WASHINGTON (dpa-AFX) - Cryptocurrencies are trading strongly in the green even as data from the U.S. indicated a resilient and resurgent economy and trimming hopes of a strongly dovish pivot by the Federal Reserve. Overall cryptocurrency market capitalization rallied more than 1.5 percent overnight.
Data released by the U.S. Bureau of Economic Analysis on Thursday morning showed the U.S. economy growing at 3.3 percent in the second quarter versus the 3.1 percent growth pegged in the advance estimates. The economic growth had declined 0.5 percent in the first quarter.
Data released by the U.S. Department of Labor, also on Thursday morning showed initial jobless claims declining to 229 thousand during the week ended August 23 from 234 thousand in the previous week. Markets had anticipated a higher level of 230 thousand.
The strong data softened rate cut expectations from the Fed. The CME FedWatch tool that tracks the expectations of interest rate traders currently shows expectations of a quarter point rate cut by the Fed in September at 85.3 percent. It was 88.7 percent a day earlier.
However, with more than 50 percent of the top 100 cryptocurrencies recording overnight gains of more than a percent, aggregate market capitalization of cryptocurrencies has increased by 1.57 percent to $3.92 trillion. The 24-hour trading volume has also increased 2.3 percent to $175 billion.
The positive flows to crypto ETF products in the U.S. also boosted sentiment. Net inflows to Bitcoin-based Spot ETF products in the U.S. stood at $81 million on Wednesday versus $88 million on Tuesday. iShares Bitcoin Trust (IBIT) topped with inflows of $51 million. Ethereum-based Spot ETF products witnessed net inflows of $307 million on Wednesday versus $455 million on Tuesday. iShares Ethereum Trust ETF (ETHA) topped with net inflows of $263 million.
Bitcoin is ranked 7th and Ethereum 22nd in the global ranking of all assets as per market capitalization compiled by companiesmarketcap.com.
Bitcoin's crypto market dominance has declined to 57.4 percent while Ethereum's share has decreased to 14.2 percent of the overall crypto market. The residual altcoins currently account for a 28.4-percent share of the overall crypto market.
Bitcoin, which ranged between $113,365 and $110,901 in the past 24 hours is currently trading at $113,021.85, about 9 percent below the all-time-high of $124,457.12 recorded on August 14. The leading cryptocurrency has recorded gains of 1.6 percent in the past 24 hours, losses of 0.23 percent over the 7-day period and losses of 4.9 percent over the 30-day horizon. Year-to-date gains are a little more than 21 percent.
Ethereum edged up 0.20 percent overnight to trade at $4,600.66. Ether has gained 7.7 percent in the past week and 19.2 percent over the past 30 days. Gains in 2025 now stand at more than 38 percent. Ether's current trading price is 7 percent below its all-time-high. The 24-hour trading range was between $4,660 and $4,471.
3rd ranked XRP gained 0.63 percent overnight to trade at $3.01, around 21 percent below the all-time high. 5th ranked BNB added 2.2 percent overnight at its current trading price of $877.75. The price of 6th ranked Solana increased 5.9 percent overnight to $215.75. 8th ranked Dogecoin jumped 2.5 percent overnight and is currently changing hands at $0.2244. TRON ranked 9th overall slipped 0.5 percent overnight and is currently changing hands at $0.3480. 10th ranked Cardano added 1.1 percent overnight to trade at $0.8701.
13th ranked Cronos (CRO) topped overnight gains among the top 100 cryptocurrencies with a gain of close to 62 percent. 78th ranked Conflux (CFX) followed with gains of 11.7 percent.
CRO, the native cryptocurrency token of the Cronos Chain surged following reports of a partnership with Trump Media Group that could eventually result in accumulation of roughly 20 percent of the token's supply.
33rd ranked OKB (OKB) and 74th ranked Aerodrome Finance (AERO) topped overnight losses among the top 100 cryptocurrencies with a decline of more than 4 percent. Only 8 of the top 100 cryptocurrencies are trading with overnight losses of more than a percent.
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