Crypto Market Capitalization Rises Amid Rate-Hiking Cycle
The crypto market capitalization has risen by over 2.2% in the past 24 hours to $2.66 trillion, reaching closer to the midpoint of the range seen over the past month.
This growth is attributed to rising stock indices and a general appetite for risk, which is being driven by the anticipation of a rate-hiking cycle as a positive event rather than a negative one.
Cryptocurrencies are regaining their status as leading indicators for traditional markets, with none of the top 40 most liquid coins experiencing a decline in value over the past day.
The altcoin market is thawing, with traders cautiously shifting their focus towards alternative cryptocurrencies. However, neither the altcoin season index nor market sentiment has yet reached high levels.
Bitcoin has gained modestly over the past 24 hours, marking the third consecutive day of gains and a recovery towards $77,500.