This week started on a positive note today for crypto enthusiasts as the global crypto market cap was up 1.76% compared to the last 24 hours at $869.73 Billion. The total crypto market volume over the last 24 hours was spotted at $35.19B at the time of writing this article, increasing by 13.90%. The positive performance of leading cryptocurrencies drove today’s rally in the crypto market as Bitcoin (BTC) and Ethereum were up 1.61% and 2.78% at $17,310.73 and $1,296.17, respectively, suggesting the bulls were gaining more power.
Cryptocurrencies that led today’s gains:
The cryptocurrencies which emerged as top gainers were Cronos (CRO), up 14.39% at USD$0.073149; Litecoin (LTC), up 8.75% at USD$83.33 and Shiba Inu (SHIB), up 4.66% atUSD$0.000010.
The live Cronos price today (5 December 2022) is USD$0.073149, with a 24-hour trading volume of USD$104,536,685. Cronos is up 14.39% in the last one day. At the time of writing, Cronos posted a circulating supply of 25,263,013,692 CRO coins and a maximum supply of 30,263,013,692 CRO coins.
Shiba Inu (SHIB):
Today, Shiba Inu was spotted trading at USD$0.000010 with a 24-hour trading volume of USD$169,358,126. Shiba Inu has gained 4.66% in the past 24 hours and has a live market capitalization of USD$5,353,583,086. SHIB has a circulating supply of 549,063,278,876,302 SHIB coins at the time of drafting this article.
Litecoin was up 8.75% at USD$83.33 during the intraday trading session on Monday, with a 24-hour trading volume of USD$645,105,670. LTC has a live market capitalization of $USD5,979,622,184 and a circulating supply of 71,760,744 LTC coins. Litecoin has a maximum supply of 84,000,000 LTC coins.
Expectations of a Slower rate hike by Federal Reserve boost investors’ sentiments?
Meanwhile, crypto investors hope for a solid finish to a topsy-turvy year after the FTX collapse and other unfavorable events. The bullish behavior of the crypto market on the first day of the week is also driven by a lift in investors’ sentiments who are hoping for a more dovish US Federal Reserve.
There are indications that after the Fed’s tightened monetary policy, there will be a relief in the interest rate spree in the upcoming months. The Federal Reserve Chairman Jerome Powell confirmed last week that smaller interest rate increases are possible ahead and could begin in December. The Federal Open Market Committee (FOMC) is expected to raise interest rates by 50 basis points (bps) instead of continuing its current rate of 75 bps.
Has the crypto market reached the bottom?
It is to be noted that market analysts and investors are finding it difficult to call a bottom in crypto stocks following a grueling month that ended with BlackRock Inc. CEO Larry Fink stating that most digital-asset firms would not survive. Tron (TRX) was one of the biggest losers today, down 0.20% at $0.05356. The cryptocurrencies that were seen trading in red during today’s intraday trading session included; Monero (XMR), Gemini Dollar, and Binance USD (BUSD).
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.