Cryptos Rebound Despite The Dollar’s Strength
Cryptocurrencies staged a brilliant recovery gaining more than 4 percent in the past 24 hours and pushing the crypto market capitalization to $1.91 trillion. The rally is despite the sober mood across the equity markets, a remarkable resurgence in the Dollar and a spurt in bond yields. The Dollar Index touched a two-year high of 101.02.
Market leader Bitcoin surged more than 5 percent overnight, trading at $41,380.88, recording a weekly gain of more than 2 percent. The solid rebound helped BTC move up the rankings for all assets by market capitalization, published by companiesmarketcap.com. Bitcoin regained the 9th rank after surging past Berkshire Hathaway (BRK-A).
Ethereum too surged by 5 percent and is currently trading at $3,083.53, recording a slightly lesser weekly uptick of 0.77 percent. Ethereum jumped to the 24th rank, from the 27th rank almost a week ago in the global market cap-based rankings published by companiesmarketcap.com, surging past the market cap of Samsung, Nestle and Mastercard.
Fourth ranked BNB(BNB), the leading cryptocurrency in the Centralized Exchanges category surged more than 4 percent overnight. The BNB Chain executed its quarterly burn on Tuesday, taking away almost 1.8 million BNB worth around $770 million, out of circulation.
6th ranked XRP(XRP) has recorded a 4 percent uptick overnight and a more than 8 percent gain on a weekly basis.
Despite the 8 percent overnight rally, 7th ranked Solana (SOL) is down close to 2 percent on a weekly basis.
Terra (LUNA) jumped one rank to the 8th position among all cryptos, helped by the 10 percent overnight rally.
9th ranked Cardano (ADA) gained 4 percent overnight whereas 10th ranked Avalanche (AVAX) gained 7 percent in the past 24 hours.
16th ranked NEAR Protocol (NEAR) surged more than 13 percent and is the best performer on an overnight basis among the top 40 cryptos.
The crypto market rally, after series of declines is indeed a welcome relief for crypto enthusiasts.
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