WASHINGTON (dpa-AFX) - Cryptocurrencies rallied in the past 24 hours as sentiment improved following softer-than-expected consumer price inflation readings released from the U.S. on Thursday morning. Anxiety also eased following Bank of Japan's widely anticipated interest rate hike. Overall crypto market capitalization increased more than 1 percent in the past 24 hours.
Data released by the U.S. Bureau of Labor Statistics on Thursday morning showed headline annual consumer price inflation in the U.S. at 2.7 percent in November. The previous reading related to September revealed a level of 3 percent. Markets had expected a reading of 3.1 percent. Though markets had expected a level of 3 percent, the core inflation showed a reading of 2.6 percent only.
In line with market expectations, the Bank of Japan unanimously increased its key short-term interest rate by quarter percentage to 0.75 percent, marking the highest level since September 1995.
Crypto markets witnessed a relief rally as the two key macro-economic concerns passed without major disappointment. Cryptocurrency market capitalization increased around 1.4 percent overnight to $2.96 trillion. The 24-hour trading volume also jumped 26 percent to $147 billion. Among the top 100 cryptocurrencies, 32 are trading with overnight gains of more than a percent whereas 17 are trading with overnight losses of more than a percent.
Bitcoin has gained 0.9 percent in the past 24 hours to trade at $87,951.68. The current price is around 30 percent below the all-time high of $126,198.07 recorded on October 7. The original cryptocurrency has slipped 4.6 percent in the past week and is still saddled with losses of 5.8 percent on a year-to-date basis.
Bitcoin Spot ETF products in the U.S. witnessed net outflows of $457 million on Thursday versus inflows of $161 million on the previous day. Fidelity Wise Origin Bitcoin Fund (FBTC) topped with outflows of $170 million.
Ethereum rallied 3.4 percent overnight to trade at $2,949.26. The leading alternate coin is still trading 40 percent below the all-time-high of $4,953.73. Ether's year-to-date losses have now decreased to 11.5 percent.
Ethereum Spot ETF products in the U.S. witnessed net outflows of $97 million on Thursday versus net outflows of $22 million a day earlier. iShares Ethereum Trust ETF (ETHA) topped with net outflows of $102 million.
Market leader Bitcoin traded between $89,412.66 and $85,107.66 during the past 24 hours while leading alternate coin Ethereum ranged between $2,994.55 and $2,777.12 during the same time period.
Bitcoin is currently ranked 8th and Ethereum 39th in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
4th ranked BNB added 0.9 percent overnight resulting in price increasing to $845.39.
5th ranked XRP is trading flat at $1.86.
The price of 7th ranked Solana gained 0.9 percent overnight to $124.43.
TRON ranked 8th overall gained 0.8 percent overnight and is currently changing hands at $0.2795.
9th ranked Dogecoin rallied 2 percent overnight and is currently trading at $0.1278.
10th ranked Cardano gained 0.63 percent overnight to trade at $0.3659.
16th ranked UNUS SED LEO (LEO) topped overnight gains among the top 100 cryptocurrencies with a gain of 12.7 percent. 11th ranked Bitcoin Cash (BCH) also added 9.3 percent in the past 24 hours.
70th ranked MYX Finance (MYX) topped overnight losses among the top 100 cryptocurrencies with a decline of 11.8 percent. 38th ranked MemeCore (M) followed with losses of 8.1 percent.
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