WASHINGTON (dpa-AFX) - Cryptocurrencies rallied emphatically at the onset of October, amidst weakness in the U.S. dollar attributed to the shutdown of the U.S. government. The weak ADP data released on Wednesday morning increased bets of a Fed rate cut boosting sentiment for risk assets including cryptocurrencies. Overall crypto market capitalization increased more than 3 percent in the past 24 hours.
Crypto market sentiment remained primarily tethered to developments surrounding the shutdown of the U.S. government triggered by a funding deadlock over health-care spending. Markets also weighed the impact of the shutdown on the timing of key data releases as well as the likely delay to regulatory approvals for crypto products.
Weighed down by the uncertainty triggered by the first U.S. government shutdown in more than 6 years, the six-currency Dollar Index traded on a weak note. The index which measures the dollar's strength against a basket of 6 currencies is currently down 0.18 percent at 97.60, versus 97.78 at the previous close. The day's range for the index was between 97.46 and 97.86.
The surge in cryptocurrencies coincided with another bullish day for the yellow metal. Gold Futures for December settlement is currently trading at $3,899.82 per troy ounce, implying overnight gains of 0.69 percent. Gold Futures touched an all-time high of $3,922.67 earlier in the day's trade.
Overall crypto market capitalization increased 3.17 percent in the past 24 hours to $4 trillion.
Close to 80 of the top 100 cryptocurrencies have gained more than a percent whereas only 3 of the top 100 cryptocurrencies have slipped more than a percent in the past 24 hours.
Meme category cryptos witnessed a surge of 5.9 percent in market capitalization. Cryptocurrencies associated with AI & Big Data rallied 4.5 percent. The Made in America cryptocurrencies recorded an overnight addition of 4.3 percent in market capitalization. Market capitalization of the cryptocurrencies identified for U.S. Strategic Crypto Reserve also gained more than 3 percent overnight.
Bitcoin's crypto market dominance stands at 58.2 percent while Ethereum's share has is currently 13 percent of the overall crypto market.
Bitcoin is currently trading at $116,527.05 recording overnight gains of 2.8 percent. BTC had ranged between $116,834.91 and $112,805.89 in the past 24 hours. The cryptocurrency is currently trading about 6 percent below the all-time-high of $124,457.12 recorded on August 14.
Ethereum also added 3.1 percent overnight to trade at $4,286.87. Ether's current trading price is 13 percent below its all-time-high. The 24-hour trading range was between $4,318.98 and $4,095.44.
Net inflows to Bitcoin-based Spot ETF products in the U.S. stood at $430 million on Tuesday versus $518 million a day earlier. iShares Bitcoin Trust ETF (IBIT) topped with inflows of $199 million.
Ethereum-based Spot ETF products witnessed net inflows of $128 million on Tuesday versus net inflows of $547 million on Monday. The inflows are attributed entirely to iShares Ethereum Trust (ETHA).
Bitcoin is currently ranked 8th and Ethereum 22nd in the global ranking of all assets as per market capitalization compiled by companiesmarketcap.com.
3rd ranked XRP gained 2.8 percent overnight to trade at $2.93, around 24 percent below the all-time high.
5th ranked BNB added 1.1 percent overnight at its current trading price of $1,021.66.
The price of 6th ranked Solana jumped 4.6 percent overnight to $218.62.
8th ranked Dogecoin surged 5.3 percent overnight and is currently changing hands at $0.2430.
TRON ranked 9th overall added 1.3 percent overnight and is currently changing hands at $0.3387.
10th ranked Cardano jumped 5.4 percent overnight to trade at $0.8371.
66th ranked Zcash (ZEC) topped overnight gains among the top 100 cryptocurrencies with a gain of almost 36 percent. 48th ranked Pump.fun (PUMP) also surged 20.6 percent in the past 24 hours.
43rd ranked Aster (ASTER) and 94th ranked DeXe (DEXE) declined more than 3 percent in the past 24 hours. 59th ranked Plasma (XPL) also erased more than 2 percent overnight.
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