WASHINGTON (dpa-AFX) - Cryptocurrencies continued to rise amidst a global rally in stocks triggered by renewed expectations of an easing in the trade tensions between the U.S. and China. Crypto market capitalization rallied more than a percent whereas Bitcoin touched a high of $97,438, a level last traded in late February 2025.
Hopes of an easing in the bitter trade war between the U.S. and China got a boost following comments from a Chinese official about the willingness to open trade talks with U.S. Global stocks rallied in response and the greenback weakened, strengthening the positive sentiment towards risk assets including cryptocurrencies.
The six-currency Dollar Index which measures the U.S. dollar's strength against a basket of 6 currencies is currently at 99.88, versus the high of 100.38 recorded on Thursday. The dollar's weakness boosted the dollar-denominated prices of cryptocurrencies.
Anxiety ahead of the release of the monthly jobs data from the U.S. also lingered. In data to be released by the U.S. Bureau of Labor Statistics on Friday morning, the addition to non-farm payrolls is seen declining to 130 thousand in April from 228 thousand in March. The unemployment rate is however is seen steady at 4.2 percent. Interest rate cut expectations for the Fed's review due on May 7 as indicated in the CME FedWatch tool currently shows a likelihood of 6.8 percent for a rate cut of 25 basis points. It was 5.7 percent a day ago.
The positive sentiment lifted crypto prices and thereby the market capitalization to $3.01 trillion whereas the 24-hour trading volume increased 7 percent to $85 billion. Bitcoin gained 1.3 percent overnight to trade at $96,661, around 11 percent below its peak. The leading cryptocurrency has gained 3 percent in the past week and 3.5 percent on a year-to-date basis.
Ethereum edged up 0.14 percent overnight to trade at $1,823 lifting weekly gains to 2.6 percent. The leading altcoin had touched a high of $1,873 and a low of $1,815 in the past 24 hours.
Bitcoin's market share stands at 63.8 percent whereas Ethereum currently accounts for only 7.3 percent of the overall crypto market.
Inflows to Bitcoin-based Spot ETF products in the U.S. recorded $423 million on Thursday versus outflows of $56 million on Wednesday. iShares Bitcoin Trust (IBIT) topped inflows with $351 million. ARK 21Shares Bitcoin ETF (ARKB) topped outflows with $87 million.
Ethereum-based Spot ETF products witnessed inflows of $7 million versus outflows of $2 million on Wednesday.
4th ranked XRP edged down 0.15 percent to trade at $2.20 which is 43 percent below the all-time high of $3.8419 touched in January 2018. The payments-oriented cryptocurrency touched a high of $2.255 and a low of $2.195 in the past 24 hours.
5th ranked BNB declined 0.71 percent overnight at its current trading price of $598.27. BNB is currently trading 25 percent below the all-time high touched in December 2024.
The price of 6th ranked Solana slipped 1.1 percent overnight. With weekly losses of 2.9 percent, Solana is currently trading at $149.57, around 49 percent below its record high in November 2024.
8th ranked Dogecoin gained 2.4 percent overnight to trade at $0.1803, which is 76 percent below the previous peak scaled in May 2021.
9th ranked Cardano also gained 0.9 percent overnight to trade at $0.7052. Cardano is currently trading 77 percent below the record high touched in September 2021.
10th ranked TRON shed 1.6 percent overnight to trade at $0.2448. The trading price is 44 percent below the cryptocurrency's all-time high recorded in December 2024.
65th ranked Immutable (IMX) tops overnight gains among the top 100 cryptocurrencies with an overnight surge of 13.2 percent.
50th ranked Ethena (ENA), 51st ranked Artificial Superintelligence Alliance (FET), 39th ranked OFFICIAL TRUMP (TRUMP), 52nd ranked Celestia (TIA) and 56th ranked Bonk (BONK) declined more than 5 percent in the past 24 hours.
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