WASHINGTON (dpa-AFX) - Cryptocurrencies rebounded early on Tuesday despite risk aversion in global financial markets in the aftermath of the U.S. sovereign ratings downgrade by Moody's. Overall crypto market capitalization jumped more than 1 percent overnight. Close to 40 percent of the top 100 cryptocurrencies are trading with overnight gains of more than a percent.
The U.S. dollar's weakness triggered by economic growth concerns as well as fiscal worries attributed to rising government debt levels and a widening budget deficit helped bolster dollar-denominated prices of the cryptocurrencies. The six-currency Dollar Index which measures the Dollar's strength against a basket of 6 currencies is currently at 100.28 versus 100.43 at the previous close.
Rate cuts by the People's Bank of China and Reserve Bank of Australia supported sentiment. Growing expectations of an easing in the geopolitical tensions between Russia and Ukraine also supported market sentiment.
Overall crypto market capitalization has increased to $3.31 trillion implying an overnight gain of 1.4 percent. The 24-hour trading volume however slipped more than 20 percent to $125 billion.
Broadly positive sentiment prevailed in the crypto spectrum. Meme category cryptos rallied 0.56 percent in the past 24 hours to $67 billion or 2.03 percent of the overall crypto market. AI & Big Data category cryptocurrencies also witnessed a gain of 1.3 percent in market capitalization as it touched $36 billion or 1.08 percent of the overall crypto market.
Market capitalization of stablecoins however increased 0.15 percent overnight to $248 billion. The not-so-volatile cryptocurrency category currently accounts for 7.49 percent of the overall crypto market.
Bitcoin gained 1.2 percent overnight to trade at $104,755. It is currently trading 4 percent below the all-time-high at $109,114 recorded on January 20. The original cryptocurrency traded between $106,814 and $103, 236 during the past 24 hours.
The leading cryptocurrency is trading with gains of 1.4 percent over the 7-day horizon and 24 percent over the 30-day horizon. Year-to-date gains exceed 12 percent. Ethereum added 1.7 percent overnight to trade at $2,476. Ether has however slipped 2.9 percent in the past week. Losses in 2025 exceed 25 percent. Ether's current trading price is 49 percent below its all-time-high. The 24-hour trading range was between $2,586 and $2,420.
Inflows to Bitcoin-based Spot ETF products in the U.S. recorded $667 million on Monday versus inflows of $260 million on Friday. iShares Bitcoin Trust (IBIT) topped inflows with $306 million. ARK 21Shares Bitcoin ETF (ARKB) recorded inflows of $155 million whereas Fidelity Wise Origin Bitcoin Fund (FBTC) witnessed inflows of $189 million. Ethereum-based Spot ETF products witnessed inflows of $14 million on Monday versus inflows of $22 million on Friday.
Bitcoin's market share stands at 62.9 percent whereas Ethereum currently accounts for 9.1 percent of the overall crypto market.
Bitcoin is currently ranked 6th and Ethereum 36th in the ranking of all assets as per market capitalization published by companiesmarketcap.com.
4th ranked XRP edged up 0.10 percent overnight to trade at $2.33, around 39 percent below the all-time high.
5th ranked BNB gained 0.12 percent overnight at its current trading price of $642.28.
6th ranked Solana added 2.1 percent overnight to trade at $165.89.
8th ranked Dogecoin gained 0.4 percent overnight to trade at $0.2193. DOGE is currently trading 70 percent below the record high.
9th ranked TRON added 2.8 percent overnight and is currently changing hands at $0.2726.
10th ranked Cardano slipped 0.16 percent overnight to trade at $0.7276. The trading price is 77 percent below the cryptocurrency's all-time high.
29th ranked Aave (AAVE) topped overnight gains among the top 100 cryptocurrencies with a surge of 16.8 percent. 98th ranked Pendle (PENDLE) also added more than 9 percent overnight.
94th ranked Pyth Network (PYTH) topped overnight losses among the top 100 cryptocurrencies with a decline of 5.9 percent. 61st ranked Story (IP) followed with losses of 5.4 percent.
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