WASHINGTON (dpa-AFX) - A broad-based rally is visible in the cryptocurrency market, lifting market capitalization around 2.2 percent in the past 24 hours. Resumption of inflows to Bitcoin Spot ETF products in the U.S., a weak dollar, as well as regulatory pronouncements from the U.S. bolstered crypto market sentiment. The crypto rally also coincided with a rally in Wall Street Futures, a softening in sovereign bond yields as well as a surge in the prices of the yellow metal.
The abatement in outflows from Bitcoin spot ETF products in the U.S. supported crypto market sentiment. Bitcoin-based Spot ETF products in the U.S. recorded inflows of $92 million on Wednesday as compared with outflows of $196 million on Tuesday and outflows of $324 million on Monday. The inflows ended four days of successive outflows. iShares Bitcoin Trust ETF (IBIT) topped with inflows of $42 million.
Sentiment was boosted by the regulatory clarity provided on staking related activities. The Securities and Exchange Commission had on Tuesday issued a statement that provides greater clarity on the application of federal securities laws to crypto assets, specifically addressing a type of protocol staking known as 'liquid staking.' The statement clarified that, depending on the facts and circumstances, the liquid staking activities covered in the statement do not involve the offer and sale of securities within the meaning of the Securities Act of 1933 or the Securities Exchange Act of 1934.
Markets in the meanwhile also expect the Bank of England to slash rates further to 4 percent. Rate cut expectations from the Federal Reserve for the review in September also remains strong at above 93 percent, boosting the prices of cryptocurrencies.
With altcoins outperforming Bitcoin, the original cryptocurrency's market dominance has declined to 60.6 percent from 61.1 percent a day earlier. Ethereum now commands 127 percent of the overall crypto market versus 11.7 percent a day earlier. The market share of the residual altcoins is currently at 27.3 percent. It was 27.2 percent a day earlier.
Overall crypto market capitalization has surged 2.2 percent to $3.8 trillion. The 24-hour trading volume has however decreased 7.4 percent overnight to $130 billion.
Bitcoin added 1.7 percent overnight to trade at $115,884.03. It is currently trading 6 percent below the all-time-high of $123,091.61 recorded on July 14. The original cryptocurrency traded between $115,884.03 and $113,631.01 during the past 24 hours. The leading cryptocurrency is trading with losses of 2.2 percent over the 7-day horizon and gains of 6.8 percent over the 30-day horizon. Year-to-date gains are a little more than 24 percent.
Bitcoin is continuing in the 7th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
Ethereum rallied 5.2 percent overnight to trade at $3,807.58. Ether has lost 1.3 percent in the past week. Gains in 2025 now stand at 14.3 percent. Ether's current trading price is 22 percent below its all-time-high. The 24-hour trading range was between $3,800.57 and $3,578.18.
With the brilliant rally, Ethereum has jumped to the 24th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
Ethereum-based Spot ETF products witnessed inflows of $35 million as compared with inflows of $73 million on Tuesday. iShares Ethereum Trust ETF (ETHA) topped with inflows of $33 million.
3rd ranked XRP surged 4.3 percent overnight to trade at $3.05, around 20 percent below the all-time high. 5th ranked BNB added 1.4 percent overnight at its current trading price of $772.77.
The price of 6th ranked Solana increased 5.5 percent overnight to $172.19. With losses of more than 9 percent, SOL however remains the highest-ranking crypto to trade with year-to-date losses.
8th ranked TRON gained 1.3 percent overnight and is currently changing hands at $0.3394. 9th ranked Dogecoin also jumped 5.4 percent overnight to trade at $0.2108. 10th ranked Cardano also rallied 4.6 percent overnight to trade at $0.7571.
30th ranked Ethena (ENA) topped overnight gains among the top 100 cryptocurrencies with a gain of 11.1 percent. 97th ranked Pendle (PENDLE), 43rd ranked Pudgy Penguins (PENGU) and 41st ranked POL (POL), all followed with gains of more than 10 percent.
92nd ranked MemeCore (M) topped overnight losses among the top 100 cryptocurrencies with a decline of 4.4 percent. 72nd ranked Pump.fun (PUMP) and 26th ranked Monero (XMR) are trading with overnight losses of more than 2 percent. No other cryptocurrency among the top 100 is trading with overnight losses of more than a percent.
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