WASHINGTON (dpa-AFX) - Cryptocurrencies declined more than a percent in the past 24 hours amidst a surge in the Dollar and waning risk appetite. The uptick in bond yields, attributed to markets dialing back expectations for Fed's rate cuts in 2025 also dampened market sentiment.
The Dollar Index, a measure of the Dollar's strength against a basket of six currencies rallied 0.14 percent overnight and is currently trading at 107.11. The index had breached the 107 level on Thursday for the first time after November 26. The Dollar's surge came amidst anxiety ahead of the Fed's monetary policy review on Wednesday and weakness in major currencies triggered by the latest round of monetary easing.
Though expectations of a quarter-point Fed rate cut in December that would reduce the Fed's target rate to 4.25-4.5 percent is firm at 96.7 percent, concerns over the Fed's medium-term interest rate trajectory also weighed on market sentiment, lifting the Dollar.
Expectations about the Fed's next rate cut that would bring down the target rate to 4.0-4.25 percent are less pronounced. The CME FedWatch tool shows the probability thereof at 21 percent for the January review, 53 percent for the Fed's review in March, 48 percent for the FOMC scheduled for May and 39 percent for the Fed's decision scheduled for June.
Amidst the anxiety, overall crypto market capitalization decreased 1.3 percent overnight to the level of $3.6 trillion.
Meme category market capitalization slipped 4 percent overnight to $120 billion implying a market share of 3.3 percent.
The AI & Big Data category recorded an overnight erosion of 4.1 percent, dragging market capitalization to $62.0 billion or 1.72 percent of the overall crypto market.
The DeFi Category recorded a lower decline of 1.8 percent in market capitalization on an overnight basis. Market cap is currently at $177 billion implying a market share of 4.9 percent.
Market capitalization of the not-so-volatile stablecoins increased 0.26 percent to $210.8 billion or 5.86 percent of the overall crypto market.
Bitcoin has slipped 0.7 percent overnight to trade at $100,167.63, around 4 percent below the all-time high of $103,900 touched on December 5. BTC has however added 1.8 percent in the past week and 14.3 percent over the past 30 days. BTC is holding on to gains of more than 136 percent in 2024.
Amidst the market volatility that saw Bitcoin trading between $102,524.91 and $99,233.28 in the past 24 hours, the leading cryptocurrency is maintaining the 7th rank in the overall ranking of all assets according to market capitalization published by companiesmarketcap.com.
Data from Farside Investors showed inflows of $598 million to Bitcoin Spot ETF products in the U.S. on Thursday. Inflows were $223 million a day earlier.
Ethereum lost 1.1 percent in the past 24 hours to trade at $3,890.99, around 20 percent below the previous peak recorded in November 2021. Gains in 2024 are a little more than 70 percent. Ether traded between $3,987.01 and $3,837.31 in the past 24 hours.
Ether Spot ETF products in the U.S. saw inflows of $273 million on Thursday versus $102 million a day earlier.
4th ranked XRP (XRP) shed 4.5 percent overnight to trade at $2.32, around 40 percent below the all-time high touched in January 2018. Gains exceed 277 percent on a year-to-date basis.
Solana (SOL) ranked 5th overall erased 3.1 percent overnight. With year-to-date gains of 122 percent, SOL is currently trading at $225.37, around 15 percent below its record high on November 23.
6th ranked BNB (BNB) declined 2.1 percent overnight. At its current trading price of $709.65, BNB is currently trading 11 percent below the all-time high touched on December 4.
7th ranked Dogecoin (DOGE) dropped 3.1 percent overnight to trade at $0.4033. Having added more than 350 percent in 2024, DOGE is trading 45 percent below the previous peak scaled in May 2021.
9th ranked Cardano (ADA) plunged 5.9 percent overnight to trade at $1.09. ADA is currently trading 65 percent below the record high touched in September 2021.
TRON (TRX) also lost 5.2 percent overnight to trade at $ 0.2891. TRX has slipped 9.8 percent in the past week. The trading price is 34 percent below the cryptocurrency's all-time high recorded on December 4.
62nd ranked Virtuals Protocol (VIRTUAL) topped overnight gains with a surge of more than 23 percent. VIRTUAL, associated with artificial intelligence and Metaverse touched an all-time high of $2.38 just a while ago. The cryptocurrency has gained 27 percent in the past week, and more than 4500 percent on a year-to-date basis.
84th ranked Ethereum Name Service followed with additions of 7.4 percent in the past 24 hours. 65th ranked LIDO DAO (LDO) and 83rd ranked Curve DAO Token (CRV) followed with gains of more than 5 percent.
88th ranked Movement (MOVE) topped overnight losses with a decline of 11 percent followed by 70th ranked Beam (BEAM) that has declined 10.5 percent. 82nd ranked Raydium (RAY), 52nd ranked Ethena (ENA), 35th ranked Bitget Token (BGB) and 98th ranked XDC Network (XDC), have all lost more than 8 percent in the past 24 hours.
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