The attached overview from Coin360 illustrates the development of the crypto market over the past 7 days. The total crypto market cap currently stands at $961 billion and now numbers more than 21,200 coins. Bitcoin’s market dominance notes 38.8%.
Bitcoin’s market cap increased fractionally to $384 billion. Ethereum’s (ETH) market dominance remained steady at 17.3%, while Ethereum’s market cap increased fractionally to $167 billion.
Cryptomarket consolidates just under $1,000 billion
The crypto market has been idling for months, consolidating around $1,000 billion. In itself, this is a good sign because the macro environmental factors have not been so favorable recently. For example, the inflationary spirit is out of the bottle and it is not likely to return to it any time soon. In addition, the war situation in Ukraine is still explosive. Closer to home: energy prices are not lying and are only increasing.
In the background, though, “the big boys” are still active in the crypto market. For example, derivatives market giant CME Group will launch 3 new so-called crypto reference rates in October
The reference rates will go live on CME for the native tokens of the blockchain projects Avalanche, Tezos and Filecoin starting Oct. 31. This in partnership with CF Benchmarks.
Bitstamp, Coinbase, Gemini, itBit, Kraken and LMAX Digital will provide data for these benchmark rates. While these are not yet tradable (futures) contracts, this could be a precursor to the launch of futures on these coins at some point. Logical, because why else would reference prices be issued?
This development can be seen as positive in current market conditions.