Cryptos Firm Amidst Strong Jobs Data From The U.S.

Crypto markets staged a remarkable comeback early on Friday, with the overall crypto market capitalization surging to as much as $978 billion, before falling to the current level of $952 billion in the aftermath of the release of strong non-farm payrolls data from the U.S.

Data released showed the U.S. economy added around 372K payrolls in the month of June, only slightly lower than the downwardly revised 384k in the month of May. Markets were expecting a lower reading of 268k.

The strong reading on the non-farm payrolls implied a resilient labor market that is getting close to full employment. The solid jobs data is expected to further strengthen the case for a big rate hike by the Fed in the FOMC later this month as well. Stock markets in the U.S. as well as Europe are trading in the green zone as investors digest the full import of the strong jobs data.

The Dollar Index meanwhile retreated mildly to 106.96 versus the peak level of 107.79 touched earlier, thus helping to keep the crypto prices firm.

Overall crypto market is currently dominated 43.3 percent by Bitcoin, 15.6 percent by Ethereum, 16.1 percent by stablecoins and 25.0 percent by the residual altcoins.

Bitcoin surged to a high of $22,314.94 in the past 24 hours and is now trading at $21,349.23, almost 3.3 percent higher on an overnight basis. Bitcoin dominance increased to 43.3 percent, from 42.3 percent a day earlier.

Ethereum too surged to a high of $1,262.89 in the past 24 hours before declining to $1,223.36, registering a marginal overnight gain of 0.40 percent. Ethereum’s market share remained steady at 15.6 percent.

3rd ranked Tether (USDT) traded between $0.9995 and $0.9991 in the past 24 hours, versus the $0.9994 to $0.9990 range, a day earlier.

4th ranked USDCoin (USDC) traded between $1.00 and $0.9996 in the past 24 hours, versus the $1.00 to $0.9997 range a day earlier.

5th ranked BNB (BNB) gained 0.23 percent in the past 24 hours. Despite the weekly gain of 12 percent, the crypto coin is still down 55 percent in 2022.

6th ranked BinanceUSD (BUSD) traded between $1.00 and $0.9986 in the past 24 hours.
7th ranked XRP (XRP) gained more than 2 percent overnight and 9 percent in the past week.

8th ranked Cardano’s (ADA) edged down 0.8 percent in the past 24 hours.

9th ranked Solana (SOL) edged down 1.6 percent in the past 24 hours, amidst the filing of a class action lawsuit against Solana Labs and its CEO for allegedly breaking securities law in selling SOL.

10th ranked Dogecoin (DOGE), too lost 0.74 percent in the past 24 hours.

85th ranked 1inch Network (1INCH), 100th ranked IoTeX (IOTX), 47th ranked Aave (AAVE) and 18th ranked Polygon (MATIC) gained more than 5 percent in the past 24 hours.

90th ranked Convex Finance (CVX), 34th ranked The Sandbox (SAND) and 58th ranked THORChain (RUNE) declined more than 5 percent in the past 24 hours.

In the category-wise market capitalization dominance, Smart Contracts aggregate to 24.3 percent; Stablecoins dominate 16.1 percent; Centralized Exchanges add up to 5.8 percent; DeFi commands 5.4 percent; Web 3 sums up to 2.3 percent; Research grosses 2.0 percent; NFTs account for 2.0 percent; Memes command 1.7 percent; Decentralized Exchanges amount to 1.3 percent; DAO accounts for 1.3xx percent; Governance enjoys 1.3 percent; Metaverse commands 1.3 percent; while Gaming follows with 1.1 percent market capitalization.

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