WASHINGTON (dpa-AFX) - Cryptocurrencies rallied overnight and Bitcoin breached the $69k level amidst widespread relief at the easing in geopolitical tensions in the Middle East. Rising odds of a Trump Presidency in the U.S. as well as continuing inflows to Bitcoin Spot ETF products in the U.S. supported crypto market sentiment.
The crypto rally is despite bond yields in the U.S rising across tenors. Ten-year yields which had touched a high of 4.317 percent recently is currently at 4.244 percent.
Overall cryptocurrency market capitalization is currently at $2.33 trillion after rising 1.6 percent in the past 24 hours.
Meme category market capitalization gained 3.2 percent overnight to $57.8 billion implying a market share of 2.5 percent.
Amidst the rising election frenzy and hopes of a pro-crypto regime, political memes category however recorded an overnight surge of 11.4 percent in market capitalization. 235th ranked MAGA (TRUMP) surged 25.5 percent whereas 365th ranked MAGA (MAGA) rallied 37.2 percent in the past 24 hours.
Coinmarketcap's Crypto Fear and Greed Index, a barometer of the emotional state of the market is at 54 denoting a neutral stance. It was at 52 (Neutral) a day earlier, at 63 (Greed) a week earlier and at 57 (Neutral) a month earlier.
Bitcoin has gained 1.60 percent overnight to trade at $68,659.12, around 7 percent below the all-time high. BTC has gained 2 percent in the past week and is holding on to gains of more than 62 percent in 2024. The original cryptocurrency traded between $69,124 and $67,473 in the past 24 hours.
Data from Farside Investors on Bitcoin Spot ETF products in the U.S. showed net inflows of $402 million on Friday as compared with $188 million a day earlier. iShares Bitcoin Trust (IBIT) topped with inflows of $292 million. No ETF recorded net outflows.
Ethereum gained 1.1 percent in the past 24 hours to trade at $2,509.46, around 49 percent below the previous peak. Weekly losses are at 6.2 percent whereas gains in 2024 are close to 10 percent. Ether traded between $2,540 and $2,470 in the past 24 hours.
Ethereum-based ETF products recorded negative flows of $19.2 million, versus net inflows of $2.3 million a day earlier, as per data from Farside Investors. The outflows are attribute entirely to Grayscale Ethereum Trust (ETHE). The flows come amidst apprehensions that institutional investors are selling Ethereum.
Bitcoin's crypto market dominance is currently at 58.6 percent followed by Ethereum which has a market share of 13.1 percent.
3rd ranked Tether (USDT), the most valuable stablecoin by market capitalization traded between $0.9998 and $0.9983 in the past 24 hours. Tether was in the spotlight after The Wall Street Journal recently reported that federal investigators are probing cryptocurrency firm Tether for possible violations of anti-money-laundering and sanctions rules. With a market capitalization of $120 billion, USDT commands 5.2 percent of the overall crypto market.
4th ranked BNB (BNB) added 1.4 percent overnight, clocking weekly losses of 0.5 percent at its current trading price of $593.06. BNB is currently trading 18 percent below the all-time high.
5th ranked Solana (SOL) slipped 1.1 percent overnight, decreasing weekly gains to 6.7 percent. SOL is currently trading at $173.86, around 33 percent below its record high.
6th ranked USDC (USDC), the second most valuable stablecoin by market capitalization traded between $1.0007 and $0.9996 in the past 24 hours. With a market capitalization of $34.7 billion, USDC commands 1.5 percent of the overall crypto market.
7th ranked XRP (XRP) has added 0.6 percent overnight but has lost more than 5 percent in the past week to trade at $0.5171, around 87 percent below the all-time high. The cryptocurrency issued by Ripple Labs is also saddled with losses of close to 16 percent on a year-to-date basis.
8th ranked Dogecoin (DOGE) rallied more than 5.5 percent overnight and 2.8 percent in the past week to trade at $0.1465. DOGE is trading 80 percent below the previous peak.
9th ranked TRON (TRX) slipped 1.2 percent overnight to trade at $ 0.1635. TRX has however gained 4 percent in the past week. The trading price is 46 percent below the cryptocurrency's all-time high.
10th ranked Toncoin (TON) gained more than a percent overnight, restricting weekly losses to 4.4 percent. TON is currently trading at $4.96 and is 40 percent below the record high till date.
59th ranked Mantra (OM) and 66th ranked Bitcoin SV (BSV) topped overnight gains with a surge of 8.4 percent. 45th ranked THORChain (RUNE) followed with gains of 7.6 percent.
77th ranked cat in a dogs world (MEW), a Solana-based meme coin is the greatest laggard with an overnight decline of more than 7.3 percent. 21st ranked Sui (SUI) followed with overnight losses of 5.5 percent. 62nd ranked Helium (HNT) and 56th ranked Sei (SEI) have shed more than 4 percent in the past 24 hours.
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