Bitcoin breaks $17K resistance as markets expect slower rate hikes

The cryptocurrency market cap saw net inflows of $8.12 billion over the last 24 hours and currently stands at $861.02 billion — up 0.94% from $852.9 billion over the reporting period.

Bitcoin and Ethereum’s market cap increased by 1.43% and 1.47% to $329.02 billion and $157.28 billion, respectively.

Polygon led the gains among the top 10 cryptocurrencies, up 5,86% over the reporting period. Meanwhile, BTC and ETH gained 1.29% and 1.22%, respectively.

Over the reporting period, USD Coin’s (USDC) market cap slightly decreased to $43.25 billion. Meanwhile, Tether’s (USDT) and BinanceUSD’s (BUSD) market cap slightly increased to $65.36 billion and $22.21 billion, respectively.

Bitcoin

Bitcoin gained 1.29% to trade at $17,099 as of 07:00 ET. Its market dominance remained flat at  38.1%.

During the last 24 hours, Bitcoin broke above $17,000 around 15:00 UTC. The flagship digital asset has continued to trade above the resistance level since then.

Ethereum

ETH posted 1.22% gains over the last 24 hours to trade at $1,282 as of 07:00 ET. As a result, its market dominance increased to 18.3% from 18.2% over the reporting period.

Like BTC, ETH was able to maintain its price above the $1,200 mark during the last 24 hours after breaking the zone around 15:00 UTC.

Top 5 Gainers

Mask Network

MASK is the day’s biggest gainer, growing by 24.66% over the last 24 hours to $4.13 as of press time. The token has grown by over 54% in the last seven days. Its market cap stood at $281.69 million.

GMX

GMX gained 12.74% over the reporting period to trade at $50.53 as of press time. Its market cap stood at $403.83 million

Optimism

OP increased by 10.07% in the last 24 hours to $1.048. The layer2 blockchain token has risen by 12% over the last seven days. Its market cap stood at $246.62 million.

EthereumPoW

ETHW grew 8.93% over the reporting period to $0.036. The Proof-of-Work token has lost 40% of its value over the last 30 days. Its market cap stood at $388.73 million.

Zcash

ZEC saw a 6.67% gain in the last 24 hours to $44.95. It was unclear why the privacy-focused token was rising. Its market cap stood at $711.19 million.

Top 5 Losers

GensoKishi Metaverse

MV is the day’s biggest loser, shedding 11.7% of its value to trade at $0.19 as of press time. The metaverse-related token has been on a downward trend in the past 30 days, losing over 11% of its value. Its market…