WASHINGTON (dpa-AFX) - Cryptocurrencies extended gains in the past 24 hours amidst the dollar's weakness fueled by strong rate cut expectations from the Federal Reserve.
The U.S. Dollar Index trading near a 30-day low also supported sentiment for cryptocurrencies. The index which measures the U.S. Dollar's strength against a basket of 6 currencies is currently at 98.82 versus 98.85 on Wednesday, 99.60 a week ago and 100.22 a month ago. Growing expectations of a dovish monetary policy by the Fed has shaped a downward trajectory for the Dollar over the course of the past month.
Fed rate cut expectations remain strong, albeit a tad lower than the levels a day ago. The CME FedWatch tool shows that the likelihood of a quarter percentage rate cut in the Fed decision to be announced on December 10 has edged down to 89.2 from 90 a day ago.
Market spotlight is also on the weekly data on initial jobless claims of the previous week due on Thursday and the PCE-based inflation readings for September due on Friday. With the Federal Reserve having to manage both inflation and growth goals, the data releases assume considerable significance.
According to data from Farside, market leader BlackRock's iShares Bitcoin Trust ETF (IBIT) recorded inflows of $42 million. Aggregate flows related to all Bitcoin Spot ETFs in the U.S. however resulted in a net outflow of $15 million.
Ethereum Spot ETF products in the U.S. recorded an inflow of $140 million on Wednesday. iShares Ethereum Trust ETF (ETHA) topped with inflows of $53 million.
Sentiment prevailing in the cryptocurrency market improved slightly as revealed by the CMC Fear and Greed Index. The index, a proprietary tool developed by CoinMarketCap to measure the prevailing sentiment in the cryptocurrency market improved further in the 'fear' territory. The index is currently at 27, versus 22 a day ago and 18 (extreme fear) a week ago. The index had touched a yearly low of 10 (extreme fear) on November 22.
Market leader Bitcoin traded between $94,060.77 and $91,782.96 during the past 24 hours while leading alternate coin Ethereum ranged between $3,238.56 and $3,034.76 during the same time period. Despite the gains, concerns about potential volatility in the market lingered.
Amidst a Fed-led positive sentiment in the cryptocurrency market, 36 of the top 100 cryptocurrencies are trading with overnight gains of more than 1 percent. Only 17 of the top 100 cryptocurrencies have declined more than 1 percent during the past 24 hours.
Overall cryptocurrency market capitalization has gained 0.91 percent overnight to $3.17 trillion. The increase was however accompanied by a decline of 14.1 percent in the 24-hour trading volume to $148 billion.
Among the top 10 non-stablecoin cryptocurrencies, XRP, BNB, TRON, Hyperliquid and Bitcoin Cash are trading with year-to-date gains whereas Bitcoin, Ethereum, Solana, Dogecoin and Cardano are trading with year-to-date losses.
Bitcoin has edged up 0.16 percent in the past 24 hours to trade at $93,172.82. 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 1.9 percent in the past week but is grappling with losses of 0.24 percent on a year-to-date basis.
Ethereum added 3.9 percent overnight and 5.3 percent in the past week to trade at $3,188.32. Despite the rebound, the leading alternate coin is still trading 36 percent below the all-time-high and is saddled with year-to-date losses of 4.3 percent. The price moves came in the backdrop of Ethereum activating its highly anticipated 'Fusaka' upgrade on Wednesday.
Bitcoin maintained the 8th rank whereas Ethereum improved to the 38th rank in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
4th ranked XRP slipped 0.98 percent overnight dragging its current trading price to $2.15. The negative price performance is despite strong demand for XRP Spot ETF products in the U.S. Data from SoSoValue shows cumulative total net inflows to XRP Spot ETF products in the U.S. at $874 million as on Wednesday. The ETFs were launched in mid-November.
5th ranked BNB added 1.4 percent overnight resulting in price increasing to $909.66.
The price of 6th ranked Solana rallied 1.2 percent overnight to $143.21. Data from SoSoValue shows cumulative total net inflows to SOL Spot ETF products in the U.S. at $619 million as on Wednesday. The ETFs were launched in late-November.
TRON ranked 8th overall added 0.47 percent overnight and is currently changing hands at $0.2806.
9th ranked Dogecoin however slipped 0.30 percent overnight and is currently changing hands at $0.1495. Data from SoSoValue shows cumulative total net inflows to DOGE Spot ETF products in the U.S. at $3 million as on Wednesday. The ETFs were launched in late-November.
10th ranked Cardano jumped 1.8 percent overnight to trade at $0.4454.
22nd ranked Zcash (ZEC) topped overnight gains among the top 100 cryptocurrencies with a surge of 12.5 percent. 32nd ranked Bittensor (TAO) followed with overnight gains of 9 percent.
64th ranked Flare (FLR) and 34th ranked Canton (CC) topped overnight losses among the top 100 cryptocurrencies with a decline of 3.4 percent.
For More Cryptocurrency News, visit rttnews.com
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News