WASHINGTON (dpa-AFX) - Cryptocurrencies rallied emphatically over the past 24 hours as markets geared for the U.S. presidential elections just a week away.
Overall crypto market capitalization is currently at $2.41 trillion, gaining more than 3 percent overnight.
With a market capitalization of $1.41 trillion, Bitcoin's crypto market dominance has jumped to 59.7 percent. Ethereum which enjoys a market capitalization of $315 billion follows with a market share of 13.4 percent. Amidst a renewal in risk appetite, the market capitalization of stablecoins is at $178.5 billion or 7.58 percent of the overall crypto market. The remining market share of 19.32 percent is attributed to the residual altcoins.
Coinmarketcap's Crypto Fear and Greed Index, a barometer of the emotional state of the market is currently at 60, denoting greed. It was at 54 (Neutral) a day earlier.
Bitcoin surged 3.3 percent overnight to trade at $71,114.52, around 4 percent below the all-time high. The original cryptocurrency had touched a high of $71,542 earlier in the trade. Weekly gains have increased to 6.2 percent whereas gains over the 30-day horizon aggregates to 8.3 percent. Gains in 2024 are at 68.2 percent.
Data from Farside Investors on Bitcoin Spot ETF products in the U.S. showed net inflows rise to $479 million on Monday from $402 million on Friday.
Ethereum too rallied 3.8 percent in the past 24 hours to rise to $2,618.55, around 46 percent below the previous peak. Weekly losses are at 0.2 percent. Losses over the 30-day horizon have reduced to 1.3 percent. Gains in 2024 are at 14.8 percent.
Data from Farside Investors on Ethereum Spot ETF products in the U.S. showed net outflows of $1.1 million on Monday versus net outflows of $19.2 million on Friday.
4th ranked BNB (BNB) added 1.7 percent overnight, clocking weekly gains of 1.8 percent at its current trading price of $604.78.
5th ranked Solana (SOL) added 1.1 percent overnight, increasing weekly gains to 7.8 percent. SOL is currently trading at $179.36.
7th ranked XRP (XRP) has edged up 0.70 percent overnight to trade at $0.5242. The cryptocurrency issued by Ripple Labs is saddled with losses of more than 14.7 percent on a year-to-date basis.
8th ranked Dogecoin (DOGE) leaped 12.6 percent overnight to trade at $0.1655. DOGE has added 17.7 percent in the past week and close to 85 percent in 2024.
9th ranked TRON (TRX) gained 0.4 percent overnight to trade at $0.1643.
10th ranked Toncoin (TON) also edged up 0.35 percent overnight. TON is currently trading at $5.00.
18th ranked Sui (SUI) topped overnight gains with a surge of more than 17 percent.
29th ranked Kaspa (KAS) that has declined 3.8 percent and 63rd ranked Celestia (TIA) that has lost 1.4 percent are the only cryptocurrencies among the top 100 to trade with overnight losses of more than a percent.
Meanwhile election frenzy in the U.S. continued to influence sentiment for digital asset investment products. Continuing massive flows to the segment appears to be founded on hopes of a Republican victory in the U.S. Presidential election.
The CoinShares' Digital Asset Fund Flows Weekly report showed inflows of $901 million during the week ended October 25 versus $2.2 billion during the week ended October 19 and $407 million during the week ended October 11. Year-to-date flows have increased to $27.1 billion nearly triple the 2021 record. According to the report, Bitcoin topped flows by asset, iShares ETF topped flows by provider and United States topped flows by country during the past week.
Bitcoin-based products dominated with inflows of $920 million. Solana followed with inflows of $10.8 million. Multi-asset products recorded inflows of $2.1 million. Ethereum-based products however recorded outflows of $34.7 million. Short Bitcoin products also recorded outflows of $1.3 million.
More than 80 percent of the cumulative AUM of $97.4 billion is attributed to Bitcoin products that account for an AUM of $79 billion. Bitcoin's dominance of crypto market is much lower, at around 58.5 percent.
AUM of Ethereum products stood at $10.1 billion. Multi-asset portfolios command assets under management of $5.5 billion. An AUM of $1.5 billion is attributed to Solana-based products and $588 million to Binance-based products.
The provider-wise analysis of flows inter alia shows inflows of $1.2 billion to iShares ETF followed by $72 million to Fidelity ETF and $7 million to 21Shares.
Ark 21Shares ETF recorded outflows of $206 million followed by ProShares ETF that saw outflows of $71 million and Grayscale Investments that witnessed outflows of $62 million.
iShares ETF tops with a cumulative AUM of $28.1 billion implying a share of 28.9 percent. Though year-to-date outflows are more than $19.6 billion, Grayscale Investments still accounts for an AUM of $20.7 billion, which is 21.3 percent of the cumulative AUM of $97.4 billion. Fidelity commands an AUM of $12.4 billion, followed by ARK 21Shares and 21Shares that have both mobilized assets under management of close to $3.3 billion.
The top 3 viz iShares, Grayscale Investments and Fidelity account for more than 62.9 percent of the total AUM.
The country-wise analysis shows weekly inflows of $906 million to United States. Germany recorded inflows of $14.7 million followed by Switzerland that recorded inflows of $9.2 million.
Sweden topped outflows with $12.7 million followed by Canada that recorded outflows of $10.1 million.
Of the year-to-date flows of $27.07 billion, United States accounts for $27.03 billion. Switzerland has recorded inflows of $598 million followed by Hong Kong with inflows of $325 million and Brazil with inflows of $200 million. Canada, Germany and Sweden have recorded negative flows over the year-to-date period.
Of the cumulative AUM of $97.4 billion, $73.6 billion or 75.6 percent is in United States. Switzerland follows with AUM of $5.3 billion whereas Canada accounts for an AUM of $4.5 billion. Germany accounts for an AUM of $4 billion followed by Sweden with an AUM of $3.0 billion.
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