WASHINGTON (dpa-AFX) - Cryptocurrencies traded mixed early on Friday as rate cut hopes abated amidst hawkish commentary from some Fed officials. Fears of interest rates remaining high for longer than expected played on market mindset, keeping most of the top cryptocurrencies rangebound on Friday.
Amidst concerns over whether interest rates were sufficiently restrictive to forcefully combat inflation and whether the time for a rate cut has finally arrived, cryptocurrencies traded in a mixed fashion. Overall crypto market capitalization is currently at $2.41 trillion versus $2.39 trillion a day earlier. The 24-hour trading volume is 5.8-percent lower at $67.8 billion.
Bitcoin dominates 54.4 percent of the crypto market followed by Ethereum that accounts for market share of 15.2 percent. Stablecoins account for 7.1 percent of the overall crypto market, leaving the residual altcoins with a 23.3 percent share of the overall crypto market cap.
Bitcoin ranged between $66,712.43 and $64,613.06 in the past 24 hours, and is currently trading at $66,233.70, around 10 percent below the all-time high. At its current price, Bitcoin has recorded overnight losses of 0.50 percent, weekly gains of 4.6 percent and gains of 5.7 percent over the 30-day horizon. The leading cryptocurrency is however holding on to gains of close to 50 percent on a year-to-date basis.
Latest data from Farside Investors on Bitcoin Spot ETF flows in the U.S. showed net inflows of $257 million on Thursday versus $303 million a day earlier. iShares Bitcoin Trust (IBIT) topped with net inflows of $93.7 million. in the fourth straight day of inflows, Grayscale Bitcoin Trust (GBTC) which has seen cumulative outflows of $17.7 billion since the launch of multiple ETF products in January, also recorded net inflows of $4.6 million on Thursday.
The net cumulative Bitcoin Spot ETF inflows in U.S. have increased to $12.4 billion, after considering the cumulative outflows of $17.7 billion from the Grayscale Bitcoin Trust. iShares Bitcoin Trust (IBIT) topped with cumulative inflows of $15.6 billion. Fidelity Wise Origin Bitcoin Trust (FBTC) follows with cumulative inflows of $8.4 billion.
Ethereum gained 0.76 percent in the past 24 hours to trade at $3,031.18. The 24-hour trading range was between $3,058.01 and $2,925.09. Though the leading alternate coin has edged down 0.23 percent in the past week, year-to-date gains are close to 29 percent.
Tether (USDT), the top-ranked stablecoin ranked 3rd among all cryptocurrencies, traded between $1.0015 and $0.9997 in the past 24 hours.
4th ranked BNB (BNB) edged up 0.2 percent overnight and its current price is $578.90. 5th ranked Solana (SOL) rallied 2.6 percent overnight and is trading at $167.76.
6th ranked USDC (USDC) traded between $1.0010 and $0.9996 in the past 24 hours.
7th ranked XRP (XRP) has added 0.5 percent overnight to change hands at $0.5212. With losses of more than 17 percent in 2024, XRP continues to be the highest-ranking crypto to trade with year-to-date losses.
8th ranked Toncoin (TON) added more than a percent overnight to trade at $6.66. 9th ranked Dogecoin (DOGE) slipped 1.8 percent overnight. The highest-ranking meme crypto is currently being traded at $0.1522. 10th ranked Cardano (ADA) jumped 7.3 percent in the past 24 hours to trade at $0.4857.
15th ranked Chainlink (LINK), a blockchain oracle token topped overnight gains with a surge of more than 20 percent. LINK has gained 17 percent in the past week amidst a successful pilot program with the Depository Trust and Clearing Corporation.
59th ranked Lido DAO (LDO) followed with gains of 19.3 percent. 99th ranked Pendle (PENDLE) and 65th ranked Ondo (ONDO), both added close to 11 percent in the past 24 hours.
61st ranked Bitget Token (BGB) and 21st ranked UNUS SED LEO (LEO) are the leading overnight laggards with a decline of more than 2 percent.
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