WASHINGTON (dpa-AFX) - Crypto market capitalization surged in the past 24 hours amidst excitement over continuing Bitcoin Spot ETF flows. Bitcoin breached the $50k level after more than 2 years. Solana topped gains among the top-10 cryptocurrencies with an overnight surge of more than 9 percent.
Overall crypto market capitalization jumped to $1.87 trillion, recording overnight gains of more than 4 percent. The rally has been emphatic given the fact that among the top 100 cryptocurrencies, no cryptocurrency is currently trading with overnight losses of more than a percent and only 6 are trading with weekly losses of more than a percent.
The brilliant rally has also lifted the crypto asset class to the fifth position in the global ranking of all assets published by companiesmarketcap.com. Only Gold (market cap: $13.71 trillion) as well as three corporates viz Microsoft (market cap: $3.09 trillion), Apple (market cap: $2.89 trillion) and Saudi Aramco (market cap: $2.05 trillion) command a market capitalization higher than the overall crypto market capitalization of $1.87 trillion. Silver's market capitalization of $1.29 trillion remains below the overall crypto market capitalization. The splendid rally in the past 24 hours helped crypto market cap to surge past Alphabet's market cap of $1.84 trillion.
Bitcoin surged 4.1 percent in the past 24 hours to trade at $49,896.48, a level only 27 percent below the all-time peak. Weekly gains exceed 16 percent, lifting 90-day gains to more than 40 percent. However, amidst the strong rally in altcoins, Bitcoin's crypto market dominance edged down to 52.3 percent of the overall crypto market, from 52.6 percent a day earlier.
Bitcoin's surge coincides with the massive flows to Bitcoin Spot ETFs over the past few days. Data from Farside Investors shows net inflows on Monday at $493 million and on Friday at $542 million.
The net cumulative Bitcoin Spot ETF flows surpassed $3.1 billion on February 12. Considering the cumulative outflows of $6.5 billion from the Grayscale Bitcoin Trust, the gross inflows to the 9 Bitcoin Spot ETFs that debuted on January 11 exceeded $9.6 billion.
iShares Bitcoin Trust (IBIT) topped the list with cumulative inflows of $4.1 billion, followed by Fidelity Wise Origin Bitcoin Trust (FBTC) that witnessed cumulative inflows of $3.2 billion.
Amidst the splendid rally, Bitcoin continues to hold the 10th position in the ranking of all assets published by companiesmarketcap.com. Among individual corporates, only Microsoft, Apple, Saudi Aramco, Alphabet, Amazon, NVIDIA and Meta Platforms, command a market capitalization that exceeds the $979 billion market capitalization of Bitcoin.
Amidst the ETF frenzy and the momentum surrounding Ethereum Spot ETF, 2nd ranked Ethereum (ETH) jumped 7.6 percent in the past 24 hours to trade at $2,675.88.
Solana (SOL) jumped to the 4th rank overall with an overnight surge of around 9 percent. SOL is currently changing hands at $113.70.
BNB (BNB) gained 2.7 percent overnight but slipped to the 5th rank overall. BNB is now trading at $326.13.
Despite overnight gains of 1.8 percent, XRP continues to trade with losses over the 30-day and 90-day horizon.
The crypto rally comes amidst markets expecting a cooling in the consumer price inflation in the U.S. in the month of January. The headline annual CPI is seen falling to 2.9 percent from 3.4 percent earlier whereas the core component is seen edging down to 3.7 percent from 3.9 percent earlier. On a monthly basis, headline inflation is seen steady at 0.2 percent whereas core inflation is seen steady at 0.3 percent.
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