WASHINGTON (dpa-AFX) - Cryptocurrencies are trading on a mixed note early on Wednesday, pausing a recent parabolic rally that saw the leading cryptocurrency touch a high of $87,363. Crypto market capitalization is hovering around $2.91 trillion while Bitcoin has slipped a little less than half percent overnight.
A mild short squeeze also helped to create an uptick in cryptocurrency prices. The aggregate liquidations during the 24-hour period stood at $283 million. Liquidation of long positions amounted to $114 million, a tad lower than the liquidation of short positions which amounted to $169 million.
Amidst the weak market sentiment, aggregate crypto market capitalization has decreased 0.28 percent overnight to $2.91 trillion. Simultaneously, trading volumes have also recorded a 14-percent dip. Among the top 100 cryptocurrencies by market capitalization, 40 are trading with overnight gains of more than a percent whereas around 20 are trading with overnight losses of more than a percent.
Bitcoin (BTC), the largest cryptocurrency is currently trading 0.41 percent lower on an overnight basis at $85,706.61, around 32 percent below the all-time high of $126,198.07. The leading cryptocurrency has added almost 13 percent over the course of the past week, reducing year-to-date losses to 3.4 percent. The 24-hour trading ranged between $87,265 and $85,453.
Bitcoin Spot ETF products in the U.S. witnessed net inflows declining to $715 million on Tuesday from $999 million on Monday. iShares Bitcoin Trust ETF (IBIT) topped with net inflows of $350 million. Fidelity Wise Origin Bitcoin Fund (FBTC) followed with net inflows of $257 million.
Bitcoin is continuing in the 12th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com. The leading cryptocurrency is positioned between 11th ranked Broadcom and 13th ranked Saudi Aramco.
Ethereum (ETH) is trading 0.49 percent lower at $2,731.15, around 45 percent below the all-time high of $4,953.73. The leading alternate coin has rallied 10.4 percent over the course of the past week. The 24-hour trading ranged between $2,787.96 and $2,716.89.
Ethereum Spot ETF products in the U.S. also witnessed net inflows decreasing to $162 million on Tuesday from $270 million on Monday. iShares Ethereum Trust ETF (ETHA) topped with net inflows of $88 million.
Ethereum has improved one notch to the 57th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
4th ranked BNB (BNB) shed 0.24 percent overnight resulting in price decreasing to $784.05.
5th ranked XRP (XRP), a payments-focused cryptocurrency jumped 4.2 percent overnight and is currently trading at $1.59.
The price of 7th ranked Solana (SOL) gained 0.49 percent overnight to $117.32, around 60 percent below the all-time high of $294.33. U.S.-listed Solana Spot ETF products witnessed net inflows of increasing to $29 million on Tuesday from $26 million on Monday.
TRON (TRX) ranked 8th overall is currently trading 0.9 percent lower at $0.3431. 9th ranked Zcash (ZEC) however jumped 9.4 percent overnight and the cryptocurrency is currently trading at $1,639.50, around 72 percent below the all-time high of $5,941.80.
10th ranked Hyperliquid (HYPE) rallied 0.94 percent on an overnight basis to $95.74, around 2 percent below the all-time high of $97.98 recorded in the last 24 hours. U.S.-listed Hyperliquid Spot ETF products witnessed nil inflows on Tuesday versus net inflows of $3 million on Monday.
17th ranked Bitcoin Cash (BCH) tops overnight gains among the top 100 cryptocurrencies with a surge of 28.7 percent. The rally came in the backdrop of CME Group's announcement that it would launch Bitcoin Cash futures in October. Grayscale's filing to convert its Bitcoin Cash Trust into a spot ETF also bolstered sentiment towards the cryptocurrency. 85th ranked LayerZero (ZRO) follows with overnight gains of 25.6 percent.
Amidst a market-wide shift away from riskier altcoins, 43rd ranked Pump.fun (PUMP) shed 9.4 percent overnight and tops overnight losses among the top 100 cryptocurrencies. 83rd ranked Stacks (STX) follows with overnight losses of 8.4 percent.
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