WASHINGTON (dpa-AFX) - Cryptocurrencies staged an emphatic rally in the past 24 hours after a flash crash over the weekend saw a massive erosion in market capitalization. Between the U.S.'s announcement of massive trade tariffs on China on Friday and the toning down of the aggressive rhetoric on Sunday, crypto market capitalization oscillated between $3.65 trillion $4.15 trillion.
The latest trade jitters as well as the rebound that followed have impacted all asset classes. Positive sentiment now prevails in Wall Street, the dollar has rebounded, and gold touched a fresh all-time high again.
Gold Futures for December settlement is currently trading at $4,111.30 per troy ounce, implying overnight gains of 2.8 percent. Gold Futures touched an all-time high of $4,116.27 earlier in the day's trade.
The 6-currency Dollar Index which measures the dollar's strength against a basket of 6 currencies is currently at 99.21, versus 98.98 at the previous close. The index has gained 0.23 percent from the previous close.
Overall crypto market capitalization surged 3.9 percent in the past 24 hours to $3.89 trillion. The 24-hour trading volume also increased more than 40 percent to $286 billion.
86 of the top 100 cryptocurrencies have gained more than a percent whereas 3 have slipped more than a percent in the past 24 hours.
Bitcoin which touched a 24-hour low of $104,582 on Friday is currently trading at $115,191. While overnight gains are at 3.4 percent, the leading cryptocurrency has lost more than 8 percent in the past week. The current trading price is 9 percent below the all-time-high.
Ethereum has rallied 8.3 percent overnight to trade at $4,141. The leading alternate coin has lost 11 percent over the course of the past 7 days. Ether's current trading price is 16 percent below its all-time-high.
Bitcoin-based Spot ETF products in the U.S. had witnessed outflows of $5 million on Friday versus inflows of $198 million a day earlier.
Ethereum-based Spot ETF products had recorded net outflows of $175 million on Friday versus outflows of $9 million on Thursday.
4th ranked BNB gained 4.7 percent overnight at its current trading price of $1,292.62.
5th ranked XRP edged rallied 8.7 percent overnight to trade at $2.59, around 32 percent below the all-time high.
The price of 6th ranked Solana increased 8.6 percent overnight to $195.63.
8th ranked Dogecoin jumped 11.8 percent overnight and is currently changing hands at $0.2103.
TRON ranked 9th overall gained 1.9 percent overnight and is currently changing hands at $0.3221.
10th ranked Cardano surged 12.2 percent overnight to trade at $0.7206.
87th ranked Synthetic (SNX) topped overnight gains among the top 100 cryptocurrencies with a gain of more than 131 percent.
30th ranked ZCash (ZEC) topped overnight losses among the top 100 cryptocurrencies with a decline of more than 6 percent.
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