WASHINGTON (dpa-AFX) - Cryptocurrencies recorded a forceful rebound on Wednesday lifting market capitalization more than 6 percent on an overnight basis. The jump comes amidst comments from U.S. Securities and Exchange Commission Chairman Paul Atkins about granting innovation exemption to the cryptocurrency industry in a month's time. A decision by asset manager Vanguard to allow ETFs and mutual funds that primarily hold cryptocurrencies to trade on its platform also boosted sentiment.
Inflows to Bitcoin Spot ETF products in the U.S. also supported sentiment. Bitcoin Spot ETF products in the U.S. recorded net inflows of $59 million on Tuesday versus inflows of $9 million on Monday. Market leader iShares Bitcoin Trust ETF (IBIT) recorded inflows of $120 million on Tuesday in sharp contrast to outflows of $66 million on Monday.
The surge in cryptocurrency prices also comes amidst the Dollar's retreat. The six-currency Dollar Index has declined 0.36 percent overnight to 99.00. Rate cut expectations from the Federal Reserve also remain strong. The CME FedWatch tool that tracks the expectations of interest rate traders reveals a probability of 87 percent for another quarter percentage rate cut in the FOMC's rate decision to be announced on December 10.
Market leader Bitcoin traded between $87,107.62 and $93,965.10 during the past 24 hours while leading alternate coin Ethereum ranged between $2,817.63 and $3,084.96 during the same time period.
Amidst a broad-based surge in cryptocurrency prices, 79 of the top 100 cryptocurrencies are trading with overnight gains of more than 1 percent. Only 4 of the top 100 cryptocurrencies have declined more than 1 percent during the past 24 hours. With sentiment bolstered by the positive developments, overall cryptocurrency market capitalization has leaped 6.3 percent overnight to $3.14 trillion. The jump was also accompanied by an addition of 18.5 percent in the 24-hour trading volume to $172 billion.
Among the top 10 non-stablecoin cryptocurrencies, XRP, BNB, TRON, Bitcoin Cash and Hyperliquid are trading with year-to-date gains whereas Bitcoin, Ethereum, Solana, Dogecoin and Cardano are trading with year-to-date losses.
Bitcoin has added 6.4 percent in the past 24 hours to trade at $93,021.36. The current price is around 26 percent below the all-time high of $126,198.07 recorded on October 7. The original cryptocurrency has gained 7.1 percent in the past week but is grappling with losses of 0.40 percent on a year-to-date basis.
Ethereum added 8.5 percent overnight and 5.5 percent in the past week to trade at $3,070.24. Despite the rebound, the leading alternate coin is still trading 38 percent below the all-time-high and is saddled with year-to-date losses of 7.8 percent.
Outflows from Ethereum Spot ETF products in the U.S. decreased to $10 million on Tuesday from $79 million on Monday. Market leader iShares Ethereum Trust ETF (ETHA) however recorded outflows of $89 million versus inflows of $27 million a day prior.
Bitcoin improved to the 8th rank while Ethereum jumped to the 39th rank in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
4th ranked XRP rallied 6.9 percent overnight lifting its current trading price to $2.17.
5th ranked BNB also jumped 6.6 percent overnight resulting in price increasing to $897.62.
The price of 6th ranked Solana jumped 10.6 percent overnight to $141.56.
TRON ranked 8th overall added 0.42 percent overnight and is currently changing hands at $0.2793.
9th ranked Dogecoin gained 9.9 percent overnight and is currently changing hands at $0.1501.
10th ranked Cardano jumped 11.4 percent overnight to trade at $0.4374.
99th ranked DoubleZero (2Z) topped overnight gains among the top 100 cryptocurrencies with a surge of 29.6 percent. 19th ranked Sui (SUI) followed with overnight gains of 23.9 percent.
51st ranked MemeCore (M) topped overnight losses among the top 100 cryptocurrencies with a decline of 5.1 percent. 59th ranked Quant (QNT) followed with losses of 3.7 percent.
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