Sentiment remains strong in the cryptocurrency markets as excitement grows for a potential rate cut at the upcoming December FOMC meeting. Markets responded to the outage at the CME Group, which affected crypto futures trading, the security breach at South Korea’s Upbit cryptocurrency exchange, and the recent downgrade of stablecoin Tether’s rating by S&P Global. Bitcoin soared to high of almost $92k, with Ethereum trading above $3k during that period. The cryptocurrency market is showing a modest increase in sentiment, as reflected in the most recent data from the CMC Fear and Greed Index. The index has transitioned to “fear” territory, moving up from the prior “extreme fear” level. The index currently sits at 20, up from 18 yesterday and significantly higher than 11 just a week ago. The index hit a yearly low of 10 on November 22. The cryptocurrency market capitalization currently sits at $3.11 trillion, showing a minor overnight decline of 0.15 percent. The 24-hour trading volume has dropped by 26 percent, currently at $110 billion. In the most recent market update, 19 of the top 100 cryptocurrencies have recorded overnight gains surpassing 1 percent, whereas 27 of the top 100 cryptocurrencies have experienced declines exceeding 1 percent.
Within the landscape of the leading 10 non-stablecoin cryptocurrencies, a number of assets are demonstrating year-to-date gains, whereas Bitcoin, Ethereum, Solana, Dogecoin, and Cardano are facing year-to-date losses. Recent data shows that crypto liquidations have surged to $175 million. The total comprises long positions of $98 million alongside short positions of $77 million. The latest price movements in the cryptocurrency market are happening in tandem with a rising dollar and a surge in Gold Futures. The Dollar Index, a measure of the dollar’s strength relative to a basket of six currencies, stands at 99.79, an increase from the prior close of 99.60. Gold Futures set for February delivery are currently priced at $4,221.30 per troy ounce, showing an overnight rise of 0.45 percent.
Bitcoin has experienced a 0.25 percent rise, currently trading at $91,568.12. The current price is roughly 27 percent lower than the all-time high of $126,198.07, recorded on October 7. The original cryptocurrency has seen an 11.8 percent rise over the last week; however, it is grappling with year-to-date losses of nearly 2 percent. Trading activity saw a range between $91,955.61 and $90,471.44. Ethereum saw a 0.6 percent rise overnight and has skyrocketed 13.6 percent in the last week, now trading at $3,043.69. The prominent alternative cryptocurrency is presently trading approximately 39 percent beneath its all-time peak, grappling with year-to-date losses of 8.6 percent. Bitcoin’s dominance in the crypto market has surged to 58.6 percent, an increase from 58.3 percent just a day earlier. Ethereum holds steady with a market share of 11.8 percent in the overall cryptocurrency landscape. Residual alternate coins currently account for 29.6 percent of the overall market share. Bitcoin holds its ground at the 9th position, while Ethereum has surged two spots to achieve the 40th rank in the global asset rankings by market capitalization.
One significant asset experienced a rise of 0.46 percent overnight, elevating its trading price to $2.19. In the latest market update, another leading asset experienced a minor decline of 0.02 percent overnight, resulting in a new price of $892.35. In the latest market update, Solana’s price experienced a slight dip of 0.4 percent, now positioned at $141.35. Another top-ranking asset experienced a rise of 0.92 percent overnight and is presently trading at $0.2805. Dogecoin saw a drop of 1.4 percent overnight, currently trading at $0.1507. Cardano saw a drop of 0.9 percent overnight, with its trading price settling at $0.4262. One mid-cap cryptocurrency stood out in the overnight trading session, leading the charge among the top 100 cryptocurrencies with a remarkable increase of over 7 percent. In the most recent market fluctuations, a number of other assets have faced notable overnight declines, each plummeting by more than 6 percent.