WASHINGTON (dpa-AFX) - Cryptocurrencies rallied in the past 24 hours as renewed hopes of a trade deal between the U.S. and China eclipsed fears of a hawkish Fed. Overall crypto market capitalization increased 2.8 percent while Bitcoin rallied to a high of $97,626 in the past 24 hours.
China's Vice Premier He Lifeng is expected to hold talks with U.S. Treasury Secretary Scott Bessent and chief trade negotiator Jamieson Greer in Switzerland on Saturday. The talks are aimed at breaking a trade deadlock between the two nations. Optimism surrounding a possible resolution of the trade-related disputes lifted crypto market sentiment.
Overall crypto market capitalization is currently at $3.01 trillion, implying an addition of 2.76 percent in the past 24 hours. With an overnight surge of close to 22 percent, the 24-hour trading volume has also increased to $80 billion.
Concerns about the Fed's guidance on monetary policy lingered, capping gains. The U.S. Federal Reserve, in its decision to be announced on Wednesday afternoon is widely expected to retain the Federal funds rate at 4.25 to 4.5 percent.
Bitcoin has jumped 3.1 percent overnight to trade at $97,420, around 11 percent below the all-time high. The leading cryptocurrency traded between $97,626 and $94,065 during the past 24 hours.
Bitcoin Spot ETF products in the U.S. witnessed outflows of $86 million on Tuesday versus inflows of $426 million on Monday. iShares Bitcoin Trust (IBIT) topped inflows with $36.7 million. Grayscale Bitcoin Trust ETF (GBTC) topped outflows with $89.9 million.
Ethereum also rallied more than 3 percent in the past 24 hours to trade at $1,830.65. The leading alternate coin traded between $1,850 and $1,761 in the past 24 hours. Ethereum Spot ETF products in the U.S. witnessed outflows of $18 million on Tuesday versus nil flows on Monday.
Ethereum's strong performance coincided with the positive sentiment generated by the Pectra upgrade that went live on Wednesday. The upgrade considered the biggest code change to the blockchain since the Merge in 2022 is expected to introduce smart accounts, boost scalability, reduce fees as well as enhance security. 4th ranked XRP added 1.4 percent during the past 24 hours as it changes hands at $2.14.
5th ranked BNB also gained 1.2 percent overnight at its current trading price of $604.76.
The price of 6th ranked Solana jumped 2.8 percent overnight to $147.34.
8th ranked Dogecoin surged 3.5 percent overnight to trade at $0.1729. DOGE is currently trading 77 percent below the record high.
9th ranked Cardano gained 3.1 percent overnight to trade at $0.6744. The trading price is 78 percent below the cryptocurrency's all-time high.
10th ranked TRON added 1.1 percent overnight and is currently changing hands at $0.2473.
56th ranked Stacks (STX) topped overnight gains among the top 100 cryptocurrencies with a surge of 15.5 percent. 64th ranked EOS (EOS) followed with overnight gains of 13.1 percent.
69th ranked Fartcoin (FARTCOIN) topped overnight losses among the top 100 cryptocurrencies with a decline of 8.6 percent. 75th ranked Virtuals Protocol (VIRTUAL) followed with losses of 7.2 percent.
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