WASHINGTON (dpa-AFX) - Cryptocurrencies are trading on a mildly positive note on Tuesday morning even as global markets brace for the Fed's rate setting committee's announcement on Wednesday afternoon. Overall cryptocurrency market capitalization is currently at $2.68 trillion, while Bitcoin is hovering near $79,878.
Though the Fed is widely expected to keep rates steady now after the rate hike in September, markets continue to anticipate a rate hike in December. The CME FedWatch tool that tracks the expectations of interest rate traders currently shows the likelihood of a quarter-percent rate hike tomorrow at 9.4 percent and in December at 75.1 percent.
The price movement in the cryptocurrency market comes amidst a mixed sentiment in Wall Street, the dollar's surge, a mixed movement in bond yields as well as a decline in crude oil prices. The tech-heavy Nasdaq Composite has rallied 0.39 percent while the Dow Jones Industrial Average is trading in negative territory. The six-currency Dollar Index which measures the Dollar's strength against a basket of six currencies has gained 0.27 percent overnight to 102.24.
The CMC Crypto Fear and Greed Index which tracks the crypto market sentiment currently shows a reading of 44 versus 43 a day earlier and 51 a week earlier. Overall sentiment is however continuing in neutral territory.
Aggregate crypto liquidations during the 24-hour period stood at $146 million. Liquidation of long positions amounted to $79 million, a tad more than the liquidation of short positions which amounted to $68 million only.
In the above backdrop, overall cryptocurrency market capitalization has gained 0.54 percent to $2.68 trillion. The rally is accompanied by a 13 percent jump in trading volumes.
Among the top 100 cryptocurrencies, 20 are trading with overnight gains of more than a percent whereas 28 are trading with overnight losses of more than a percent.
Bitcoin (BTC), the largest cryptocurrency is currently trading 0.52 percent higher on an overnight basis at $79,878.30. Bitcoin is saddled with losses of 5.9 percent in the past 30 days, and 8.7 percent in the year-to-date period.
Bitcoin Spot ETF products in the U.S. witnessed a reversal in flows on Monday, recording net inflows of $110 million as compared with net outflows of $138 million on Friday. Market leader iShares Bitcoin Trust ETF (IBIT) accounted for the entire inflows.
Bitcoin is currently 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 Meta Platforms.
Ethereum (ETH) has added 0.97 percent overnight to $2,317.54. The leading alternate coin has however lost 4.2 percent in the past week.
Ethereum Spot ETF products in the U.S. witnessed net outflows of $89 million on Monday as compared with net inflows of $4 million on Friday. iShares Ethereum Trust ETF (ETHA) topped with net outflows of $105 million.
Ethereum is currently ranked 65th in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
4th ranked BNB (BNB) rallied 0.55 percent overnight resulting in price increasing to $740.54.
5th ranked XRP (XRP), a payments-focused cryptocurrency rallied 2 percent overnight and is currently trading at $1.30. The price movement comes amidst Ripple Labs winning final approval from the Office of the Comptroller of the Currency for chartering Ripple National Trust Bank.
The price of 7th ranked Solana (SOL) slipped 0.67 percent overnight to $99.93. U.S.-listed Solana Spot ETF products witnessed net outflows of $8 million on Monday versus nil flows on Friday. Bitwise Solana Staking ETF (BSOL) accounted for net outflows of $7 million.
TRON (TRX) ranked 8th overall is currently trading 0.78 percent lower at $0.3279.
9th ranked Zcash (ZEC) jumped 3.6 percent overnight and the cryptocurrency is currently trading at $1,261.63. U.S.-listed Zcash Spot ETF products witnessed net inflows of $2 million on Monday, versus $21 million inflows recorded on Friday.
10th ranked Hyperliquid (HYPE) rallied 2.5 percent on an overnight basis to $78.72. U.S.-listed Hyperliquid Spot ETF products witnessed net outflows of $4 million on Monday versus nil flows on Friday.
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