WASHINGTON (dpa-AFX) - Cryptocurrencies extended gains in the past 24 hours amidst dovish comments from Bank of Japan officials as well as reduced concerns about recession in the U.S. Monday's meltdown in markets that came close on the heels of Bank of Japan's surprise rate hike in the previous week had plunged markets worldwide into a sea of red.
Comments from officials of Bank of Japan that downplayed the central bank's hawkishness and potential rate hikes helped soothe market sentiment that had been bruised badly by the prospect of a massive unwinding of carry trades.
Adding to the gains from Tuesday's equally dramatic rebound, cryptocurrencies rallied, tracking the rebound in equity benchmarks worldwide. The Nikkei 225 had added 2.5 percent in Wednesday's trading. Major European benchmarks are trading with gains of more than 1.5 percent. Wall Street indices are also trading firmly in the green zone.
Overall crypto market capitalization increased 0.9 percent in the past 24 hours to $1.99 trillion. Meme category market capitalization jumped 6.65 percent overnight to $38.5 billion and a market share of 1.93 percent. The AI & Big Data category also recorded a jump of more than 12 percent in the past 24 hours as market capitalization jumped to $21.6 billion or 1.08 percent of the overall market.
Bitcoin has rallied 1.3 percent overnight despite outflows of $149 million on Tuesday, $168 million on Monday and $237 million on Friday from Bitcoin Spot ETF products in the U.S. The original cryptocurrency traded between $57,726 and $55,611 in the past 24 hours. Amidst losses of 14.7 percent over the past 7 days Bitcoin's gains in 2024 have fallen to 34.3 percent.
Amidst an overnight decline of 2.9 percent, Ethereum is currently trading at $2,443.55, almost 50 percent below its all-time high. Ether ranged between $2,553.58 and $2,430.33 in the past 24 hours. ETH has shed close to 27 percent in the past week and 17.5 percent over the past 30 days. Year-to- date gains are a little over 7 percent.
Ether Spot ETF products in the U.S recorded net inflows of $98 million on Tuesday and $49 million on Monday as compared with net outflows of $54 million on Friday.
92nd ranked Popcat (POPCAT) jumped more than 42 percent in the past 24 hours followed by 43rd ranked dogwifhat (WIF) that surged more than 27 percent overnight. 46th ranked Sui (SUI), 58th ranked JasmyCoin (JASMY) and 72nd ranked Helium (HNT), all gained more than 10 percent in the past 24 hours.
Despite the massive rebound over the past two days, only 99th ranked ZCash (ZEC) and 17th ranked UNUS SED LEO (LEO) are trading with gains of more than a percent over the past week. However, over the 30-day horizon, close to 20 percent of the top 100 cryptocurrencies are trading with gains of more than a percent.
5th ranked Solana (SOL) surged 6.2 percent overnight. 8th ranked Dogecoin (DOGE) and 9th ranked Toncoin (TON) have added more than a percent in the past 24 hours. 4th ranked BNB (BNB) shed 0.35 percent whereas 7th ranked XRP (XRP) slipped more than a percent. 10th ranked Cardano (ADA) edged up 0.27 percent overnight.
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