WASHINGTON (dpa-AFX) - Cryptocurrencies rallied in the past 24 hours as markets evaluated the effects of the U.S. govt shutdown while also renewing expectations of another rate cut by the Federal Reserve in late October. Overall crypto market capitalization increased more than 2 percent in the past 24 hours.
The CME FedWatch tool that tracks the expectations of interest rate traders currently shows the likelihood of a rate cut in October at 100 percent. 99 percent expectation is for a quarter percentage cut whereas the remaining 1 percent likelihood is assigned to a 50-basis points cut.
Bitcoin and Ethereum rallied more than 2 percent. Gold gained more than 0.10 percent. The Dollar Index has in the meanwhile edged up from Wednesday's levels.
Gold Futures for December settlement is currently trading at $3,902.10 per troy ounce, implying overnight gains of 0.12 percent. Gold Futures had touched an all-time high of $3,922.80 earlier in the trade.
The 6-currency Dollar Index which measures the dollar's strength against a basket of 6 currencies is currently at 97.81, versus 97.71 at the previous close.
Overall crypto market capitalization rallied 2.6 percent in the past 24 hours to $4.1 trillion. The 24-hour trading volume increased close to a percent to $188 billion.
69 of the top 100 cryptocurrencies have gained more than a percent whereas 7 of the top 100 cryptocurrencies have slipped more than a percent in the past 24 hours.
Cryptocurrencies associated with AI & Big Data rallied 4.1 percent. Meme category cryptos witnessed a surge of 3.6 percent in market capitalization. The Made in America cryptocurrencies recorded an overnight addition of 2.7 percent in market capitalization. Market capitalization of the cryptocurrencies identified for U.S. Strategic Crypto Reserve also gained 2.7 percent overnight.
Bitcoin's crypto market dominance stands at 58.3 percent while Ethereum's share is currently 13 percent of the overall crypto market.
Bitcoin is currently trading at $119,587.10 recording overnight gain of 2.1 percent. BTC had ranged between $119,816.73 and $116,805.76 in the past 24 hours. The cryptocurrency is currently trading about 4 percent below the all-time-high of $124,457.12 recorded on August 14.
Ethereum also rallied 2.5 percent overnight to trade at $4,415.07. Ether's current trading price is 11 percent below its all-time-high. The 24-hour trading range was between $4,423.12 and $4,290.84.
Net inflows to Bitcoin-based Spot ETF products in the U.S. increased to $676 million on Wednesday from $430 million on Tuesday. iShares Bitcoin Trust ETF (IBIT) topped with inflows of $406 million.
Ethereum-based Spot ETF products witnessed net inflows of $81million on Wednesday versus inflows of $128 million on Tuesday. Fidelity Ethereum Fund (FETH) topped with inflows of $37 million.
Bitcoin jumped to the 7th position while Ethereum retained the 22nd position in the global ranking of all assets as per market capitalization compiled by companiesmarketcap.com.
3rd ranked XRP added 1.6 percent overnight to trade at $2.98, around 22 percent below the all-time high.
5th ranked BNB gained 2.9 percent overnight at its current trading price of $1,055.97.
The price of 6th ranked Solana increased 3.1 percent overnight to $226.49.
8th ranked Dogecoin jumped 4.5 percent overnight and is currently changing hands at $0.2550.
TRON ranked 9th overall added 0.86 percent overnight and is currently changing hands at $0.3419.
10th ranked Cardano gained 1.6 percent overnight to trade at $0.8529.
49th ranked Zcash (ZEC) topped overnight gains among the top 100 cryptocurrencies with a gain of close to 64 percent. 84th ranked DeXe (DEXE) surged 32.9 percent.
44th ranked MYX Finance (MYX) topped overnight losses among the top 100 cryptocurrencies with a decline of almost 19 percent. 61st ranked DoubleZero (2Z) also erased around 15 percent in the past 24 hours.
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