WASHINGTON (dpa-AFX) - Cryptocurrencies are trading firm above the flatline, lifting market capitalization to $2.71 trillion, even as world markets wait with bated breath for the release of the February CPI readings from the U.S.
Global markets have increased the expectations of a rate cut by the Fed in the light of the recent assurances by Chair Jerome Powell in the Congressional testimony. Nevertheless, the market spotlight is undoubtedly on the CPI readings for February due from the U.S. on Tuesday. The headline annual inflation is seen steady whereas its core component is seen declining. The headline month-on-month reading is seen edging up whereas its core component is seen edging lower. Despite mixed expectations, cryptocurrencies are trading firm above the flatline.
In the global ranking of all assets published by companiesmarketcap.com, only Gold (market cap: $14.6 trillion) and Microsoft (market cap: $3.0 trillion) command a market capitalization higher than the overall crypto market capitalization of $2.71 trillion.
Bitcoin is currently trading at $72,149.57, recording overnight gains of 0.58 percent, weekly addition of 8.3 percent and a year-to-date surge of more than 70 percent. Bitcoin had touched a fresh all-time high of $72,850.71 in the past 24 hours.
Bitcoin is currently ranked 8th in the global ranking of all assets published by companiesmarketcap.com. In addition to Gold and Microsoft, only Apple (market cap: $2.67 trillion), NVIDIA (market cap: $2.14 trillion), Saudi Aramco (market cap: $2.07 trillion), Amazon (market cap: $1.79 trillion) and Alphabet (market cap: $1.72 trillion) command market capitalization higher than Bitcoin's market capitalization of $1.41 trillion. With a market capitalization of $1.38 trillion, Silver is currently ranked 1 notch below Bitcoin.
Ethereum traded between $4,092.28 and $3.969.38 in the past 24 hours. At its current price of $4,027.61, the leading altcoin has edged down 0.35 percent overnight. Ether has however added7.9 percent in the past week and 76.5 percent in 2024.
13th ranked Toncoin (TON) topped overnight gains with an overnight surge of close to 25 percent.
6th ranked XRP (XRP) jumped more than 12 percent overnight amidst reports of large token movements from crypto exchange Binance.
35th ranked Render (RNDR) and 61st ranked dogwifhat (WIF), both slipped more than 10 percent in the past 24 hours.
Driving the enthusiasm in crypto sphere is the massive inflow of funds to digital asset investment products. The CoinShares' Digital Asset Fund Flows Weekly report on institutional investments showed a net inflow of $2.7 billion for the week ended March 8, versus $1.8 billion in the previous week. Year-to-date flows have increased to $10.3 billion, lifting cumulative AUM to $94.4 billion.
Bitcoin products that recorded weekly inflows of $2.6 billion constituted bulk of the inflows. Solana-based products recorded inflows of $23.6 million followed by Short Bitcoin products that witnessed inflows of $11.2 million. Multi-asset products attracted inflows of $3.2 million whereas Polkadot-based products received inflows of $2.7 million. XRP-based products recorded inflows of $1.5 million during the past week. Ethereum-based products however recorded outflows of $2.1 million.
Of the cumulative AUM of $94.4 billion, more than 76 percent is attributed to Bitcoin products that account for an AUM of $71.8 billion. Ethereum products constitute an AUM of $16.9 billion. Multi-asset portfolios command assets under management of $3.3 billion. An AUM of $1.2 billion is attributed to Solana-based products and $480 million to Binance-based products.
The provider-wise analysis of flows inter alia shows outflows of $1.7 billion from Grayscale Investments and inflows of $2.1 billion to iShares ETF, $1.3 billion to Fidelity ETF, $189 million to ProShares ETF and $187 million to Ark 21 Shares during the past week.
Despite the massive cumulative outflows recorded since the Bitcoin Spot ETF approval by the SEC, Grayscale Investments still accounts for an AUM of $39.9 billion, which is more than 42 percent of the cumulative AUM of $94.4 billion. iShares commands an AUM of $13.6 billion, followed by Fidelity that has mobilized assets under management to the tune of $8.6 billion.
The country-wise analysis shows weekly inflows of $2.8 billion to United States. Switzerland recorded inflows of $20.6 million. Brazil recorded inflows of $17.5 million followed by Australia that saw inflows of $5.3 million. Germany recorded outflows of $76.8 million followed by Sweden that saw outflows of $38.7 million and Canada that witnessed outflows of $34.9 million.
Of the cumulative AUM of $94.4 billion of which $74.1 billion or 78.5 percent is in United States. Canada follows with AUM of $5.3 billion. Switzerland accounts for AUM of close to $4.9 billion, followed by Germany with $4.4 billion and Sweden with $3.8 billion.
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