WASHINGTON (dpa-AFX) - Cryptocurrencies are trading mixed even as market leader Bitcoin dazzled with a fresh all-time high above $100K. Markets weighed the selection of a crypto-friendly pick for the top post in SEC as well as Fed Chair Jerome Powell's comments that hinted at a cautious approach to further monetary easing.
Bitcoin bidders cheered the selection of Paul Atkins, a former SEC Commissioner who is widely perceived to be crypto-friendly. Gary Gensler, the current Chair of the SEC had already announced that he would fully leave the agency the day Donald Trump becomes president in January.
Fed Chair Jerome Powell's comments on Wednesday that portended no hurry on the part of the Fed to ease interest rates also weighed on market sentiment. Rate cut expectations cooled in response to Powell's comments, with the CME FedWatch tool showing probability of a quarter point rate cut in December at 74 percent, versus 78 percent a day earlier.
Overall crypto market capitalization has increased 4.5 percent overnight to $3.7 trillion.
Among the top 10 non-stable coin cryptocurrencies, 6 are trading in the green zone and the remaining 4 that account for close to 8 percent of the overall crypto market are trading below the flatline.
Among the top 100 cryptocurrencies, around 35 percent are trading with overnight losses in excess of a percent and around 40 percent are trading with overnight gains in excess of a percent.
Coinmarketcap's Crypto Fear and Greed Index, a barometer of the emotional state of the market is currently at 86 denoting 'Extreme Greed'. It was at 83 (Extreme Greed) a day earlier, at 84 (Extreme Greed) a week earlier and at 50 (Neutral) a month earlier.
Bitcoin has gained 7.8 percent overnight to trade at $103,163.53, around 1 percent below the all-time high of $103,900 touched earlier in the trade. BTC has gained 8.3 percent in the past week, 50.1 percent over the past 30 days and is holding on to gains of more than 144 percent in 2024.
Data from Farside Investors showed inflows of $557 million to Bitcoin Spot ETF products in the U.S. on Wednesday. Inflows were $676 million a day earlier. iShares Bitcoin Trust (IBIT) accounted for bulk of the inflows, mobilizing $572 million. Grayscale Bitcoin Trust (GBTC) recorded outflows of $94 million.
Ethereum gained 6.1 percent in the past 24 hours to trade at $3,929.87, around 20 percent below the previous peak recorded in November 2021. Weekly gains are close to 9 percent whereas gains in 2024 are a little more than 72 percent. Ether traded between $3,946.06 and $3,692.03 in the past 24 hours.
Ether Spot ETF products in the U.S. saw inflows rising to $168 million from $133 million a day earlier.
Bitcoin's share of the crypto market has increased to 55.14 percent from 53.53 percent a day earlier. Ether now commands 12.82 percent of the overall crypto market as compared with 12.61 percent a day earlier. Stablecoins account for 5.48 percent of the crypto market leaving the residual altcoins with a market share of 26.56 percent.
3rd ranked XRP (XRP) has slipped 6.7 percent overnight to trade at $2.38, around 38 percent below the all-time high touched in January 2018. The cryptocurrency issued by Ripple Labs is holding on to gains of more than 62.8 percent in the past week. Gains exceed 287 percent on a year-to-date basis.
Solana (SOL) rose to the 5th rank overall with a surged of 3.94 percent overnight. With weekly gains of 2.4 percent and year-to-date gains of 137 percent, SOL is currently trading at $240.83, around 9 percent below its record high on November 23.
BNB (BNB) slipped to the 6th rank overall amidst an overnight decline of 5.7 percent. Nevertheless, BNB has gained 11.3 percent in the past week and 133 percent in 2024 at its current trading price of $728.02. BNB is currently trading 8 percent below the all-time high touched on December 4.
7th ranked Dogecoin (DOGE) rallied 9.1 percent overnight to trade at $0.449. Having added 12 percent in the past week and more than 400 percent in 2024, DOGE is trading 39 percent below the previous peak scaled in May 2021.
8th ranked Cardano (ADA) added 1.5 percent overnight and 21.8 percent in the past week to trade at $1.22. ADA is currently trading 61 percent below the record high touched in September 2021.
10th ranked TRON (TRX) dropped 10.9 percent overnight to trade at $ 0.3362. TRX has added 67.5 percent in the past week. The trading price is 24 percent below the cryptocurrency's all-time high recorded on December 4.
62nd ranked JasmyCoin (JASMY) topped overnight gains with a surge of more than 15 percent. 32nd ranked Render (RENDER) followed with gains of 15.1 percent. 18th ranked Sui (SUI) also added 14.9 percent in the past 24 hours.
10th ranked TRON (TRX) topped overnight losses with a decline of close to 11 percent. 76th ranked Quant (QNT) clipped 7.8 percent followed by 77th ranked IOTA (IOTA) that lost 6.6 percent.
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