WASHINGTON (dpa-AFX) - Bitcoin staged a smart recovery after a massive plunge that followed the long-awaited surge above $100K. The leading cryptocurrency dropped to as low as $91,998 before recouping major losses and staging a strong rebound. It is currently trading at $97,854 versus the high of $103,583.91 recorded in the past 24 hours and the all-time high of $103,900.47 recorded a day earlier.
Amidst the interplay of fear of missing out and apprehensions that the bullish sentiment in crypto market sentiment has tempered, overall crypto market capitalization dropped close to 3 percent overnight to $3.59 trillion. 17th ranked Sui (SUI) is the highest-ranking non-stablecoin crypto to trade in the green zone on an overnight basis.
Meanwhile, markets also braced for the release of the crucial job market update from the U.S. on Friday. In monthly jobs data to be released on Friday morning, the U.S. Bureau of Labor Statistics is expected to show that the unemployment rate edged up to 4.2 percent in November from 4.1 percent in the previous month. Markets also expect the addition to payrolls to record 200 thousand versus 12 thousand in the previous month. Average hourly earnings, another key labor market metric is expected to edge down on a monthly as well as yearly basis.
The data assumes significance amidst hints from the Fed that it was not in a hurry to ease rates. Rate cut expectations have also eased ahead of the data release as evidenced by the CME FedWatch tool. Probability of a quarter-point rate cut by the Fed in December has fallen to 70 percent from 78 percent a day ago.
Bitcoin has slipped almost 5 percent overnight to trade at $97,854.25, around 6 percent below the all-time high. BTC is however holding on to gains of 1.2 percent in the past week, 33 percent over the past 30 days and 131 percent in 2024.
Data from Farside Investors showed inflows to Bitcoin Spot ETF products in the U.S rising to $767 million from $557 million on Wednesday, undeterred by the whipsawing prices in the crypto market. iShares Bitcoin Trust (IBIT) accounted for bulk of the inflows, mobilizing $771 million. Grayscale Bitcoin Trust (GBTC) recorded outflows of $149 million.
Ethereum dropped 1.7 percent in the past 24 hours to trade at $3,855.32, around 21 percent below the previous peak recorded in November 2021. Weekly gains are close to 7.9 percent whereas gains in 2024 are a little less than 69 percent. Ether traded between $3,928.40 and $3,683.42 in the past 24 hours.
Ether Spot ETF products in the U.S. saw inflows rising to $429 million from $168 million a day earlier.
Bitcoin's share of the crypto market has decreased to 54.18 percent from 55.14 percent a day earlier. Ether now commands 12.98 percent of the overall crypto market as compared with 12.82 percent a day earlier. Stablecoins account for 5.71 percent of the crypto market leaving the residual altcoins with a market share of 27.13 percent.
4th ranked XRP (XRP) has slipped 6.1 percent overnight to trade at $2.26, around 41 percent below the all-time high touched in January 2018. The cryptocurrency's weekly gains have fallen to 37 percent. Year-to-date gains have also dropped to 267 percent.
5th ranked Solana (SOL) lost 1.1 percent overnight. With weekly losses of 2.5 percent and year-to-date gains of 131 percent, SOL is currently trading at $234.99, around 11 percent below its record high on November 23. SOL is the highest-ranking crypto to trade with weekly losses.
6th ranked BNB (BNB) recorded an overnight decline of 2.4 percent. Nevertheless, BNB has gained 9.6 percent in the past week and 129 percent in 2024 at its current trading price of $715.79. BNB is currently trading 10 percent below the all-time high touched on December 4.
7th ranked Dogecoin (DOGE) erased 3.7 percent overnight to trade at $0.4258. Having added 3.2 percent in the past week and more than 375 percent in 2024, DOGE is trading 42 percent below the previous peak scaled in May 2021.
8th ranked Cardano (ADA) lost 5.1 percent overnight to trade at $1.16. ADA is currently trading 63 percent below the record high touched in September 2021.
10th ranked TRON (TRX) dropped 5.5 percent overnight to trade at $ 0.318. TRX has added 57.3 percent in the past week. The trading price is 28 percent below the cryptocurrency's all-time high recorded on December 4.
53rd ranked Bitget Token (BGB) topped overnight gains with a surge of more than 28 percent. 89th ranked dYdX (DYDX) followed with gains of 23.2 percent.
84th ranked IOTA (IOTA) topped overnight losses with a decline of more than 12 percent. 33rd ranked VeChain (VET) followed with losses of more than 9 percent.
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