Cryptocurrency prices today traded in the green zone as the global crypto market cap gained 2.27% at $859.40 Billion. The total crypto market volume over the last 24 hours is $37.53B, which makes a 1.03% increase. In what is seen as a big relief to crypto investors, major cryptocurrencies, including Bitcoin and Ethereum, followed a bullish pattern today as they were up 2.23% and 4.21% at USD$17,205.97 and USD$1,281.98 respectively.
At the time of writing, Bitcoin has a live market cap of USD$330,845,574,010, while Ethereum has a live market cap of USD$156,881,089,067.
The positive trading in the crypto market was seen in the early morning trade on Friday, as the major US indices finished higher on Thursday.
Top gainers:
Today’s top gainers list included Chain, Trust wallet token, Terra Classic, and Polygon.
Chain (XCN):
At USD$0.040328, the Chain price has gained 10.07% in the last one day, with a 24-hour trading volume of USD$25,219,589. The CoinMarketCap ranking of Chainlink is 50, with a live market cap of USD$865,957,291. It has a maximum supply of 53,474,611,831 XCN coins.
Trust Wallet Token (TWT):
The live Trust Wallet Token price today is USD$2.58, up 6.49% in the last 24 hours. The altcoin has a 24-hour trading volume of USD$141,302,632. With a live market cap of USD$1,075,588,260, the current CoinMarketCap ranking of TWT is #40. There is a maximum supply of 1,000,000,000 TWT coins.
Terra Classic (LUNC):
Today, Terra Classic was trading 5.55% higher at USD$0.000173 with a 24-hour trading volume of USD$154,156,797. The current CoinMarketCap ranking of Terra Classic is #42, with a live market cap of USD$1,035,117,604.
Polygon (MATIC):
Polygon price today is USD$0.925050, a rise of 3.89% in the last 24 hours and a 24-hour trading volume of $262,966,771 USD.
With a live market cap of USD$8,079,684,027, at the time of drafting this article, Polygon stood at number tenth position in the CoinMarketCap ranking. Polygon has a maximum supply of 10,000,000,000 MATIC coins.
Why Is The Crypto Market Up Today?
Today’s positive crypto market performance is primarily due to the favorable cues from major US indices in the overnight trading on Wall Street. The U.S. stocks closed higher yesterday, where the tech-dominated Nasdaq Composite Index finished 1.13% higher, the S&P 500 Index gained 0.75%, ending its 5-day losing streak, while the Dow Jones Industrial Average was up 0.55%.
The gains were supported by an increase in jobless claims on Thursday, a relaxing indicator for the economy backing the view the Fed may reduce the speed and size of interest rate hikes.
Economists opine that low unemployment can indicate that people are spending more, resulting in an increase in prices. With unemployment rising, it is likely that prices will go up— suggesting that inflation will be cooling down.
How Interest Rates Impact The Mood of Crypto Investors?
The digital assets track what the U.S. stock market does. This suggests that when the U.S. central bank raised interest rates to tackle inflation, investors were seen getting rid of risky assets like equities and Bitcoin.
