WASHINGTON (dpa-AFX) - Cryptocurrencies have gained in the past 24 hours even as global markets brace for the Federal Reserve's interest rate decision, which markets widely expect to be a 'hold'. Sentiment also remains impacted by the looming U.S. budget deadline on January 30 as well as a slew of economic data releases and central bank decisions on the anvil.
Overall crypto market capitalization has increased more than 2 percent in the past 24 hours.
Interest rate expectations from the Fed overwhelmingly point to a pause. According to the CME FedWatch tool, the likelihood of a Fed rate cut announcement on Wednesday afternoon is just 2.8 percent.
In addition to the Federal Reserve, the interest rate decision by the Bank of Canada is also due on Wednesday. Decisions by the Reserve Bank of Australia, Bank of England as well as the European Central Bank are due in the next week.
Cryptocurrencies also got a boost with the dollar's decline triggered by expectations of a dovish candidate succeeding Jerome Powell as Fed Chair as well as comments from President Trump that brushed off the dollar's decline.
The six-currency dollar index is currently at 96.24, after ranging between 95.74 and 96.29.
Despite the positive sentiment in cryptocurrency markets, the gains paled in comparison to the massive gains recorded by precious metals.
While Bitcoin has added 1.8 percent on an overnight basis, gold has rallied 3.4 percent in Wednesday's trading. Likewise, silver has jumped 5.6 percent overnight whereas Platinum has gained 3.7 percent in the day's trading.
Gold futures for April settlement are currently trading at $5,293.50 per troy ounce, gaining 3.4 percent in the past 24 hours. Prices had touched an all-time high of $5,344.70 earlier in the day's trade.
Overall crypto market capitalization is currently at $3.03 trillion, increasing more than 2 percent overnight. 64 of the top 100 cryptocurrencies are trading with overnight gains of more than a percent. At the same time, 4 of the top 100 cryptocurrencies are trading with overnight losses of more than a percent.
Bitcoin has rallied 1.8 percent in the past 24 hours to trade at $89,523.58. The current price is around 29 percent below the all-time high of $126,198.07 recorded on October 7, 2025. The original cryptocurrency has added 0.4 percent in the past week and is holding on to year-to-date gains of 2.3 percent. The 24-hour trading ranged between $89,538.39 and $87,228.92.
Bitcoin Spot ETF products in the U.S. witnessed net outflows of $147 million on Tuesday versus net inflows of $7 million on Monday. iShares Bitcoin Trust ETF (IBIT) topped with outflows of $103 million.
Ethereum has added 3.7 percent overnight to trade at $3,022.39. The leading alternate coin is now trading 39 percent below the all-time-high of $4,953.73 recorded on August 25, 2025. The 24-hour trading ranged between $3,031.83 and $2,903.14.
Ethereum Spot ETF products in the U.S. witnessed net outflows of $64 million on Monday versus net inflows of $117 million on Monday. iShares Ethereum Trust ETF (ETHA) topped with net outflows of $59 million.
Bitcoin is currently ranked 8th and Ethereum 42nd in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
4th ranked BNB rallied 2.77 percent overnight resulting in price increasing to $903.02. BNB is trading 34 percent below the all-time high of $1,370.55 touched on October 13, 2025.
5th ranked XRP added 1.9 percent overnight to trade at $1.92, around 50 percent below the all-time high of $3.84 touched on January 4, 2018.
The price of 6th ranked Solana increased 2.8 percent overnight to $127.25. SOL's current price is around 57 percent below its all-time-high of $294.33 recorded on January 19, 2025.
TRON ranked 8th overall slipped 0.7 percent overnight and is currently changing hands at $0.2918. The trading price is 34 percent below the cryptocurrency's all-time high of $0.4407 recorded on December 4, 2024.
9th ranked Dogecoin jumped 3.6 percent overnight and is currently trading at $0.1262. DOGE is now trading 83 percent below the previous peak of $0.7376 recorded on May 8, 2021.
10th ranked Cardano also gained 3.1 percent overnight to trade at $0.3610. ADA is currently trading 88 percent below the record high of $3.10 touched on September 2, 2021.
91st ranked pippin (PIPPIN) topped overnight gains among the top 100 cryptocurrencies with a gain of more than 57 percent. 12th ranked Hyperliquid (HYPE) followed with overnight gains of more than 24 percent.
63rd ranked River (RIVER) topped overnight losses among the top 100 cryptocurrencies with a decline of 6.5 percent. 100th ranked Kaia (KAIA) followed with overnight losses of 4.5 percent.
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