WASHINGTON (dpa-AFX) - Cryptocurrencies rallied in the past 24 hours, aligning with the positive sentiment in global markets despite lingering worries over tech valuations attributed to the hype over AI. Markets also cheered J.P. Morgan arranging a landmark commercial paper issuance on Solana Public blockchain that reiterated the institutional support for cryptocurrencies. Overall crypto market capitalization has gained more than 2 percent in the past 24 hours.
J.P. Morgan on Thursday announced that it has successfully arranged a U.S. Commercial Paper issuance for Galaxy Digital Holdings LP, an affiliate of Galaxy Inc. on Solana. The financial services giant said that the transaction was one of the earliest debt issuances ever executed on a public blockchain, and among the first in the U.S. to harness blockchain for the issuance and servicing of securities. The event marked a significant milestone not only for financial markets but also for the crypto world, bolstering market sentiment significantly.
J.P. Morgan acted as Arranger, created the on-chain USCP token and facilitated the delivery-versus-payment settlement of the primary issuance. Both the issuance and redemption proceeds would be paid in USDC stablecoins issued by Circle, representing another market first for the USCP market.
Aggregate crypto market capitalization has increased 2.2 percent overnight to $3.14 trillion. While 64 of the top 100 cryptocurrencies are trading with overnight gains of more than a percent, only 6 are trading with overnight losses of more than a percent.
Bitcoin has rallied 2.6 percent in the past 24 hours to trade at $92,387.44. The current price is around 27 percent below the all-time high of $126,198.07 recorded on October 7. The original cryptocurrency has gained 1.2 percent in the past week but is still saddled with losses of 1.1 percent on a year-to-date basis.
Bitcoin Spot ETF products in the U.S. witnessed net outflows of $77.5 million despite net inflows of $76.7 million recorded by market leader iShares Bitcoin Trust (IBIT). Fidelity Wise Origin Bitcoin Fund (FBTC) recorded outflows of $103.6 million.
Ethereum added 1.5 percent overnight to trade at $3,247.27. The leading alternate coin is still trading 34 percent below the all-time-high of $4,953.73. Ether's year-to-date losses have now been restricted to 2.5 percent.
Ethereum Spot ETF products in the U.S. witnessed net outflows of $42 million. Market leader Bitcoin traded between $93,554.27 and $89,335.30 during the past 24 hours while leading alternate coin Ethereum ranged between $3,272.19 and $3,149.03 during the same time period.
Bitcoin is currently ranked 9th rank and Ethereum 37th rank in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
4th ranked XRP gained 1.8 percent overnight lifting its current trading price to $2.04.
5th ranked BNB added 2.4 percent overnight resulting in price increasing to $888.12.
The price of 7th ranked Solana jumped 6.2 percent overnight to $139.41.
TRON ranked 8th overall however slipped 1.1 percent overnight and is currently changing hands at $0.2774.
9th ranked Dogecoin rallied 2.3 percent overnight and is currently trading at $0.1411.
10th ranked Cardano rose 2.2 percent overnight to trade at $0.4253.
100th ranked Merlin Chain (MERL) topped overnight gains among the top 100 cryptocurrencies with a gain of more than 20 percent.
90th ranked Tezos (XTZ) topped overnight losses among the top 100 cryptocurrencies with a decline of 3.7 percent.
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