Cryptos Surge As Fed Chair Cites Disinflation

Federal Reserve’s as-expected 25-basis points rate hike and a dovish commentary lifted cryptocurrencies more than 4 percent in the past 24 hours. The acknowledgement that a disinflationary process had started in the economy helped bolster sentiment even though the Fed Chair stopped short of declaring a victory over inflation.

The acknowledgement that inflation had finally begun to abate, triggered a broad-based rally across cryptocurrencies with more than 95 percent of the top 100 cryptocurrencies trading in the overnight green zone.

Overall crypto market capitalization surged to $1.09 trillion after a gap of more than 5 months. The 24-hour volume stood at close to $65 billion. Stablecoins dropped to 12.7 percent of the overall crypto market.

Bitcoin gained 2.8 percent in the past 24 hours to trade at $23,773.98. BTC ranged between a high of $24,167.21 and a low of $22,877.75 in the past 24 hours. Around 60 percent of the BTC holders are in the money at current prices.

Ethereum too rallied 5.5 percent in the past 24 hours to trade at $1,672.51. Ether ranged between a high of $1,689.07 and a low of $1,566.86 in the past 24 hours. Around 63 percent of the ETH holders are in the money at current prices.

The brilliant rally helped BTC jump to the 16th position and Ethereum to rise to the 52nd position in the ranking of all assets published by companiesmarketcap.com.

79th ranked Loopring (LRC) rallied more than 24 percent overnight whereas 71st ranked optimism (OP) surged almost 22 percent.

23rd ranked UNUS SED LEO declined 0.76 percent overnight. The token has shed 6.3 percent on a weekly basis and 4.5 percent on a year-to-date basis.

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