WASHINGTON (dpa-AFX) - Cryptocurrencies including Bitcoin staged a strong rally early on Monday but stopped short of scaling fresh peaks. Bitcoin almost touched its all-time high before retreating to its current level of 3 percent below the peak. Bitcoin touched a 24-hour high of $122k while Ethereum touched a 24-hour high of $4.3k. Rate cut hopes as well as strong inflows to Bitcoin and Ethereum Spot ETF products in the U.S. boosted sentiment.
At current levels of market capitalization, Bitcoin is ranked 6th and Ethereum 24th in the global ranking of all assets as per market capitalization compiled by companiesmarketcap.com. Crypto market capitalization of around $4 trillion compares with Gold's market capitalization of $22.9 trillion and Silver's market capitalization of $2.1 trillion. Among public companies, only NVIDIA with a market capitalization of $4.5 trillion surpasses the aggregate crypto market capitalization.
The rally and the retreat came amidst strong expectations of a Fed rate cut in September as well as anxiety ahead of the release of the consumer price inflation readings from the U.S. on Tuesday. Headline inflation in July is seen edging up to 2.8 percent from 2.7 percent in the previous month. The core component thereof is seen rising to 3 percent from 2.9 percent in June. While month-on month inflation is seen edging down to 0.2 percent from 0.3 percent in June, the core component thereof is seen at 0.3 percent as compared with 0.2 percent in the previous month.
Given the weak labor market data released earlier, markets expect the Fed to proceed with easing in September despite the anticipated uptick in consumer price inflation. The CME-FedWatch tool that tracks the expectations of interest rate traders pegs the likelihood of a Fed rate cut in September at 86 percent and in October at 95 percent. Overall crypto market capitalization has increased 1 percent overnight. It is currently at $3.99 trillion. Only 16 of the top 100 cryptocurrencies are trading with overnight losses of more than 1 percent. The 24-hour trading volume has increased 19 percent overnight to $195 billion.
Amidst the volatility, Bitcoin's crypto market dominance stands at 59.9 percent while Ethereum accounts for 12.9 percent of the overall crypto market. The residual altcoins account for a 27.2-percent share of the overall crypto market.
Bitcoin gained 1.2 percent overnight to trade at $120,029.05. It is currently trading 2 percent below the all-time-high of $123,091.61 recorded on July 14. The original cryptocurrency traded between $122,321.10 and $118,105.69 during the past 24 hours. The leading cryptocurrency is trading with gains of 4.1 percent over the 7-day horizon and 2.0 percent over the 30-day horizon. Year-to-date gains are a little more than 28.5 percent.
Bitcoin-based Spot ETF products in the U.S. recorded inflows of $404 million on Friday versus $277 million on Thursday. iShares Bitcoin Trust ETF (IBIT) topped with inflows of $360 million.
Ethereum rallied 1.9 percent overnight to trade at $4,276.12. Ether has surged 16.9 percent in the past week. Gains in 2025 now stand at 28.4 percent. Ether's current trading price is 13 percent below its all-time-high. The 24-hour trading range was between $4,348.15 and $4,168.87.
Ethereum-based Spot ETF products witnessed inflows of $461 million on Friday as compared with inflows of $222 million on Thursday. iShares Ethereum Trust (ETHA) topped with inflows of $255 million followed by Fidelity Ethereum Fund (FETH) that recorded inflows of $132 million.
3rd ranked XRP added 1.1 percent overnight to trade at $3.20, around 17 percent below the all-time high. 5th ranked BNB edged up 0.07 percent overnight at its current trading price of $799.70. The price of 6th ranked Solana edged down 0.49 percent overnight to $178.72. SOL is still saddled with year-to-date losses of 5.6 percent. 8th ranked Dogecoin slipped 1.2 percent overnight to trade at $0.2288. DOGE is currently trading 69 percent below the record high. 9th ranked TRON edged up 0.09 percent overnight and is currently changing hands at $0.3417. 10th ranked Cardano also added 0.05 percent overnight to trade at $0.7926.
73rd ranked Pump.fun (PUMP) topped overnight gains among the top 100 cryptocurrencies with a gain of more than 20 percent. 70th ranked Lido DAO (LDO) followed with gains of 15.4 percent.
82nd ranked Fartcoin (FARTCOIN) topped overnight losses among the top 100 cryptocurrencies with a decline of 6.4 percent. 80th ranked Aerodrome Finance (AERO) followed with overnight losses of 4.5 percent.
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