WASHINGTON (dpa-AFX) - Cryptocurrencies posted strong gains in the past 24 hours amidst the dollar's weakness. Fears about threats to the Fed's independence dragged down the U.S. dollar to a 3-year low.
The six-currency Dollar Index which measures the Dollar's strength against a basket of 6 currencies is currently at 98.33, implying an overnight decline of 1.1 percent. The index had dropped to a low of 97.92 earlier in the trade.
Overall crypto market capitalization has gained 3.6 percent in the past 24 hours. It is currently at $2.77 trillion. The 24-hour trading volume has increased 54.2 percent to $76 billion.
Positive sentiment reverberated in various segments of the cryptocurrency markets. Meme coins recorded an overnight surge of 4.5 percent in market capitalization. Cryptocurrencies associated with AI & Big Data also witnessed market capitalization rising by more than 3.9 percent.
Bitcoin rallied 4.1 percent overnight to trade at $88,065, around 19 percent below its peak. The leading cryptocurrency had touched a high of $88,460 and a low of $84,281 in the past 24 hours.
Ethereum gained 3 percent overnight to trade at $1,629. The leading altcoin had touched a high of $1,656 and a low of $1,572 in the past 24 hours.
Bitcoin's market share stands at 63.2 percent whereas Ethereum currently accounts for only 7.1 percent of the overall crypto market. Amidst the risk-on sentiment, the market capitalization of stablecoins has decreased to 8.49 percent.
4th ranked XRP is currently trading at $2.12 which is 45 percent below the all-time high of $3.8419 touched in January 2018. The payments-oriented cryptocurrency touched a high of $2.139 and a low of $2.047 in the past 24 hours.
5th ranked BNB added 2.3 percent overnight at its current trading price of $603.95. BNB is currently trading 24 percent below the all-time high touched in December 2024.
The price of 6th ranked Solana rose 1.5 percent overnight. With weekly gains of more than 3.9 percent, Solana is currently trading at $139.49, around 53 percent below its record high in November 2024.
8th ranked Dogecoin rallied 4.4 percent overnight to trade at $0.1613. Having shed close to 3 percent in the past week, DOGE is trading 78 percent below the previous peak scaled in May 2021.
9th ranked TRON slipped 0.8 percent overnight to trade at $0.2429. The trading price is 45 percent below the cryptocurrency's all-time high recorded in December 2024.
10th ranked Cardano also added 4.2 percent overnight to trade at $0.6465. Cardano is currently trading 79 percent below the record high touched in September 2021.
61st ranked Stacks (STX) tops overnight gains among the top 100 cryptocurrencies with an overnight surge of 13.5 percent. 90th ranked Decentraland (MANA) also gained more than 11.5 percent in the past 24 hours.
57th ranked DeXe (DEXE) topped overnight losses among the top 100 cryptocurrencies with a decline of more than 5 percent. 13th ranked UNUS SED LEO (LEO) also shed more than 3 percent in the past 24 hours.
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