Cryptos Rebound After A Merge-fueled Panic

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Crypto markets rebounded mildly early on Friday after the sell-off triggered by the anxiety surrounding Ethereum's Merge planned for August, abated. Overall crypto market capitalization has increased by 1 percent in the past 24 hours to $1.21 trillion.

Top ranked Bitcoin is trading at $29,229, rising more than 2 percent overnight. At the current market capitalization of $556 billion, BTC dominates 45.8 percent of the overall crypto market.

Rival contender Ether also recouped losses. ETH gained 2 percent on an overnight basis and is now trading at $1,807. The weekly loss is however more than 11 percent. Ether's market capitalization dropped to $218 billion, while market dominance continues at 18 percent.

5th ranked BNB (BNB) moved up 2.7 percent, whereas 6th ranked XRP (XRP) rallied 3.9 percent.

8th ranked Cardano (ADA) gained more than 1 percent. 9th ranked Solana (SOL) is however trading with losses of more than 1.5 percent. 10th ranked Dogecoin (DOGE) is trading almost 1 percent higher.

Market capitalization of all stablecoins dropped marginally to $159 billion, whilst market dominance decreased to 13.1 percent.

Top ranked Tether (USDT), ranked third overall, traded between $0.9988 and $0.9992, but market cap dropped marginally to $72 billion.

Second ranked USDCoin (USDC), ranked fourth among all cryptos traded between $0.9997 and $1.00, with market cap aggregating to $53 billion.

Binance USD (BUSD), ranked 7th overall traded between $0.9987 and $1.00, and market cap amounted to $18 billion.

The turbulence in the crypto market, both on account of external and internal reasons has undoubtedly shaken the crypto world. It has also broken the correlation between the crypto prices and the prices of Wall Street's tech stocks.

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