Cryptocurrency prices traded in the green zone today as the global crypto market cap rose 2.27% to $859.40 billion. The total crypto market volume over the past 24 hours is $37.53 billion, representing an increase of 1.03%. In what is seen as a great relief for crypto investors, major cryptocurrencies including Bitcoin and Ethereum followed a bullish pattern today as they rose 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 $330,845,574,010, while Ethereum has a live market cap of $156,881,089,067.

Positive trading in the crypto market was seen in early morning trading on Friday, as major US indices closed higher on Thursday.

Top risers:

Today’s list of top winners included Chain, Trust wallet token, Terra Classic, and Polygon.

Chain (XCN):

At $0.040328, the Chain price is up 10.07% over the past day, with a 24-hour trading volume of $25,219,589. Chainlink’s CoinMarketCap ranking 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):

Today’s live Trust Wallet Token price 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, TWT’s current CoinMarketCap ranking 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. Terra Classic’s current CoinMarketCap ranking is #42, with a live market cap of USD $1,035,117,604.

Polygon (MATIC):

Polygon price today is USD$0.925050, up 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, Polygon was ranked #10 in the CoinMarketCap ranking at the time of writing this article. Polygon has a maximum supply of 10,000,000,000 MATIC coins.

Why is the crypto market on the rise today?

The positive performance of the crypto market today is mainly due to favorable signals from major US indices during overnight trading on Wall Street. US stocks closed higher yesterday, as 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 dropped 0. .55% rose.

The gain was supported by an increase in claims for unemployment benefits on Thursday, a relaxing indicator for the economy that supports the view that the Fed can reduce the speed and magnitude of rate hikes.

Economists believe that low unemployment may indicate that people are spending more, resulting in an increase in prices. With unemployment rising, it is likely that prices will rise, suggesting that inflation will cool.

How Interest Rates Affect Crypto Investor Mood?

The digital assets follow what the US stock market does. This suggests that when the US central bank raised interest rates to address inflation, investors got rid of risky assets like stocks and Bitcoin.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

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