WASHINGTON (dpa-AFX) - Buoyed by the strong corporate adoption and massive inflows to Ethereum Spot ETF products in the U.S., Ethereum surged ahead in the past 24 hours. The leading alternate coin has erased all year-to-date losses and is currently trading with year-to-date gains of close to 4 percent. Bitcoin's performance in the past 24 hours has been muted, with overnight losses of more than half a percent.
Ethereum-based Spot ETF products in the U.S. witnessed inflows jumping to $727 million on Wednesday from $192 million on Tuesday and $259 million on Monday. iShares Ethereum Trust ETF (ETHA) dominated with inflows of $499 million.
Ethereum surged 9.76 percent overnight to trade at $3,458. Ether has added 24 percent in the past week. Ether's current trading price is 29 percent below its all-time-high. The 24-hour trading range was between $3,478 and $3,150.
With the surge in prices, Ether's crypto market dominance has increased to 10.9 percent from 10.2 percent a day earlier. The share of residual altcoins has also increased to 27.5 percent from 26.9 percent a day ago. Bitcoin, on the other hand witnessed a steep decline in market dominance to 61.6 percent from 62.9 percent a day ago.
Overall crypto market capitalization has increased 1.8 percent in the past 24 hours. It is currently at $3.82 trillion. The 24-hour trading volume has increased more than 13 percent overnight to $214 billion.
Despite market capitalization slipping to $2.35 trillion, Bitcoin has maintained the 6th position in the global ranking of all assets as per companiesmarketcap.com. Ethereum however improved its performance, rising to the 26th position in the overall ranking from 27 a day ago.
Bitcoin slipped 0.52 percent overnight to trade at $118,285.69. It is currently trading 4 percent below the all-time-high of $123,091.61 recorded on July 14. The original cryptocurrency traded between $120,065.52 and $117,751.47 during the past 24 hours. The leading cryptocurrency is however trading with gains of 6.4 percent over the 7-day horizon and 11.8 percent over the 30-day horizon. Year-to-date gains are close to 27 percent.
Inflows to Bitcoin-based Spot ETF products in the U.S. jumped to $799 million from $403 million on Tuesday and $297 million a day earlier. iShares Bitcoin Trust (IBIT) recorded inflows of $764 million.
3rd ranked XRP jumped 11.1 percent overnight to trade at $3.28, around 15 percent below the all-time high.
5th ranked BNB gained 3.5 percent overnight at its current trading price of $718. The price of 6th ranked Solana rallied more than 6 percent overnight to $176. 8th ranked Dogecoin gained 6.5 percent overnight to trade at $0.2145. 9th ranked TRON added 3.3 percent overnight and is currently changing hands at $0.3115. 10th ranked Cardano also increased 9.7 percent overnight to trade at $0.8173.
74th ranked FLOKI (FLOKI) topped overnight gains among the top 100 cryptocurrencies with a gain of more than 25 percent. 68th ranked Curve DAO Token (CRV) followed with gains of 24.75 percent.
54th ranked Pump.fun (PUMP) topped overnight losses among the top 100 cryptocurrencies with a plunge of 16.2 percent. 53rd ranked Pudgy Penguins (PENGU) followed with losses of 8.8 percent.
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