The cryptocurrency market rejoiced in the absence of any negative news following a tense weekend as the sector increased by up to 1.15% in the last 24 hours.
Bitcoin (BTC) and its equivalents grew Monday morning slightly, with eight of the top ten digital currencies trading higher this morning as the overall market valuation of the whole crypto industry is $1.42 trillion, at present a 2.26% increase in 24 hours, according to CoinMarketCap.com.
Only the two stablecoins, USDT and USDC, are marginally down 0.03% and 0.04%, respectively.
Regarding market volume over the previous 24 hours, there is a 0.99% rise at $55.46B. Additionally, the overall volume in DeFi is presently $5.84B, accounting for 10.53% of the entire 24-hour volume in the crypto market.
In general, the volume of all stable currencies is currently $40.81B, representing 73.58% of the entire 24-hour volume of the crypto market.
Monetary Policy Report
In an unprecedented move, the Federal Reserve singled out a surge in crypto asset values in its overall assessment of the financial system’s stability. In its semi-annual Monetary Policy Report, the Fed claimed that the increase reflected extensive risk-taking by investors, as it outlined crypto as a national financial risk.
However, Friday’s report did not appear to affect the world’s largest digital asset by market cap this morning as BTC’s current price is $34,255, up 1.53% on the day, while its dominance is currently 45.27%.
On the other hand, Ethereum (ETH) is now hovering around $2,149, up 0.8% on the day, but it is still down 5.28% in the last seven days.
As a result of Ethereum’s continued strength against Bitcoin, money is flowing into altcoins. The DeFi and Non-fungible tokens (NFT) sectors have begun to outperform the market.
NFTs have recently piqued investors’ interest, with over 2.5 billion dollars in NFT sales recorded for the first half of 2021.
Sales are up more than 13 million dollars over the same period last year, while transaction volumes have increased by up to 25 percent since December 2020. Interestingly, the top 15 NFT sales during Q2 2021 collectively fetched $37.23 million.
Following a period of continuous declines, the cryptocurrency Dogecoin (DOGE) has increased by 1.84% in the previous 24 hours and has grown significantly in recent weeks, although it is still down 10% in the last week
In recent days, cryptocurrency has reached new highs as the meme coin price has been driven higher by online forums.