Cryptos Close To $2 Trillion Again

By RTTNews Staff Writer | Published: 2/7/2022 9:47 AM ET

Cryptos recovered and appears headed to touch the $2 trillion mark again. Overall market capitalization is currently at $ 1.96 trillion, versus $1.76 trillion at the time of Friday’s review.

Friday, the non-farm payrolls data from the U.S. (467K payrolls added in January of 2022 versus market forecasts of 150K) had indicated strong labor market conditions. This has triggered fears of a faster-than-expected rat hike trajectory by the Federal Reserve. Global markets across regions and asset classes await the inflation readings from the U.S due on February 10 to assess the future course of the markets.

Bitcoin is currently trading at $42,811.37, after touching a 24-hour high of $41,847.16 on Saturday and $42,500.79 on Sunday. BTC has regained the $42k level after a gap of 17 days.

65 percent of BTC holders are in the money. BTC dominates 41.9 percent of the overall crypto market. The lead cryptocurrency is ranked 9th among all assets as per companiesmarketcap.com.

Open Interest in the Chicago Mercantile Exchange’s Bitcoin Futures decreased to 10046 on Friday from 10355 on Thursday and 10447 on Wednesday.

Ethereum is trading at $3,086.21. It had increased to a high of $3,054.13 on Saturday and $3,061.26 on Sunday. ETH is touching the $3k level after a gap of 15 days.

73 percent of ETH holders are in the money at current prices. Ethereum’s dominance is at 17.7 percent. ETH has advanced to rank 29 among all assets as per companiesmarketcap.com.

Open Interest in the Chicago Mercantile Exchange’s Ether Futures increased to 3347 on Friday from 3129 on Thursday and 3071 on Wednesday.

8th-ranked XRP(XRP) which rallied 15 percent, 14th-ranked SHIBA INU (SHIB) which gained 23 percent, 59th ranked Quant (QNT) which added 16 percent, 70th- ranked Loopring (LRC) which moved up 14 percent, 80th ranked Kadena (KDA) which advanced 15 percent and 88th ranked secret (SCRT) which increased 10 percent are the cryptocurrencies in the top-100 category that have made double digit overnight gains.

XRP’s rally coincided with reports of a Federal judge unlocking three sets of evidence relating to the SEC vs Ripple legal dispute.

The meme category cryptocurrencies have surged by a whopping 13.4 percent in the backdrop of the splendid rally by SHIBA INU.

In a recent report titled Study of the Facilitation of Money Laundering and Terror Finance Through the Trade in Works of Art, the Treasury Department has red flagged the likely use of digital artworks and NFTs for money laundering.

Stablecoins constitute 8.94 percent of the overall crypto market, as risk taking re-emerged in the crypto space.

Global markets are anxiously waiting for the crucial inflation readings due on Wednesday. The splash of bullishness in the recent days has indeed invigorated the crypto enthusiasts.

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe