WASHINGTON (dpa-AFX) - Bitcoin, the world's top-ranked cryptocurrency scaled a fresh all-time high in the past 24 hours, topping $124k. BTC however retreated thereafter and is currently trading 3 percent below the peak.
Firm expectations of a Fed rate cut, a weak dollar as well as an easing in bond yields supported Bitcoin's climb to the peak. Ethereum however failed to make significant gains in the past 24 hours despite strong inflows to Ethereum Spot ETF products in the U.S.
Markets continue to overwhelmingly anticipate a rate cut by the Federal Reserve as early as September.
The CME FedWatch tool that tracks the expectations of interest rate traders shows expectations for a quarter-percentage rate cut in September at 99.8 percent. For the FOMC in October, 33.6 percent expect a rate cut of 25 basis points and 66.2 percent anticipate a rate cut of 50 basis points. For the FOMC in December, 5.6 percent expect a rate cut of 25 basis points and 39.1 percent anticipate a rate cut of 50 basis points. Also, 55.2 percent expect the target rate to ease by 75 basis points from the current level to the 3.50-3.75 percent level.
Markets now wait for the producer price inflation readings from the U.S. due on Thursday morning. Headline PPI on a month-on-month basis is seen at 0.2 percent from the flat reading recorded in June. The core component is also expected to track the headline reading with a level of 0.2 percent. Despite the anticipated uptick in factory gate prices, growing rate cut bets have boosted crypto prices.
Amidst strong rate cut expectations and the dollar's weakness, overall crypto market capitalization has edged up to $4.11 trillion. Close to 60 of the top 100 cryptocurrencies are trading with overnight losses of more than a percent, while more than 12 are trading with overnight gains of more than a percent. The 24-hour trading volume has increased 8 percent overnight to $254 billion.
The CMC Crypto Fear and Greed Index, a proprietary tool developed by CoinMarketCap to measure the emotional state of the market became further entrenched in the greed territory with a jump to 68. The reading was at 63 a day earlier.
Amidst the volatility, Bitcoin's crypto market dominance has slipped to 58.6 percent while Ethereum's market share has increased to 13.8 percent of the overall crypto market. The residual altcoins now account for a share of 27.6 percent of the overall crypto market.
Bitcoin, which touched an all-time high of $124,457.12 earlier in the trade has since retreated to $120,852.93 implying overnight gains of 0.2 percent and a weekly addition of 3.8 percent. It is currently trading 3 percent below the all-time-high. The original cryptocurrency traded firmly above $120k during the past 24 hours.
Bitcoin-based Spot ETF products in the U.S. recorded inflows of $87 million on Wednesday versus $66 million on Tuesday. Ark 21Shares Bitcoin ETF (ARKB) topped with inflows of $37 million.
Ethereum-based Spot ETF products witnessed inflows of $729 million on Wednesday versus $524 million on Tuesday. iShares Ethereum Trust (ETHA) topped with inflows of $501 million followed by Fidelity Ethereum Fund (FETH) that registered inflows of $155 million.
Amidst growing institutional adoption, Ethereum edged up 0.4 percent overnight to trade at $4,712.01, lifting market capitalization to $569 billion. Ether has surged 23.6 percent in the past week and 58 percent over the past 30 days. Gains in 2025 now stand at 41.5 percent, surpassing Bitcoin's year-to-date gains of 29.4 percent. Ether's current trading price is 4 percent below its all-time-high. The 24-hour trading range was between $4,788.55 and $4,619.49, not far from the all-time high of $4,891.70 recorded on Nov 16, 2021.
Bitcoin has maintained the 6th rank and Ethereum is continuing in the 22nd position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com. Only top-ranked Gold (market capitalization of $22.9 trillion) and 2nd ranked NVIDIA (market capitalization of $4.43 trillion) command a market capitalization higher than the aggregate crypto market capitalization of $4.11 trillion.
3rd ranked XRP slipped 2.5 percent overnight to trade at $3.21, around 16 percent below the all-time high.
5th ranked BNB surged 1.1 percent overnight at its current trading price of $862.87. BNB, the native coin of the BNB Chain ecosystem touched an all-time high of $868.68 a few hours ago.
The price of 6th ranked Solana added 0.7 percent overnight to $202.57. 8th ranked Dogecoin slipped 2.8 percent overnight to trade at $0.2424, lifting year-to-date losses to 25.2 percent. 9th ranked TRON gained 2.9 percent to trade at $0.3689.
10th ranked Cardano jumped 13.7 percent overnight to trade at $0.9945. ADA tops overnight gains among the top 100 cryptocurrencies.
82nd ranked Kaia (KAIA) followed with gains of 9.2 percent in the past 24 hours.
31st ranked Ethena (ENA) topped overnight losses among the top 100 cryptocurrencies with a decline of 10.1 percent.
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