Cryptocurrencies continue to rise as market expectations of a crypto-friendly political leadership in the U.S. increased. Reports of Ether Spot ETF products getting ready for a launch early next week also boosted sentiment. Markets also cheered the jump in inflows to Bitcoin Spot ETF products in the U.S. on Tuesday.
The CME FedWatch tool that tracks the expectations of interest rate traders currently shows a probability of more than 98 percent for a rate cut in September. It was 73 percent a day earlier and 62 percent a month ago. The rate-cut inspired weakness in the Dollar also supported the surge in cryptocurrencies. The Dollar Index which measures the U.S. Dollar’s strength against a basket of 6 currencies plunged 0.54 percent to a 4-month low of 103.71.
Overall crypto market capitalization has increased to $2.38 trillion from the level of $2.34 trillion a day earlier.
Amidst the positive sentiment, Bitcoin touched a 24-hour high of $66,066.73. It is currently trading at $64,865.16 implying overnight gains of 1.5 percent, weekly gains of 12.3 percent and year-to-date addition of 53 percent. At this level, the leading cryptocurrency is only 12 percent or $8,885 away from the all-time high of $73,750 recorded on March 14, 2024.
Data from Farside Investors on Bitcoin Spot ETF products in the U.S. showed a net inflow of $423 million on Tuesday, jumping from $301 million on Monday. The resumption of positive ETF flows also boosted sentiment.
Even as markets gear up for the much-awaited Ether Spot ETF launch, 2nd ranked Ethereum (ETH) recorded overnight gains of 1.3 percent. Ether has gained 11.7 percent in the past week and close to 52 percent in 2024. Ether is currently changing hands at $3,459.27, around 29 percent below the all-time high of $4,891.70 recorded in November 2021.
4th ranked BNB (BNB) added 1.1 percent overnight and 9.5 percent over the past week. BNB is currently changing hands at $575.92.
5th ranked Solana (SOL) added 2.6 percent overnight to trade at $160.84. SOL has added more than 13 percent in the past week.
XRP (XRP) jumped to the 6th rank overall with an overnight surge of 13.9 percent and weekly surge of 43.3 percent. The brilliant rally helped XRP to trade in the green zone on a year-to-date basis. The cryptocurrency is currently trading at $0.6263 versus the level of $0.6149 on December 31, 2023. XRP currently tops gains among the top 10 cryptocurrencies on an overnight, weekly and 30-day horizon.
8th ranked Toncoin (TON) slipped 1.6 percent on the past 24 hours to trade at $7.23. The slippage has resulted in weekly losses of 0.74 percent and losses of 7.4 percent over the 30-day horizon. Nevertheless, TON’s year-to-date gain of 213 percent is the best among the top-20 cryptocurrencies.
9th ranked Dogecoin (DOGE) gained 2.2 percent on an overnight basis to trade at $0.1252. Helped by gains of more than 15 percent over the past week, the top-ranked meme coin has gained close to 40 percent in 2024.
10th ranked Cardano (ADA) rallied 3.8 percent overnight and is currently changing hands at $0.4495. Despite weekly gains of more than 17 percent, ADA is the highest-ranking cryptocurrency to trade with year-to-date losses.
86th ranked Worldcoin (WLD) topped overnight gains among the top 100 cryptocurrencies with a surge of more than 27 percent. 100th ranked Helium (HNT) followed with gains of more than 19 percent.
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