Cryptos Weak Amidst A Surging Dollar

Cryptocurrency prices remained weak early on Monday amidst a strong Dollar, lifted by fears of aggressive rate hikes by the Fed. The Dollar’s strength saw the Dollar Index, which measures the Dollar against a basket of six currencies rise to a fresh 20-year high of 114.53, versus the previous day’s high of 113.24.

Overall market capitalization dropped to as low as $916 billion in the past 24 hours, before recovering to its current level of $922 billion, an overnight decrease of 1.7 percent. Only around 10 percent of the top 100 cryptos are currently trading in the green zone.

At current prices, the crypto market is dominated 39.2 percent by Bitcoin, 17.2 percent by Ethereum, 16.5 percent by stablecoins and 27.1 percent by the residual altcoins.

Market leader Bitcoin is trading at $18,930.33, down 0.96 percent on overnight basis. 47 percent of Bitcoin holders are making profits at current prices. BTC traded between a high of $19,274.87 and a low of $18,696.47 in the past 24 hours.

Meanwhile, crypto insight provider Santiment has highlighted the spike in Bitcoin interest on social media platforms over the weekend. Bitcoin was the topic of discussion in more than 26 percent of the discussions for the first time since mid-July.

Ethereum, which has been recording declines since the Merge on September 15, attributed largely to a buy-the-rumor and sell-the-news phenomenon is down much more at 2.54 percent overnight. However, 51 percent of Ether holders are making profits at current prices. ETH traded between a high of $1,324.87 and a low of $1,275.63 in the past 24 hours.

5th ranked BNB (BNB) declined 1.77 percent overnight but is still holding on to weekly gains of more than 3 percent.

6th ranked XRP(XRP) declined more than 9 percent overnight amidst reports of large whale movements in the cryptocurrency ahead of the legal verdict in the dispute with the SEC. Though XRP has gained 32 percent in the past week, it tops losses on an overnight basis in the top 100 category.

8th ranked Cardano (ADA) and 10th ranked Dogecoin (DOGE) declined more than 4 percent overnight. 9th ranked Solana (SOL) declined 3.3 percent during the same span.

Cryptocurrencies of the Terra ecosystem moved in defiance of the overall bearish trend and are the lead overnight gainers in the top 100 category. 31st ranked Terra Classic (LUNC) gained more than 35 percent, followed by 97th ranked Terra (LUNA) that rallied 12.6 percent. 100th ranked TerraClassicUSD (USTC) strengthened 10.2 percent in the past 24 hours. The Interpol meanwhile has reportedly issued a red notice for Do Kwon, the founder of Terraform Labs.

55th ranked IOTA (MIOTA) added 7 percent overnight. MIOTA has gained more than 18 percent in the past week.

25th ranked Stellar (XLM), 72nd ranked Lido DAO (LDO) and 68th ranked Synthetix (SNX) have declined more than 7 percent overnight.

29th ranked Algorand (ALGO), 38th ranked Chiliz (CHZ), 79th ranked Ravencoin (RVN) and 98th ranked Celsius (CEL) have also declined more than 6 percent in the past 24 hours.

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