WASHINGTON (dpa-AFX) - Crypto market capitalization increased close to 2 percent in the past 24 hours amidst strong Fed rate cut hopes and expectations of a pro-crypto regulatory environment in the U.S. The easing in bond yields as well as the Dollar's retreat boosted sentiment for cryptocurrencies.
With no negative surprises in the PCE-based inflation readings released on Wednesday, rate cut expectations from the Federal Reserve have firmed up. The CME FedWatch tool that tracks the expectations of interest rate traders shows the likelihood of a quarter-point rate cut in December rising to 66.3 percent from 52.7 percent a week earlier.
The Dollar Index which measures the Dollar's strength against a basket of 6 currencies has fallen to 105.95. The index had touched a two-year high of 108.07 just a week ago.
Overall crypto market capitalization is currently at $3.38 trillion versus $3.31 trillion a day earlier.
Bitcoin has gained 1.8 percent overnight to trade at $97,019.30, around 3 percent below the all-time high. Though BTC has slipped 1 percent in the past week, gains over the past 30 days exceed 35 percent and over the year-to-date period 129 percent. The leading cryptocurrency traded between $97,546.33 and $94,711.16 in the past 24 hours.
Data from Farside Investors showed inflows of $103 million to Bitcoin Spot ETF products in the U.S. on Wednesday. The funds had recorded outflows of $123 million a day earlier.
Ethereum edged up 0.08 percent in the past 24 hours to trade at $3,597.35, around 26 percent below the previous peak. Weekly gains exceed 9 percent whereas gains in 2024 are a little more than 57 percent. Ether traded between $3,615.93 and $3,531.87 in the past 24 hours.
Ether Spot ETF products in the U.S. saw inflows of $90 million on Friday versus inflows of $41 million a day earlier.
Bitcoin's share of the crypto market is currently 56.93 percent. Ether now commands 12.93 percent of the overall crypto market. Stablecoins account for 5.89 percent of the crypto market leaving the residual altcoins with a market share of 24.25 percent.
4th ranked Solana (SOL) rallied 3.7 percent overnight, restricting weekly losses to 4.7 percent. SOL is currently trading at $243.28, around 8 percent below its record high.
XRP (XRP), the cryptocurrency issued by Ripple Labs jumped to the 5th rank overall with an overnight surge of 16.75 percent. Trading at $1.70, XRP has gained 226 percent in the past week and 176 percent on a year-to-date basis. The spike follows reports of a U.S. court granting an order to expedite issuing a final judgment in the long-standing legal dispute.
6th ranked BNB (BNB) added 0.8 percent overnight and 6 percent in the past week at its current trading price of $658.06. BNB is currently trading 9 percent below the all-time high.
7th ranked Dogecoin (DOGE) gained 3.8 percent overnight to trade at $0.4135. DOGE is trading 44 percent below the previous peak.
9th ranked Cardano (ADA) also surged 6.5 percent overnight to trade at $1.06. ADA is currently trading 66 percent below the record high till date.
10th ranked Avalanche (AVAX) rallied 4.2 percent overnight to trade at $ 43.78. AVAX has gained 15.7 percent in the past week. The trading price is 70 percent below the cryptocurrency's all-time high.
46th ranked Algorand (ALGO) topped overnight gains with a surge of close to 27 percent, ahead of the ALGO Foundation India Summit. The Summit is expected to bring together many of India's top developers and startup teams to celebrate breakthrough innovations, foster collaboration, and accelerate growth of the Algorand ecosystem in India and beyond. ALGO has gained 57 percent in the past week and 207 percent over the past 30 days resulting in year-to-date gains of more than 66 percent.
76th ranked Peanut The Squirrel (PNUT) followed with overnight gains of 16.9 percent. The Solana-based meme-coin launched on November 5 has jumped more than 2300 percent till date.
87th ranked Ethereum Name Service (ENS) topped overnight losses with a decline of more than 7 percent. 18th ranked Sui (SUI) followed with overnight losses of 2.8 percent.
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