CANBERA (dpa-AFX) - Bitcoin soared to an all-time high of $111,861 amidst a bullish momentum catalyzed by expectations of greater regulatory clarity in the U.S., massive flows to Bitcoin Spot ETF products, concerns about the deteriorating U.S. fiscal outlook and an atmosphere of global economic uncertainty.
Expectations of a regulatory clarity for cryptocurrencies got a boost as the stablecoin regulation progressed towards a Senate vote. Regulation of stablecoins by the U.S. government is expected accord greater legitimacy to cryptocurrencies and bolster the adoption of the asset class at a larger level than hitherto.
Inflows to Bitcoin-based Spot ETF products in the U.S. recorded $607 million on Wednesday as compared with inflows of $329 million on Tuesday. iShares Bitcoin Trust (IBIT) topped inflows with $531 million.
Bitcoin's surge lifted crypto market capitalization to $3.5 trillion, recording an overnight gain of 3.9 percent. It had touched a high of $3.51 trillion earlier in the trade. Close to 85 percent of the top 100 cryptocurrencies are trading with overnight gains of more than a percent. The 24-hour trading volume in the crypto market stood at $204 billion implying a surge of almost 64 percent.
Broadly positive sentiment prevailed in the crypto spectrum. Meme category cryptos rallied 7.3 percent in the past 24 hours to $75 billion or 2.13 percent of the overall crypto market. AI & Big Data category cryptocurrencies also witnessed a gain of 7.1 percent in market capitalization as it touched $39 billion or 1.1 percent of the overall crypto market.
Market capitalization of stablecoins edged up 0.03 percent overnight to $248 billion. The not-so-volatile cryptocurrency category currently accounts for 7.1 percent of the overall crypto market.
Bitcoin is currently trading at $111,470 a tad below the all-time high of $111,861 recorded earlier in the trade. The overnight surge of 4.4 percent and weekly gains of 9.1 percent have lifted market capitalization to $2.21 trillion.
The brilliant rally has lifted Bitcoin to the 5th rank in the global ranking of all assets as per companiesmarketcap.com. Only gold (market capitalization of $22.26 trillion), Microsoft (market capitalization of $3.38 trillion), NVIDIA (market capitalization of $3.24 trillion) and Apple (market capitalization of $3.0 trillion) have a higher market capitalization worldwide.
Bitcoin's year-to-date gains stand at 19.4 percent. This compares with year-to-date gains of 25.3 percent achieved by Gold, 13.1 percent attained by Silver, 19 percent recorded by Platinum and 15.2 percent registered by copper. Brent Crude Oil has on the contrary, declined 14.2 percent on a year-to-date basis.
Ethereum added 4.3 percent overnight to trade at $2,646. Ether has added 4.2 percent in the past week. Losses in 2025 exceed 20.5 percent. Ether's current trading price is 46 percent below its all-time-high. The 24-hour trading range was between $2,691 and $2,455.
Ethereum-based Spot ETF products witnessed inflows of $1 million on Wednesday versus inflows of $65 million a day earlier.
Bitcoin's market share stands at 63.2 percent whereas Ethereum currently accounts for 9.1 percent of the overall crypto market.
4th ranked XRP rallied 2.6 percent overnight to trade at $2.42, around 37 percent below the all-time high.
5th ranked BNB gained more than 5 percent overnight at its current trading price of $687.07.
6th ranked Solana added 5.2 percent overnight to trade at $178.15.
8th ranked Dogecoin gained 6.4 percent overnight to trade at $0.2413. DOGE is currently trading 67 percent below the record high.
9th ranked Cardano rallied 6.1 percent overnight to trade at $0.7993. The trading price is 74 percent below the cryptocurrency's all-time high.
10th ranked TRON added 1.7 percent overnight and is currently changing hands at $0.2754.
90th ranked SPX6900 (SPX) topped overnight gains among the top 100 cryptocurrencies with a surge of more than 21 percent. 58th ranked Fartcoin (FARTCOIN) also added more than 19 percent overnight.
95th ranked Walrus (WAL) topped overnight losses among the top 100 cryptocurrencies with a decline of 6.7 percent. 11th ranked Sui (SUI) followed with losses of 2.7 percent.
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