WASHINGTON (dpa-AFX) - Sentiment remains muted and cryptocurrencies are trading on a mixed note even as markets held on to firm hopes of another rate cut by the Federal Reserve in the December review.
Softer economic data from the U.S. and further signals from Fed officials supporting additional easing added to the optimism. Data released on Tuesday had revealed a lower-than-expected level of retail sales and core producer price inflation in the month of September. Markets also speculated on the likelihood of a dovish candidate being considered to succeed Fed Chair Jerome Powell. With markets expecting policymakers to prioritize a weakening labor market over sticky inflation, rate cut expectations remain strong.
However, the CMC Fear and Greed Index, a proprietary tool developed by CoinMarketCap to measure the prevailing sentiment in the cryptocurrency market is still in extreme fear territory. The index is currently at 15, versus 15 a day ago and 16 a week ago. The index had touched a yearly low of 10 on November 22.
Amidst firm rate cut hopes and lingering fear, the crypto market capitalization is currently at $2.99 trillion, recording an overnight decline of 0.08 percent. The 24-hour trading volume has also decreased 11.6 percent to $133 billion. 22 of the top 100 cryptocurrencies are trading with overnight gains of more than 1 percent whereas 16 of the top 100 cryptocurrencies have declined more than 1 percent during the past 24 hours.
Among the top 10 non-stablecoin cryptocurrencies, XRP, BNB, TRON, Hyperliquid and Bitcoin Cash and are trading with year-to-date gains whereas Bitcoin, Ethereum, Solana, Dogecoin and Cardano are trading with year-to-date losses.
The price moves in the cryptocurrency market comes amidst a strengthening of the dollar and a rally in Gold Futures. The Dollar Index which measures the dollar's strength against a basket of 6 currencies is currently at 99.83 versus 99.66 at the previous close. Gold Futures for February settlement is currently trading at $4,193.60 per troy ounce, implying overnight addition of 0.68 percent.
Bitcoin has slipped 0.42 percent in the past 24 hours to trade at $86,834.82. The current price is around 31 percent below the all-time high of $126,198.07 recorded on October 7. The original cryptocurrency is grappling with losses of 4.9 percent on a weekly basis and 7 percent on a year-to-date basis. The 24-hour trading ranged between $88,162.56 and $86,131.43.
Data showed that Bitcoin Spot ETF products in the U.S. recorded inflows of $129 million on Tuesday versus outflows of $151 million on Monday. Fidelity Wise origin Bitcoin Fund (FBTC) topped with inflows of $171 million followed by market leader BlackRock's iShares Bitcoin Trust (IBIT) that recorded inflows of $83 million.
Ethereum added 0.6 percent overnight to trade at $2,911.18. With prices declining 41 percent from the all-time-high, the leading alternate coin is saddled with weekly losses of 5.9 percent and year-to-date losses of 12.6 percent.
Ethereum Spot ETF products witnessed inflows decreasing to $79 million on Tuesday from $97 million on Monday. Fidelity Ethereum Fund (FETH) topped with inflows of $48 million followed by market leader BlackRock's iShares Ethereum Trust ETF (ETHA) that recorded inflows of $46 million.
Bitcoin is continuing in the 9th rank while Ethereum has improved 1 notch to the 42nd rank in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
4th ranked XRP slipped 1.3 percent overnight reducing its current trading price to $2.17.
5th ranked BNB added 0.4 percent overnight resulting in price increasing to $857.29.
The price of 6th ranked Solana increased 0.4 percent overnight to $137.13.
TRON ranked 8th overall added 0.89 percent overnight and is currently changing hands at $0.2745.
9th ranked Dogecoin gained 1.1 percent overnight and is currently changing hands at $0.1501.
10th ranked Cardano added 0.3 percent overnight to trade at $0.4170.
95th ranked Monad (Mon) topped overnight gains among the top 100 cryptocurrencies with a surge of close to 30 percent. 82nd ranked SPX6900 (SPX) followed with gains of 18.6 percent.
36th ranked Aster (ASTER) topped overnight losses with a decline of 7.3 percent.
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