Cryptos Rise Amidst Hopes Of A Softer CPI

Cryptocurrencies joined other world markets in a modest rally after the much-awaited speech by Fed Chair Jerome Powell on Tuesday stopped short of commenting on the monetary policy or interest rate action. Sentiment also remained positive amidst expectations that the latest CPI readings due from the U.S. on Thursday would reveal a decisive drop in inflation readings that the Fed could comfortably take cognizance of.
The hopes of a softer CPI and a dovish Fed kept the Dollar Index close to the flatline. It is currently at 103.35 versus 103.24 at the previous close.

Overall crypto market capitalization surged to $856 billion and surpassed the levels a day earlier by close to half a percent. The 24-hour volume stood at close to $34 billion.

Meanwhile, the CoinShares’ Digital Asset Fund Flows Weekly report on institutional investments showed an outflow of $9.7 million for the week ended January 6. Bitcoin products recorded outflows of $6.5 million whereas short bitcoin products registered inflows of $1.5 million. Ethereum products lost $3.1 million. XRP-based products recorded inflows of $3 million amidst hopes of a favorable decision its legal dispute with the SEC. The country-wise analysis shows outflows of $4.5 million in Brazil, followed by $4.1 million in the United States. Cumulative AUM stood at $22.5 billion.

In the current ranking of all assets according to market capitalization published by, in addition to precious metals Gold (market cap: $12.4 trillion), and Silver (market cap: $1.35 trillion) five corporates viz Apple (market cap: $2.08 trillion), Saudi Aramco (market cap: $1.87 trillion), Microsoft (market cap: $1.71 trillion), Alphabet (market cap: $1.15 trillion) and Amazon (market cap: $916.82 billion) command market capitalization higher than the overall crypto market capitalization of $856 billion. Bitcoin is ranked 27th overall whereas Ethereum is ranked at 72nd position.

Bitcoin continued to trade above the $17k level, ranging between a high of $17,493.32 and $17,242.15. BTC is currently changing hands at $17,397.42, up 0.65 percent on an overnight basis. Bitcoin currently dominates 39.2 percent of the overall crypto market.

Ethereum too traded above the $1,300 level and is currently trading at $1,331.14, down 0.11 percent on an overnight basis. Ethereum dominance increased to 19.1 percent of the overall crypto market.

75th ranked Mina (MINA) gained 8 percent overnight and registered the highest rally among the top 100 cryptos.

100th ranked Gala (GALA) plunged more than 12 percent overnight closely followed by 31st ranked Lido DAO (LDO) which declined more than 11 percent. 98th ranked WOO Network (WOO) and 58th ranked Aptos (APT) shed more than 9 percent in the past 24 hours.

Among the top cryptocurrency categories, Smart Contracts which dominates 28 percent of the cryptocurrency market recorded a modest uptick of 0.4 percent. Centralized Exchange category which commands 6.3 percent market share added 1.3 percent in the past 24 hours. DeFi category which currently accounts for 4.9 percent of the aggregate crypto market capitalization however shed 0.3 percent in the past 24 hours.

Web3 category, with a share of 2.2 percent of crypto market cap edged 0.08 percent lower. Meme category as well as DAO, which account for 1.8 percent each of crypto market cap shed close to 1 percent in the past 24 hours. NFT & collectibles category which enjoys a market cap of 1.6 percent shed a little less than half a percent. Metaverse cryptocurrency market cap declined 0.8 percent overnight and currently accounts for 1.2 percent of the overall crypto market.

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