WASHINGTON (dpa-AFX) - Cryptocurrencies surged ahead and Bitcoin touched a high of $104,297 in the past 24 hours amidst strong hopes of an easing in trade-related tensions between the U.S. and its major trading partners.
Crypto market capitalization touched high of $3.29 trillion before retreating to its current level of $3.28 trillion, implying overnight gains of around 6 percent. The rise in market capitalization was accompanied by a 75-percent jump in the 24-hour trading volume to $208 billion.
Positive sentiment reverberated across the crypto spectrum. Meme category cryptos jumped almost 17 percent in the past 24 hours to $67 billion or 2 percent of the overall crypto market. AI & Big Data category cryptocurrencies also witnessed a jump of close to 13 percent in market capitalization to $38 billion.
The CMC Crypto Fear and Greed Index, a proprietary tool developed by CoinMarketCap to measure the emotional state of the cryptocurrency market also reflected the change in market mood. The index is currently at 70 denoting 'greed'. It was at 53 a day ago and 55 a week ago and both connoted a neutral state in the market.
In tandem with the risk-on sentiment, market capitalization of stablecoins edged down 0.06 percent overnight to $242 billion. The not-so-volatile cryptocurrency category currently accounts for 7.4 percent of the overall crypto market.
Bitcoin has jumped 3 percent overnight to trade at $102,630, around 6 percent below the all-time high. The leading cryptocurrency traded between $104,297 and $99,356 during the past 24 hours.
The brilliant rally helped Bitcoin accumulate a market capitalization of $2.038 trillion and rise to the 5th position in the global ranking of all assets as per companiesmarketcap.com.
Bitcoin is inter alia ranked higher than Amazon (market cap of $2.036 trillion), Alphabet (market cap of $1.86 trillion), Silver (market cap of $1.850 trillion), Saudi Aramco (market cap of $1.60 trillion) as well as Meta Platforms (market cap of $1.49 trillion).
Only gold (market cap of $22.4 trillion), Microsoft (market cap of $3.25 trillion), Apple (market cap of $2.96 trillion) and NVIDIA (market cap of $2.83 trillion) have a market capitalization higher than that of the world's leading cryptocurrency.
Bitcoin Spot ETF products in the U.S. witnessed inflows of $117 million on Thursday versus inflows of $142 million on Wednesday. iShares Bitcoin Trust (IBIT) topped inflows with $69 million.
Ethereum jumped 16 percent in the past 24 hours to trade at $2,308. The leading alternate coin traded between $2,486 and $1,990 in the past 24 hours.
Ethereum Spot ETF products in the U.S. witnessed outflows of $16 million on Thursday versus outflows of $22 million a day earlier.
Bitcoin currently dominates 62.8 percent of the overall crypto market as compared with a market share of 63.8 percent a day earlier.
Helped by the brilliant rally, Ethereum's share of the overall crypto market has jumped to 8.69 percent from 7.74 percent a day earlier.
4th ranked XRP rallied 6.3 percent during the past 24 hours to trade at $2.35.
5th ranked BNB also gained 3 percent overnight at its current trading price of $635.54.
With an overnight surge of 7.7 percent, the price of 6th ranked Solana jumped to $168.77.
8th ranked Dogecoin jumped 9.4 percent overnight to trade at $0.2038. DOGE is currently trading 72 percent below the record high.
9th ranked Cardano gained 8 percent overnight to trade at $0.7796. The trading price is 75 percent below the cryptocurrency's all-time high.
10th ranked TRON added 4.8 percent overnight and is currently changing hands at $0.2622.
98th ranked Pyth Network (PYTH) topped overnight gains among the top 100 cryptocurrencies with a surge of 40.5 percent. 26th ranked Pepe (PEPE) followed with overnight gains of 30.6 percent.
79th ranked Four (FOUR) topped overnight losses among the top 100 cryptocurrencies with a decline of 2.9 percent. 18th ranked Bitcoin Cash (BCH) followed with losses of 1.9 percent.
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