WASHINGTON (dpa-AFX) - Negative sentiment prevails in the cryptocurrency market despite an easing in trade tensions between the U.S. and China and fading worries about credit stress in regional banks in the U.S. Outflows from crypto spot ETF products weighed on sentiment. Cryptocurrency market capitalization has declined close to 3 percent overnight.
The CMC Fear and Greed Index, a proprietary tool developed by CoinMarketCap to measure the prevailing sentiment in the cryptocurrency market showed signs of improvement with a rise to 33 from 30 a day ago. The index however remained in the fear territory The same was at 42 (neutral) a week ago and 48 (neutral) a month ago.
The price moves in the cryptocurrency market came in the backdrop of weak sentiment in Wall Street, the dollar's strength, and a decline in the prices of gold.
The 6-currency Dollar Index which measures the dollar's strength against a basket of 6 currencies is currently at 98.83, versus 98.59 at the previous close. The index has rallied 0.24 percent from the previous close.
Gold Futures for December settlement is currently trading at $4,283.14 per troy ounce, implying overnight losses of around 1.75 percent. Gold Futures had touched a high of $4,293.15 in the day's trade, not from the all-time high of $4,398.00 recorded a day ago. Prices of the yellow metal, a safe haven bet and gauge of risk aversion retreated amidst easing in trade tensions between the U.S. and China and ebbing fears of credit stress in U.S. regional banks.
Overall crypto market capitalization erased 2.9 percent in the past 24 hours to $3.65 trillion. The 24-hour trading volume however increased 6.6 percent to $176 billion. Only 4 of the top 100 cryptocurrencies have gained more than a percent whereas 85 have slipped more than a percent in the past 24 hours.
Bitcoin is currently trading at $107,803.35 recording overnight losses of 2.7 percent. BTC had ranged between $111,711.03 and $107,534.75 in the past 24 hours. The cryptocurrency is currently trading about 15 percent below the all-time-high of $126,198.07 recorded on October 7.
Bitcoin-based Spot ETF products in the U.S. witnessed outflows of $40 million on Monday versus outflows of $367 million on Friday. iShares Bitcoin Trust ETF (IBIT) topped with outflows of $101 million.
Ethereum also dropped 4.3 percent overnight to trade at $3,867.49. Ether's current trading price is 22 percent below its all-time-high. The 24-hour trading range was between $4,052.51 and $3,843.23.
Ethereum-based Spot ETF products recorded net outflows of $146 million on Monday versus outflows of $232 million on Friday. iShares Ethereum Trust ETF (ETHA) topped with outflows of $118 million.
4th ranked BNB plunged 4.7 percent overnight at its current trading price of $1,068.39.
5th ranked XRP declined 2.3 percent overnight to trade at $2.40, around 37 percent below the all-time high.
The price of 6th ranked Solana decreased 4.5 percent overnight to $184.36. With losses of less than 3 percent, SOL is the highest-ranking cryptocurrency to trade with year-to-date losses.
TRON ranked 8th overall declined more than a percent overnight and is currently changing hands at $0.3207.
9th ranked Dogecoin slipped 3.5 percent overnight and is currently changing hands at $0.1937.
10th ranked Cardano lost 4.3 percent overnight to trade at $0.6418.
29th ranked Zcash (ZEC) topped overnight gains among the top 100 cryptocurrencies with a gain of 3.4 percent. 93rd ranked MYX Finance (MYX) recorded gains of 3.2 percent followed by 55th ranked Sky (SKY) that added more than 2.6 percent.
97th ranked ether.fi (ETHFI) topped overnight losses among the top 100 cryptocurrencies with a decline of more than 10 percent. 92nd ranked Artificial Superintelligence Alliance, 43rd ranked Aster (ASTER) and 23rd ranked Mantle (MNT) followed with overnight losses of more than 9 percent.
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