Cryptos Enter The Trillion League Again

crypto jan31 23jan23 lt

Cryptocurrencies surged above the $1 trillion mark in market capitalization over the weekend. Overall crypto market capitalization is currently at $1.05 trillion. The 24-hour trading volume aggregates to $54 billion.

Stock markets and commodities too have gained in the past 24 hours. The Dollar Index, however, is close to the flatline as the Dollar retreated amidst the recent decline in inflation in the U.S. that has reinforced hopes of a slowing down in interest rate hikes.

Bitcoin's dominance is at 42.1 percent, while Ethereum's share is 19.1 percent. Stablecoins dominate 13.3 percent of the crypto market, whereas the residual altcoins account for 25.5 percent of the overall crypto market.

Market leader Bitcoin is currently trading at $22,774.21, having lost 0.50 percent overnight. Around 61 percent of BTC holders are in the money at current prices.

Ethereum has also shed 0.6 percent overnight and is currently changing hands at $1,622.51. Around 62 percent of the Ethereum holders are in the money at current prices.

Bitcoin has gained 9.8 percent in the past week and 38 percent on a year-to-date basis. Ethereum has gained 5.7 percent in the past week and 36 percent on a year-to date basis. The brilliant rally over the past few days has helped BTC jump to the 16th position and Ethereum to rise to the 59th position in the latest ranking of all assets published by companiesmarketcap.com.

The crypto asset class has also maintained the seventh rank in the ranking of all assets published by companiesmarketcap.com. Precious metals viz Gold (market cap: $12.7 trillion) and Silver (market cap: $1.3 trillion) as well as four corporates viz Apple (market cap: $2.2 trillion), Saudi Aramco (market cap: $1.9 trillion), Microsoft (market cap: $1.8 trillion) and Alphabet (market cap: $1.3 trillion) command market capitalization higher than the overall crypto market capitalization of $1.05 trillion.

98th ranked STEPN (GMT) is the top gainer with a more than 20-percent overnight rally. 42nd ranked Axie Infinity (AXS) added more than 15 percent overnight. 97th ranked Celo (CELO) also rallied more than 10 percent in the past 24 hours.

61st ranked Frax Share (FXS) declined more than 8 percent overnight. 77th ranked Optimism (OP), 90th ranked Kava (KAVA) and 30th ranked Aptos (APT) are the other big laggards in the past 24 hours.

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