WASHINGTON (dpa-AFX) - Aggregate cryptocurrency market capitalization declined further during the past 24 hours amidst a surge in crude oil prices. While Brent crude oil futures climbed to a day-high of $100.87, WTI crude oil futures touched a high of $91.90, as disruptions to oil transit triggered by the Middle East war weighed heavily on sentiment. Overall crypto market capitalization has declined more than 1 percent during the past 24 hours while Bitcoin traded between $66,359 and $64,932 during the same period.
Brent Oil Futures for September settlement are currently trading at $100.50, surging 6.4 percent overnight from the previous close of $94.07. With the day's jump, Brent's price movement has resulted in weekly gains of 19.5 percent, monthly addition of 36.5 percent and year-to-date gains of more than 65 percent.
West Texas Intermediate (WTI) Crude Oil Futures for September settlement has rallied 5.5 percent from the previous close of $86.83 to trade at $91.64. Amidst the recent spike, WTI crude oil is holding on to weekly gains of 17.1 percent, monthly surge of more than 30 percent and year-to-date gains of close to 60 percent.
The recent surge in crude oil prices has strengthened expectations of a rate hike by the Federal Reserve. Though markets currently assign only a 38-percent likelihood for a quarter-percentage Fed rate hike in July, the expectations regarding a rate hike in September are more entrenched. According to the CME FedWatch tool that tracks the expectations of interest rate traders, the likelihood of a quarter percent rate hike is 55 percent while the expected probability of a half percent rate hike is 26 percent.
As interest rates rising from current levels increase the opportunity cost of holding the non-earning cryptocurrencies, market sentiment has been impacted. Aggregate market capitalization has declined 1.4 percent overnight to $2.22 trillion.
Only 6 of the top 100 cryptocurrencies are trading with overnight gains of more than a percent whereas more than 55 are trading with overnight losses of 1 percent or more. The decline in overall crypto market capitalization was also accompanied by a 12-percent dip in trading volumes.
Bitcoin (BTC), the largest cryptocurrency is trading 1.3 percent lower at $65,011.07. The current price is around 48 percent below the all-time high of $126,198.07 recorded on October 7, 2025. The original cryptocurrency's year-to-date losses stand at 25.7 percent.
Bitcoin Spot ETF products in the U.S. witnessed net inflows declining to $69 million on Wednesday from $203 million on Tuesday and $227 million on Monday. iShares Bitcoin Trust ETF topped with net inflows of $39 million, closely followed by Grayscale Bitcoin Mini Trust ETF that witnessed net inflows of $38 million.
Bitcoin has improved to the 13th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com. The leading cryptocurrency is ranked between SpaceX in the 12th position and Tesla in the 14th position.
Ethereum (ETH) is trading 2.1 percent lower at $1,900.97. The leading alternate coin is trading 62 percent below the all-time-high of $4,953.73 recorded on August 25, 2025. The 24-hour trading ranged between $1,955.15 and $1,894.57. Ethereum is still grappling with year-to-date losses of close to 36 percent.
Ethereum Spot ETF products in the U.S. witnessed net inflows rising to $73 million on Wednesday from $38 million on Tuesday and Monday. iShares Ethereum Trust ETF (ETHA) topped with net inflows of $54 million.
Ethereum is continuing in the 85th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
4th ranked BNB (BNB) slipped 1.2 percent overnight resulting in price decreasing to $566.53. BNB is trading 59 percent below the all-time high of $1,370.55 touched on October 13, 2025.
6th ranked XRP (XRP), a payments-focused cryptocurrency lost 2.8 percent overnight and is currently trading at $1.11, around 71 percent below the all-time high of $3.84 touched on January 4, 2018.
The price of 7th ranked Solana (SOL) decreased 1.6 percent overnight to $76.76. SOL's current price is around 74 percent below its all-time-high of $294.33 recorded on January 19, 2025.
TRON (TRX) ranked 8th overall lost 0.86 percent overnight and is currently changing hands at $0.3265. The trading price is 26 percent below the cryptocurrency's all-time high of $0.4407 recorded on December 4, 2024.
9th ranked Hyperliquid (HYPE) however gained 0.87 percent overnight, to trade at $59.44, around 23 percent below the all-time high of $76.85 recorded on June 16.
Memecoin Dogecoin (DOGE) ranked 10th overall lost 3.5 percent overnight and is currently trading at $0.0704. DOGE is trading 90 percent below the peak price of $0.7376 recorded on May 8, 2021.
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