WASHINGTON (dpa-AFX) - Cryptocurrencies are trading on a strongly positive note amidst improving sentiment across markets. Bond yields eased and Gold touched a fresh all-time high as markets reinforced bets of a quarter-percentage rate cut by the Fed in September.
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 91.7 percent. It was 92.7 percent a day earlier.
Amidst the emphatic rebound, the CMC Crypto Fear and Greed Index, a proprietary tool developed by CoinMarketCap to measure the emotional state of the market improved to the neutral territory with a rise to 42. The reading was at 39 a day earlier, implying a state of fear.
Overall crypto market capitalization has gained 2.1 percent overnight to $3.84 trillion. Only 2 cryptocurrencies among the top 100 are trading with overnight losses of more than a percent whereas 68 are trading with overnight gains of more than a percent.
Meme category cryptos witnessed a surge of 3.7 percent in market capitalization. The Made in America cryptocurrencies recorded an overnight addition of 3.2 percent in market capitalization. Cryptocurrencies associated with AI & Big Data rallied 2.9 percent. Market capitalization of the cryptocurrencies identified for U.S. Strategic Crypto Reserve also gained 2.1 percent overnight.
Bitcoin's crypto market dominance stands at 57.7 percent while Ethereum's share has is currently 13.8 percent of the overall crypto market. The residual altcoins currently account for a 28.5-percent share of the overall crypto market.
Bitcoin, which ranged between $111,886 and $110,202 in the past 24 hours is currently trading at $111,478.77, about 10 percent below the all-time-high of $124,457.12 recorded on August 14. The leading cryptocurrency has recorded gains of 1.1 percent in the past 24 hours. Year-to-date gains have increased to 19.4 percent.
Ethereum also rallied 1.1 percent overnight to trade at $4,387.43. However, Ether has shed 4.7 percent in the past week. Gains in 2025 now stand at a little less than 32 percent. Ether's current trading price is 11 percent below its all-time-high. The 24-hour trading range was between $4,394 and $4,260.
Net inflows to Bitcoin-based Spot ETF products in the U.S. stood at $333 million on Tuesday versus outflows of $127 million on Friday. Fidelity Wise Origin Bitcoin Fund (FBTC) topped with inflows of $133 million.
Ethereum-based Spot ETF products witnessed net outflows of $135 million on Tuesday versus net outflows of $165 million on Friday. Fidelity Ethereum Fund (FETH) topped with net inflows of $99 million.
Bitcoin is currently ranked 8th and Ethereum 23rd in the global ranking of all assets as per market capitalization compiled by companiesmarketcap.com.
3rd ranked XRP rallied 2 percent overnight to trade at $2.85, around 26 percent below the all-time high. 5th ranked BNB gained 0.9 percent overnight at its current trading price of $855.51. The price of 6th ranked Solana increased more than 5 percent overnight to $211.49. 8th ranked Dogecoin added 2.6 percent overnight and is currently changing hands at $0.2172. TRON ranked 9th overall gained 0.5 percent overnight and is currently changing hands at $0.3396. 10th ranked Cardano rallied 2.2 percent overnight to trade at $0.8346.
76th ranked MemeCore (M) topped overnight gains among the top 100 cryptocurrencies with a gain of close to 15 percent. 31st ranked Ethena (ENA) followed with overnight gains of more than 9 percent.
27th ranked World Liberty Financial (WLFI) topped overnight losses among the top 100 cryptocurrencies with a decline of 2.8 percent. 82nd ranked Pyth Network (PYTH) followed with overnight losses of 1.8 percent.
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