Altcoins Shine In Crypto Rebound

Cryptocurrencies rebounded in the past 24 hours, aided by a strong performance in the altcoins space. Despite trading in the overnight green zone, Bitcoin under-performed most of the top 10 cryptocurrencies. Though expectations that the SEC would greenlight Bitcoin spot ETFs as early as in January 2024 supported sentiment, anxiety ahead of the monthly jobs data from the U.S. limited gains.

Overall crypto market capitalization increased 2.83 percent in the past 24 hours to $1.62 trillion, from $1.58 trillion a day earlier.

Bitcoin (BTC) traded between $43,904.99 and $43,002.43 in the past 24 hours and is currently trading at $43,663.83. At its current price, the leading cryptocurrency has recorded overnight gains of 1.1 percent, weekly gains of 13.3 percent and year-to-date gains of close to 164 percent. Bitcoin’s crypto market dominance stood at 52.61 percent, versus 53.54 percent a day earlier and 51.84 percent a week earlier.

Ethereum jumped 5.2 percent in the past 24 hours to trade at $2,365.79. Ether’s trading range in the past 24 hours was between $2,387.51 and $2,245.13. The strong overnight gains helped the leading alternate coin to record weekly gains of 13.1 percent, lifting year-to-date gains to almost 98 percent. Ether’s crypto market dominance stood at 17.53 percent, versus 17.1 percent a day earlier and 17.5 percent a week earlier.

Amidst the bullish momentum and waning risk aversion triggered by lingering hopes of an SEC approval for Bitcoin spot ETFs in early 2024, Tether (USDT), the most valuable stablecoin saw its crypto market dominance fall to 5.6 percent, from 5.7 percent a day earlier and 6.2 percent a week earlier. The cryptocurrency ranked third overall has a market capitalization of $90.3 billion.

4th ranked BNB (BNB) recorded overnight gains of 1.73 percent and weekly gains of 2.83 percent, curtailing year-to-date losses to 4.60 percent. The price movement comes amidst Binance publishing its latest proof of reserves report. The Merkle Tree-based Proof of Reserves report contrasts Binance Net Balances with Customer Net Balances. Ratio of Binance Net Balances to Customer Net Balances inter alia stood at 104.17 percent for Bitcoin (BTC), 106.56 percent for Ethereum (ETH), 109.12 percent for BNB (BNB), 119.23 percent for Tether (USDT), 127.15 percent for BUSD (BUSD), 105.76 percent for USDC (USDC), 101.39 percent for Litecoin (LTC) and 104.38 percent for XRP (XRP).

5th ranked XRP (XRP) gained 3 percent in the past 24 hours, 7 percent in the past week and 92 percent in 2023. However, the cryptocurrency has recorded a loss of close to 6 percent over the past 30 days.

6th ranked Solana (SOL) rallied 13.6 percent in the past 24 hours. With weekly gains of 20.4 percent and 30-day gains of 70 percent, the cryptocurrency has added 637 percent in 2023.

USDC (USDC), the second most valuable stablecoin also saw its crypto market dominance fall to 1.50 percent, from 1.54 percent a day earlier and 1.71 percent a week earlier. The cryptocurrency ranked seventh overall has a market capitalization of $24.4 billion.

8th ranked Cardano (ADA) topped overnight gains among the top 10 cryptocurrencies with a surge of 18.6 percent. ADA’s weekly gains have jumped to 35.7 percent whereas year-to-date gains are now close to 110 percent.

Dogecoin (DOGE) recorded gains of close to 4 percent in the past 24 hours. DOGE has added 17 percent in the past week and close to 40 percent in 2023.

10th ranked Avalanche (AVAX) also gained a little over 3 percent in the past 24 hours. Helped by the week’s gains that exceeded 23 percent, the cryptocurrency has added more than 151 percent in 2023.

World markets, in the meanwhile wait for the non-farm payrolls data, a key update of the labor market that is seen influencing the Fed in its periodic decisions on interest rates. Analysts expect an addition of 180 thousand jobs in the month of November versus 150 thousand in the previous month. The unemployment rate which had increased to 3.9 percent in October is seen steady at that level.

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