Cryptocurrencies are trading higher in mid-trading on Monday, September 29, following a violent sell-off in cryptocurrency markets last week, led by Ethereum, which fell more than 12% in its largest weekly decline since May before recovering slightly at the beginning of the week. Bitcoin is trading above $112,000.
A sudden liquidation of approximately $1.5 billion in leveraged long positions mid-last week caused a decline in cryptocurrencies, resulting in losses of nearly $300 billion, with Bitcoin recording its largest daily decline since last March.
Cryptocurrency markets are awaiting US employment figures at the end of trading, amid rising expectations that the US Federal Reserve will cut interest rates in October and December. According to the CME’s FedWatch tool, markets are currently pricing in 89% and 68% odds of a 25 basis point rate cut in October and December, respectively. The combined market capitalization of the cryptocurrency market, according to Coin Gecko, which lists more than 17,000 cryptocurrencies, rose 2.6% on Monday, bringing the market capitalization to $3.96 trillion.
Bitcoin is trading at $112,162,000, up approximately 2.57% in midday trading, with its market capitalization rising to $2.235 trillion. Ethereum, the second-largest cryptocurrency, is up approximately 3.47%, trading at $4,134,000, with a market capitalization estimated at $499 billion.
XRP, or Ripple, loses its third place and falls to fourth place in terms of market capitalization. It rose approximately 3.12% today, trading at $2.86, with a market capitalization estimated at $171 billion. Dogecoin rose by approximately 2.35%, trading at $0.2318, with a market cap of $35 billion. Cardano rose by approximately 4.02%, trading at $0.7992, with a market cap of approximately $28 billion.
Solana rose by approximately 3.64%, trading at $208, with a market cap of $114 billion. TRON declined, recording a 0.96% loss, trading at $0.3328, with a market cap of $31 billion.