WASHINGTON (dpa-AFX) - Cryptocurrencies recorded strong gains exceeding 2 percent in the past 24 hours amidst hopes of a much-anticipated rate cut by the European Central Bank on Thursday. PCE-based inflation readings released from the U.S. on Friday that mostly matched expectations also supported sentiment. Overall crypto market capitalization is currently at $2.6 trillion.
At its current trading price of $70,002.98, which is 5 percent below the all-time high, Bitcoin has gained 2.8 percent overnight, 1.5 percent in the past week and almost 66 percent in 2024. The top-ranked cryptocurrency ranged between $70,230.82 and $67,315.53 in the past 24 hours.
Ethereum which is trading at $3,826.02, around 22 percent below its all-time high has gained 0.8 percent overnight and almost 68 percent in 2024. The top-ranked altcoin which ranged between $3,848.60 and $3,752.41 in the past 24 hours has however shed 2.8 percent in the past week.
With a market capitalization of $1.4 trillion, Bitcoin dominates more than 53 percent of the overall crypto market. Ethereum which enjoys a market cap of $460 billion follows with a market share of 17.7 percent. Market capitalization of stablecoins aggregates to $162 billion, implying an overall market share of 6.24 percent.
45th ranked FLOKI (FLOKI) surged 10 percent overnight whereas 97th ranked Synthetix (SNX) slipped 6.3 percent in the past 24 hours.
Meanwhile, the CoinShares' Digital Asset Fund Flows Weekly report showed an inflow of $185 million for the week ended May 31 versus $1.05 billion a week earlier. Year-to-date flows surpassed $15 billion whereas cumulative AUM stood at $97.1 billion.
Bitcoin products that recorded weekly inflows of $148 million constituted bulk of the flows. Ethereum-based products recorded inflows of $33.5 million. Solana-based products also recorded inflows of $8 million. Short Bitcoin products recorded outflows of $3.5 million.
Of the cumulative AUM of $97.1 billion, close to 76 percent is attributed to Bitcoin products that account for an AUM of $74 billion. Bitcoin's dominance of crypto market is much lower, at around 53 percent. AUM of Ethereum products stood at $15.9 billion. Multi-asset portfolios command assets under management of $4.5 billion. An AUM of $1.4 billion is attributed to Solana-based products and $598 million to Binance-based products.
The provider-wise analysis of flows inter alia shows inflows of $298 million to iShares ETF followed by $177 million to Fidelity ETF. Bitwise ETF witnessed inflows of $40 million. Grayscale Investments recorded outflows of $260 million followed by Ark 21 Shares that witnessed outflows of $92 million.
Though year-to-date outflows exceed $17.8 billion, Grayscale Investments still accounts for an AUM of $31.7 billion, which is more than 32 percent of the cumulative AUM of $97.1 billion. iShares commands an AUM of $19.7 billion, followed by Fidelity that has mobilized assets under management to the tune of $11.1 billion.
The country-wise analysis shows weekly inflows of $130 million to United States. Flows to Switzerland stood at $36.8 million and to Canada at 24.6 million. Sweden and Brazil recorded outflows of close to $5 million.
Of the cumulative AUM of $97.1 million, $75.9 million or 78 percent is in United States. Canada and Switzerland follow with AUM of more than $5 billion. Germany accounts for an AUM of $4.3 billion followed by Sweden with an AUM of $3.5 billion.
For More Cryptocurrency News, visit rttnews.com
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
