Crypto Sentiment Lifts Ahead of Fed Decision
Sentiment remains strong in cryptocurrency markets as excitement grows for a potential rate cut in the upcoming December FOMC meeting. Markets responded to reports of an outage affecting crypto futures trading, a security breach at South Korea’s Upbit cryptocurrency exchange, and the recent downgrade of stablecoin Tether’s rating by S&P Global. Bitcoin hit a 24-hour high of almost $92k, and Ethereum was trading over $3k during that period. The cryptocurrency market is showing a modest improvement in sentiment, as reflected by the most recent CMC Fear and Greed Index. The index has moved to “fear” territory from the earlier “extreme fear” territory. The index is currently at 20, an increase from 18 yesterday and a notable rise from 11 just a week ago. The index hit its lowest point of the year at 10 on November 22. The cryptocurrency market capitalization is currently at $3.11 trillion, showing a minor overnight decline of 0.15 percent. The trading volume over the past 24 hours has dropped by 26 percent, currently at $110 billion.
In the latest market update, 19 of the top 100 cryptocurrencies are experiencing overnight gains exceeding 1 percent, while 27 of the top 100 cryptocurrencies have seen declines of more than 1 percent in the past 24 hours. Among the leading non-stablecoin cryptocurrencies, a selection is demonstrating year-to-date gains. In contrast, some cryptocurrencies are experiencing year-to-date losses. Data indicates that in the last 24 hours, liquidations in the crypto market have reached a total of $175 million. This figure includes 98 million in long positions and 77 million in short positions, representing the forced closure of leveraged trades due to insufficient funds to cover potential losses. The price changes in the cryptocurrency market happen in tandem with a rising dollar and an increase in Gold Futures. The index that measures the strength of the dollar against a group of six currencies is currently at 99.79, up from the previous close of 99.60. Gold Futures for February settlement is currently trading at $4,221.30 per troy ounce, reflecting an overnight increase of 0.45 percent.
Bitcoin has experienced a 0.25 percent rise, currently valued at $91,568.12. The current price is about 27 percent lower than the all-time high of 126,198.07, achieved on October 7. The original cryptocurrency has experienced a rise of 11.8 percent over the past week; however, it is dealing with year-to-date losses of nearly 2 percent. The trading activity over the past 24 hours varied between 91,955.61 and 90,471.44. Ethereum saw a 0.6 percent rise overnight and has jumped 13.6 percent over the last week, currently valued at $3,043.69. At present, the top alternative coin is encountering a major hurdle, as it stands almost 39 percent beneath its peak value and has experienced year-to-date declines of 8.6 percent. Bitcoin’s share in the crypto market has increased to 58.6 percent, up from 58.3 percent just a day earlier. Ethereum holds a steady market share of 11.8 percent in the wider cryptocurrency ecosystem. Residual alternate coins that accounted for 29.9 percent of the total crypto market just a day ago now represent only 29.6 percent of the overall crypto market. Bitcoin holds its ground at the 9th position, while Ethereum has risen two places to achieve the 40th rank in the global asset rankings according to the sources.
Currently ranked 4th, the asset saw an increase of 0.46 percent overnight, bringing its trading price to $2.19. The fifth-ranked asset experienced a slight decline of 0.02 percent overnight, resulting in a price of $892.35. The 6th ranked Solana experienced a decrease of 0.4 percent overnight, resulting in a price of $141.35. Now positioned 8th overall, TRON experienced a 0.92 percent increase overnight and is currently trading at $0.2805. Currently ranked 9th, Dogecoin experienced a decline of 1.4 percent overnight and is now trading at $0.1507. Cardano, currently positioned at the 10th rank, saw a decrease of 0.9 percent overnight, resulting in a trading price of $0.4262. Sky, currently holding the 62nd rank, led the overnight gains among the top 100 cryptocurrencies, experiencing a remarkable surge of over 7 percent. In the latest market movements, 16th ranked Zcash, 75th ranked Dash, and 48th ranked Kaspa have emerged as the biggest losers, each experiencing a decline exceeding 6 percent overnight.
