WASHINGTON (dpa-AFX) - Cryptocurrencies declined in the past 24 hours amidst caution ahead of the approaching year-end. Large outflows from Bitcoin Spot ETF products in the U.S. on Friday, uncertainty regarding the new administration's tax and tariff policies and above all the hawkish line being followed by the Federal Reserve weighed on crypto market sentiment.
Overall crypto market capitalization is currently at $3.24 trillion implying overnight losses of more than 2.1 percent.
Bitcoin has slipped 2.6 percent overnight to trade at $92,514.91, around 15 percent below the all-time high. BTC has shed 2.6 percent in the past week and 4.2 percent over the past 30 days but is holding on to gains of more than 118 percent in 2024. The leading cryptocurrency traded between $95,067.72 and $92,881.79 in the past 24 hours.
Data from Farside Investors showed outflows of $288 million from Bitcoin Spot ETF products in the U.S on Friday versus inflows of $475 million a day earlier. Fidelity Wise Origin Bitcoin Fund (FBTC) topped with outflows of $208 million. ARK 21Shares Bitcoin ETF (ARKB) followed with outflows of $113 million.
Ethereum dropped 2 percent in the past 24 hours to trade at $3,336.34, around 32 percent below the previous peak recorded in November 2021. Weekly gains are close to quarter percent whereas gains in 2024 are a little more than 46 percent. Ether traded between $3,428.53 and $3,321.66 in the past 24 hours.
Ether Spot ETF products in the U.S. saw inflows declining to $48 million from $117 million a day earlier.
4th ranked XRP (XRP) plunged 6.9 percent overnight to trade at $2.03, around 47 percent below the all-time high touched in January 2018. The cryptocurrency's weekly losses are at 7.1 percent. Year-to-date gains have also dropped to 229 percent.
5th ranked BNB (BNB) recorded an overnight decline of 2.9 percent. Nevertheless, BNB has gained 1.5 percent in the past week and 121 percent in 2024 at its current trading price of $691.26. BNB is currently trading 13 percent below the all-time high touched on December 4.
6th ranked Solana (SOL) slipped 3.8 percent overnight. With weekly gains of 3.5 percent and year-to-date gains of 86 percent, SOL is currently trading at $189.19, around 28 percent below its record high on November 23.
7th ranked Dogecoin (DOGE) erased 3.6 percent overnight to trade at $0.3135. Having added half a percent in the past week and more than 250 percent in 2024, DOGE is trading 57 percent below the previous peak scaled in May 2021.
9th ranked Cardano (ADA) lost 6.7 percent overnight to trade at $0.8462. ADA is currently trading 73 percent below the record high touched in September 2021.
10th ranked TRON (TRX) dropped more than 3 percent overnight to trade at $ 0.253. TRX has added 1.8 percent in the past week. The trading price is 43 percent below the cryptocurrency's all-time high recorded on December 4.
67th ranked Lido DAO (LDO) topped overnight gains with an addition of 2.8 percent. With gains of 1.01 percent, 76th ranked KuCoin Token (KCS) is the only other cryptocurrency among the top 100 that has added more than a percent overnight.
89th ranked Helium (HNT) topped overnight losses with a decline of 9.7 percent. 61st ranked Pudgy Penguins (PENGU) followed with losses of 8.9 percent.
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