Cryptocurrencies tumbled in early European trade amid dollar strength that sent the Dollar Index higher to 108.08 from Thursday’s 107.49 and Wednesday’s 106.57. The dollar strengthened on the backdrop of July FOMC meeting minutes, which show a Fed poised to hike rates further to fight inflation. Worries about a slowdown in China and fears of a painful recession weighed too heavily on market sentiment.
The crypto market cap has fallen to $1.03 trillion from $1.12 trillion early Thursday. Stablecoins aside, only Gnosis (GNO) at No. 79 survived the sell-off to trade in the green zone. GNO is up more than 4 percent overnight and up 2 percent over the past week.
After the sell-off, bitcoin dominance fell below 40 percent. It is currently 39.8 percent. Ethereum’s market share stands at 20.2 percent, while stablecoins’ share has risen to 14.9 percent of the total market. The share of remaining altcoins in the overall crypto market has dropped to 25.1 percent.
Bitcoin is down a whopping 8.8 percent overnight over the past 24 hours to trade at $21,471.44. BTC is trading 9.4 percent lower on a weekly basis, 9.5 percent lower on a monthly basis and 55 percent lower year-to-date. Only 47 percent of BTC holders are in the money at current prices.
Ether is also trading lower overnight, weekly and year-to-date. However, it’s still clinging to gains of 6 percent on a monthly basis. Ether’s current price of $1,705.80 is down 8.22 percent on a daily basis. 51 percent of ETH holders are in the money at current rates.
Filecoin (FIL) at No. 33, Flow (FLOW) at No. 29 and STEPN (GMT) at No. 78 are the biggest losers among the top 100 cryptocurrencies with losses of almost 18 percent.
35th place ApeCoin (APE), 97th place Gala (GALA), 50th place Zcash (ZEC), 62nd place THORChain (RUNE), 57th place Fantom (FTM) and 96th place Oasis Network (ROSE) are also down more than 15 percent over the past 24 hours.
In parallel with the general decline in market cap, the major categories have also lost market cap over the past 24 hours. Among the cryptocurrency categories enjoying market dominance of more than 1 percent, NFTs and collectibles, research, metaverse, scaling and gaming have been hit the hardest with overnight losses in excess of 13 percent.
The governance and yield farming categories have suffered losses of more than 12 percent. The decentralized exchange category is down 11.6 percent after the crypto market bloodbath. The DeFi and Web 3 categories are also down more than 10 percent. In the smart contracts and centralized exchanges categories, overnight losses are less than 9 percent. However, stablecoins have a stable market capitalization.
In the NFT category, losses were led by massive losses at FLOW and APE, which topped the laggard list. Both fell by more than 17 percent. In the research category, it was the 15 percent drop in eighth-ranked Cardano (ADA) that dragged the market cap down.
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