WASHINGTON (dpa-AFX) - Cryptocurrencies are trading in the overnight green zone as markets digest the outcome of the midterm elections in the U.S. Riding a massive blue wave, the Democrats have secured control of both chambers of Congress. Overall cryptocurrency market capitalization has increased to $2.62 trillion while Bitcoin touched a 24-hour high of $78,696 amidst a relief rally attributed to elimination of the electoral uncertainty.
Worries about increased political resistance to pushing crypto-friendly policies however limited the gains for cryptocurrencies.
The positive sentiment in the cryptocurrency market comes amidst the Dollar's retreat, an easing in global bond yields, a plunge in crude oil prices and a surge in the price of gold.
Overall cryptocurrency market capitalization has increased to $2.62 trillion.
Aggregate crypto liquidations during the 24-hour period stood at $452 million comprising long positions of $273 million and short positions of $179 million.
Bitcoin (BTC), the largest cryptocurrency is currently trading 1.55 percent higher on an overnight basis at $78,576.60. Bitcoin is however saddled with losses of 2.7 percent in the past week.
Bitcoin Spot ETF products in the U.S. witnessed net outflows declining to $116 million on Tuesday from $399 million on Monday. Market leader iShares Bitcoin Trust ETF (IBIT) topped with net outflows of $95 million.
Bitcoin is continuing in the 13th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com. The leading cryptocurrency is positioned between 12th ranked Broadcom and 14th ranked Tesla.
Ethereum (ETH) has gained 1.55 percent overnight to $2,323.14. The leading alternate coin has however lost 0.5 percent in the past week.
Ethereum Spot ETF products in the U.S. witnessed net outflows decreasing to $85 million on Tuesday from $140 million on Monday. iShares Ethereum Trust ETF (ETHA) topped with net outflows of $74 million.
Ethereum is continuing in the 66th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
4th ranked BNB (BNB), the native coin of the BNB Chain ecosystem is trading with overnight gains of 0.47 percent and weekly losses of 6.4 percent.
5th ranked XRP (XRP), a payments-focused cryptocurrency edged up 0.82 percent overnight and is currently trading at $1.2886.
The price of 7th ranked Solana (SOL) edged down 0.09 percent overnight to $93.27. U.S.-listed Solana Spot ETF products witnessed nil flows on Tuesday as well as Monday.
TRON (TRX) ranked 8th overall is currently trading 0.97 percent lower at $0.3194.
9th ranked Hyperliquid (HYPE) slipped 1.6 percent on an overnight basis to $84.50. U.S.-listed Hyperliquid Spot ETF products witnessed net inflows of $1 million on Tuesday versus net outflows of $3 million a day earlier.
10th ranked Zcash (ZEC) surged 9.2 percent overnight and the cryptocurrency is currently trading at $1,300.66. U.S.-listed Zcash Spot ETF products witnessed net outflows of $4 million on Tuesday as well as Monday.
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