WASHINGTON (dpa-AFX) - Cryptocurrencies extended gains in the past 24 hours amidst favorable sentiment generated by the closure of the legal dispute between the Securities and Exchange Commission and Ripple Labs, the issuer of the XRP cryptocurrency. Sentiment was also boosted by President Donald Trump signing an order letting crypto into 401(k) Retirement Plans. The increase in inflows to Bitcoin Spot ETF products in the U.S. also supported sentiment.
3rd ranked XRP(XRP) rallied 10.6 percent overnight in the aftermath of the resolution of the long-standing legal dispute between the SEC and Ripple Labs.
The SEC had in its lawsuit initiated in 2020 alleged that Ripple Labs, Inc., Bradley Garlinghouse, CEO and Christian Larsen, the Executive Chairman engaged in the unlawful offer and sale of securities in violation of Section 5 of the Securities Act of 1933. In August 2024, the court had held Ripple Labs liable for violating Section 5 of the Securities Act. The court had also imposed a civil monetary penalty of $125 million. According to Thursday's filing, the SEC and Ripple Labs would each bear their own costs.
Also supporting sentiment in crypto markets was the Presidential order that seeks to democratize access to alternative assets. President Donald J. Trump on Thursday signed an Executive Order to allow 401(k) investors to access alternative assets for better returns and diversification. The order notes that alternative assets, such as private equity, real estate, and digital assets, offer competitive returns and diversification benefits.
The order inter alia directs appropriate actions in respect of a fiduciary's duties regarding alternative asset investments in ERISA-governed 401(k) and other defined-contribution plans, fiduciary process associated with offering asset allocation funds containing investments in alternative assets, parallel regulatory changes required, as well as revisions to applicable regulations. The order also acknowledges President Trump's promise to make the United States the 'crypto capital of the world,' emphasizing the need to embrace digital assets to drive economic growth and technological leadership.
The increase in inflows to Bitcoin spot ETF products in the U.S. also lifted crypto market sentiment. Bitcoin-based Spot ETF products in the U.S. recorded inflows of $277 million on Thursday versus inflows of $92 million on Wednesday. Prior to that there were outflows of $196 million on Tuesday and $324 million on Monday. The inflows ended four days of successive outflows. iShares Bitcoin Trust ETF (IBIT) topped with inflows of $157 million.
Despite witnessing a moderation over the past few days, expectations of a Fed rate cut in September still remains strong at 89.4 percent. Expectations of a Fed rate cut in October are still higher at 96 percent.
With altcoins continuing to outperform Bitcoin, the original cryptocurrency's market dominance has declined to 60.0 percent from 60.9 percent a day earlier. Ethereum now commands 12.2 percent of the overall crypto market versus 11.8 percent a day earlier. The market share of the residual altcoins is currently at 27.8 percent. It was 27.3 percent a day earlier.
Overall crypto market capitalization has surged 2.7 percent to $3.87 trillion. The 24-hour trading volume has increased 45.7 percent overnight to $187 billion. Only 5 cryptocurrencies among the top 100 are trading with overnight losses of more than a percent.
Bitcoin added 1.3 percent overnight to trade at $116,564.79. It is currently trading 5 percent below the all-time-high of $123,091.61 recorded on July 14. The original cryptocurrency traded between $117,689.20 and $115,064.67 during the past 24 hours. The leading cryptocurrency is trading with gains of 1.1 percent over the 7-day horizon and 7.3 percent over the 30-day horizon. Year-to-date gains have increased to 24.8 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 4.4 percent overnight to trade at $3,890.61. Ether has added more than 7 percent in the past week. Gains in 2025 now stand at 16.8 percent. Ether's current trading price is 20 percent below its all-time-high. The 24-hour trading range was between $3,964.58 and $3,731.96.
Ethereum is also continuing in 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 $222 million on Thursday versus $35 million a day earlier. iShares Ethereum Trust ETF (ETHA) topped with inflows of $104 million.
Helped by the overnight rally of more than 10 percent, 3rd ranked XRP is trading at $3.31, around 14 percent below the all-time high. Year-to-date gains are now close to 60 percent.
5th ranked BNB added 2.4 percent overnight at its current trading price of $784.62. The price of 6th ranked Solana increased 3.5 percent overnight to $175.49. However, with losses of more than 7 percent, SOL remains the highest-ranking crypto to trade with year-to-date losses.
Powered by an overnight surge of 7.9 percent, Dogecoin jumped to the 8th rank overall. It is currently trading at $0.2222, around 70 percent below its all-time high. The meme coin continues to be saddled with year-to-date losses of close to 30 percent. 9th ranked TRON slipped 0.4 percent overnight and is currently changing hands at $0.3380.
10th ranked Cardano also rallied 7.3 percent overnight to trade at $0.7960. the rally has restricted ADA's year-to-date losses to 30 percent.
86th ranked Pendle (PENDLE) topped overnight gains among the top 100 cryptocurrencies with a gain of 22.7 percent. 79th ranked Lido DAO (LDO) followed with gains of 15.3 percent. 11th ranked Stellar (XLM), 95th ranked Aerodrome Finance (AERO) and 14th ranked Chainlink (LINK), all followed with gains of more than 14 percent. 100th ranked MemeCore (M) topped overnight losses among the top 100 cryptocurrencies with a decline of 8.5 percent. 28th ranked Monero (XMR) followed with losses of 6.2 percent.
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