net (AGIX) follows with more than 850 percent gains in 2023.

Six cryptocurrencies in the top 100 category are trading with losses of more than 1 percent on a year-to date basis. 78th ranked Huobi Token (HT) is the biggest laggard with a decline of more than 28 percent. 87th ranked Trust Wallet Token (TWT) and 62nd ranked Terra Classic (LUNC) have both shed more than 17 percent.

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