WASHINGTON (dpa-AFX) - Positive sentiment prevailed in crypto markets early on Thursday while Solana jumped amidst reports of a fund manager filing for a Solana ETF. The Dollar's retreat after surging to a multi-month high also supported sentiment. Reports of Coinbase suing the SEC and the FDIC also impacted crypto market sentiment.
5th ranked Solana (SOL) jumped 8.6 percent overnight amidst reports of fund manager VanEck filing for a Solana ETF product in the U.S. VanEck expressed confidence that Solana blockchain's unique combination of scalability, speed and low costs would offer it a better user experience for many use cases. It also claimed that SOL is a commodity akin to Bitcoin, Ether, etc.
Gains were however limited by Friday's scheduled PCE-data release as well as reports of the U.S. Govt transferring Bitcoin to a crypto exchange wallet, implying potential sale. Markets also digested reports about Coinbase suing SEC as well as FDIC and accusing the regulators of trying to stifle the crypto industry.
The dollar's retreat, dragging down the Dollar Index to 105.83, from the high of 106.08 earlier in the trade also supported crypto market sentiment.
Overall crypto market capitalization has increased to $2.31 trillion. It was $2.27 trillion a day earlier. Only 8 among the top 100 cryptocurrencies are trading with overnight losses that exceed a percent.
Bitcoin's crypto market dominance has dropped to 53 percent, from 53.5 percent a day earlier. Ethereum now occupies 18.1 percent of the overall market, versus 17.9 percent a day earlier.
Amidst the waning risk aversion in the market, the share of stablecoins is at 7.06 percent. The residual altcoins command 21.8 percent of the overall crypto market. Bitcoin added 0.73 percent in the past 24 hours to trade at $62,124.52. Despite weekly losses of 4.4 percent, BTC has added close to 47 percent in 2024.
Sentiment was also supported by inflows of $21 million to Bitcoin Spot ETF products in the U.S. on Wednesday. Data from Farside Investors had shown net inflows of $31 million on Tuesday and outflows of $175 million on Monday.
Ethereum rallied 2.3 percent in the past 24 hours to trade at $3,458.63. Despite weekly losses of 1.7 percent, the leading altcoin has added more than 51 percent in 2024.
4th ranked BNB (BNB) gained 1.7 percent overnight to trade at $583.64.
Buoyed by news of a Solana ETF filing by VanEck, 5th ranked Solana (SOL) has gained 11.8 percent in the past 7 days. Year-to-date gains are close to 48 percent. SOL is currently trading at $150.23 and is the highest-ranking cryptocurrency to trade with weekly gains.
7th ranked XRP (XRP) added half a percent overnight to trade at $0.4763 whereas 8th ranked Toncoin (TON) rallied 2.8 percent overnight to trade at $7.68.
Dogecoin (DOGE), ranked 9th overall has also added 1.2 percent in the past 24 hours to trade at $0.1256.
10th ranked Cardano (ADA) traded close to the flatline. ADA has added 2 percent over the past week. ADA is currently trading at $0.392.
92nd ranked BOOK OF MEME (BOME) topped overnight gains with a surge of close to 15 percent, while 38th ranked Maker (MKR) followed with gains of more than 11 percent. 41st ranked dogwifhat (WIF) and 66th ranked Jupiter (JUP) also gained more than 9 percent in the past 24 hours.
62nd ranked fetch.ai (FET) plunged 14.2 percent overnight followed by 80th ranked SingularityNET (AGIX) that slipped 11.7 percent.
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