WASHINGTON (dpa-AFX) - Cryptocurrencies rallied overnight and Bitcoin touched a 3-month high of $69,463 amidst rising expectations of a change of crypto policy at the White House. With elections just 2 weeks away, the prospect of a Trump presidency, widely perceived as pro-crypto, supported crypto sentiment across the hierarchy.
The continuous flows to Bitcoin spot ETF products in the U.S. also supported crypto market sentiment.
The crypto rally is despite rising geopolitical tensions in the Middle East triggering a safe haven demand for the U.S. Dollar as well as the yellow metal. Spot Gold touched a fresh peak of $2,740.23 per troy ounce while the six-currency Dollar Index firmed up 0.12 percent in overnight trade. Bond yields have also spiked across tenors.
Overall cryptocurrency market capitalization is currently at $2.36 trillion, after rising to $2.4 trillion in the past 24 hours.
Meme category market capitalization jumped 1.5 percent overnight to $58.5 billion implying a market share of 2.5 percent. Political memes category however recorded an overnight decline of 1.5 percent in market capitalization.
The AI & Big Data category market capitalization edged down 0.06 percent to $35.9 billion or 1.5 percent of the overall crypto market.
Amidst the positive market sentiment, market capitalization of the not-so-volatile stablecoins decreased 0.02 percent to $172.8 billion or 7.34 percent of the overall crypto market.
Coinmarketcap's Crypto Fear and Greed Index is at 63 denoting greed and implying the bullish momentum in anticipation of a pro-crypto Trump presidency. It was at 60 (Greed) a day earlier, at 45 (neutral) a week earlier and at 50 (neutral) a month earlier. The index is intended to help investors understand the emotional state of the market, which can influence buying and selling behaviors. The index provides insights into whether the market may be undervalued (extreme fear) or overvalued (extreme greed).
Bitcoin has currently slipped 0.60 percent overnight to trade at $67,833.19, around 8 percent below the all-time high. BTC has gained 4.7 percent in the past week and is holding on to gains of more than 60 percent in 2024. The original cryptocurrency traded between $69,463 and $68,072 in the past 24 hours.
Data from Farside Investors on Bitcoin Spot ETF products in the U.S. showed net inflows of $274 million on Friday as compared with $471 million a day earlier. Ark 21Shares Bitcoin ETF (ARKB) topped with inflows of $110 million. No ETF recorded net outflows for the 6th consecutive day.
Ethereum gained 1.4 percent in the past 24 hours to trade at $2,683.21, around 45 percent below the previous peak. Weekly gains are at 5 percent whereas gains in 2024 are a little more than 17.5 percent. Ether traded between $2,765.55 and $2,642.25 in the past 24 hours.
Ethereum-based ETF products recorded positive flows of $1.9 million, versus net inflows of $48.4 million a day earlier, as per data from Farside Investors. Bitcoin's crypto market dominance is currently at 57.1 percent followed by Ethereum which has a market share of 13.8 percent.
4th ranked BNB (BNB) added 1.1 percent overnight, clocking weekly gains of 3.8 percent at its current trading price of $602.27. BNB is currently trading 16 percent below the all-time high.
5th ranked Solana (SOL) surged 4.2 percent overnight, increasing weekly gains to 7.6 percent. SOL is currently trading at $164.51, around 37 percent below its record high.
7th ranked XRP (XRP) has added 1.9 percent overnight and by a similar amount in the past week to trade at $0.5483, around 86 percent below the all-time high. The cryptocurrency issued by Ripple Labs is however saddled with losses of more than 10 percent on a year-to-date basis.
8th ranked Dogecoin (DOGE) rallied more than 3 percent overnight and 26 percent in the past week to trade at $0.1427. DOGE is trading 81 percent below the previous peak.
9th ranked TRON (TRX) added 0.64 percent overnight to trade at $ 0.1574. TRX has however slipped 1.7 percent in the past week. The trading price is 48 percent below the cryptocurrency's all-time high.
10th ranked Toncoin (TON) edged down 0.23 percent overnight, lifting weekly losses to 0.49 percent. TON is currently trading at $5.24 and is 36 percent below the record high till date.
49th ranked Cosmos (ATN) topped overnight gains with a surge of more than 8.6 percent. 82nd ranked cat in a dogs world (MEW), a Solana-based meme coin followed with gains of 7.6 percent. 58th ranked Popcat (POPCAT) gained 6.3 percent whereas 56th ranked Theta Network (THETA), 81st ranked Mog Coin (MOG) and 57th ranked Jupiter (JUP), all gained more than 5 percent in the past 24 hours.
90th ranked dYdX (DYDX) is the greatest laggard with an overnight decline of more than 3 percent.
64th ranked Apecoin (APE) followed with overnight losses of 2.4 percent and is the only other cryptocurrency among the top 100 to trade with overnight losses of more than a percent. APE however tops weekly gains with a surge of 110 percent that is attributed to the launch of the blockchain network ApeChain on Sunday that would allow native staking yield to APE holders. The ApeCoin team, led by Yuga Labs, is behind the initiative.
For More Cryptocurrency News, visit rttnews.com
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
