Despite the downgrade of the United States' national credit rating, major cryptocurrency prices, including Bitcoin, showed a simultaneous upward trend. Interpretations suggest that the preference for safe-haven assets is flowing into cryptocurrencies.
According to CoinMarketCap, a global cryptocurrency market tracking site, as of 8:40 AM, Bitcoin recorded a 2.46% increase from the previous day, reaching $105,742.21. Its market capitalization is approximately $2.1 trillion, leading the entire market.
The overall market capitalization also increased by 2.02% to $33.4 billion, and the 'Fear and Greed Index' indicating investment sentiment entered the 'Greed' stage at 66. In contrast, the 'Altcoin Season Index' remains at 24, clearly showing a Bitcoin-focused phenomenon.
Among altcoins, Solana rose by 3.27% to $171.35, and Dogecoin surged by 7.16% to $0.23, continuing the meme coin strength. XRP also increased by 2.51% to $2.41, with a market capitalization of approximately $141.3 billion and a daily trading volume of around $2.9 billion. Meanwhile, Ethereum showed weakness, declining by 0.73% to $2,456.30.
Previously, on the 16th (local time), Moody's lowered the United States' national credit rating from the highest grade 'Aaa' to 'Aa1'. This marks the last of the three major credit rating agencies to downgrade the U.S. credit, following Standard & Poor's in 2011 and Fitch in 2023. As a result, the United States has now lost its top-tier rating from all three global credit rating agencies.
