WASHINGTON (dpa-AFX) - Cryptocurrencies rallied in the past 24 hours amidst Fed rate cut hopes that remain strong despite the spike in bond yields and the retreat in gold prices.
The CME FedWatch tool shows the likelihood of a quarter percentage rate cut in the Fed decision to be announced on December 10 at 87.4 percent versus 86.2 percent a day ago, 86.4 percent a week ago, and 66.9 percent a month ago.
Overall cryptocurrency market capitalization has increased 3.9 percent overnight to $3.12 trillion. The decline was accompanied by a surge of 60 percent in the 24-hour trading volume to $126 billion.
At current prices, 79 of the top 100 cryptocurrencies are trading with overnight gains of more than 1 percent. Only 2 of the top 100 cryptocurrencies have slipped more than 1 percent during the past 24 hours.
Bitcoin has gained 3.1 percent in the past 24 hours to trade at $90,905.92. The current price is around 28 percent below the all-time high of $126,198.07 recorded on October 7. The original cryptocurrency has gained 5.5 percent in the past week but is still saddled with losses of 2.7 percent on a year-to-date basis.
Ethereum gained 6.4 percent overnight to trade at $3,132.33. The leading alternate coin is still trading 37 percent below the all-time-high and is grappling with year-to-date losses of close to 6 percent.
Market leader Bitcoin traded between $92,267.11 and $88,206.35 during the past 24 hours while leading alternate coin Ethereum ranged between $3,177.87 and $2,941.89 during the same time period.
Bitcoin is currently ranked 9th rank and Ethereum 39th rank in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
4th ranked XRP jumped 4.5 percent overnight lifting its current trading price to $2.09.
5th ranked BNB also rallied 3.9 percent overnight resulting in price increasing to $908.18.
The price of 7th ranked Solana jumped 7.3 percent overnight to $137.65.
TRON ranked 8th overall edged up 0.17 percent overnight and is currently changing hands at $0.2848.
9th ranked Dogecoin jumped 6.3 percent overnight and is currently changing hands at $0.1438.
10th ranked Cardano also leaped 7.2 percent overnight to trade at $0.4370.
18th ranked Zcash (ZEC) topped overnight gains among the top 100 cryptocurrencies with a surge of 18.5 percent.
74th ranked MYX Finance (MYX) topped overnight losses among the top 100 cryptocurrencies with a decline of 1.3 percent.
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