WASHINGTON (dpa-AFX) - Cryptocurrencies traded in a mixed manner even as world markets waited for the release of the FOMC minutes on Wednesday, for more clues on the Fed's monetary policy outlook. Interest rate cut expectations have been a dominant influence on cryptocurrencies amidst soft CPI readings and weak labor market updates from the U.S.
Overall crypto market capitalization is steady at $2.42 trillion. Among the top-ranked cryptocurrencies, SOL withstood the market turbulence with impressive overnight gains.
Bitcoin has slipped 0.4 percent overnight to trade at $66,846.86, around 9 percent below the all-time high. The 24-hour trading range was between $67,333.71 and $65,937.18.
Ethereum edged down 0.10 percent in the past 24 hours to trade at $3,080.02, almost 37 percent below the all-time high. Ether touched a high of $3,137.80 and a low of $3,050.30 in the past 24 hours.
4th ranked BNB (BNB) declined 1.1 percent overnight and its current price is $572.03. 5th ranked Solana (SOL) rallied 5 percent overnight and is trading at $177.20.
7th ranked XRP (XRP) slipped 0.5 percent overnight to change hands at $0.5129. XRP has shed 16.6 percent in 2024. It is the highest-ranking crypto to trade with year-to-date losses.
8th ranked Toncoin (TON) edged up 0.25 percent in the past 24 hours to trade at $6.43. 9th ranked Dogecoin (DOGE) added 0.42 percent overnight. The highest-ranking meme crypto is currently being traded at $0.1512. 10th ranked Cardano (ADA) declined 1.3 percent in the past 24 hours to trade at $0.466.
97th ranked Pendle (PENDLE) topped overnight gains with a surge of 12.5 percent. 56th ranked Pyth Network (PYTH) also rallied more than 10 percent.
95th ranked ORDI (ORDI) slipped 5.3 percent overnight to trade at $39.17. 57th ranked Bonk (BONK) and 58th ranked Celestia (TIA), both lost more than 4 percent in the past 24 hours.
Meanwhile, the CoinShares' Digital Asset Fund Flows Weekly report showed an inflow of $932 million for the week ended May 17, versus $130 million a week earlier. Year-to-date flows increased to $13.8 billion whereas cumulative AUM increased to $91.8 billion amidst renewed expectations of rate cut by the U.S. Federal Reserve.
Bitcoin products that recorded weekly inflows of $942 million constituted bulk of the flows. Solana-based products also recorded inflows of $4.9 million. Ethereum-based products however recorded outflows of $23.3 million.
Of the cumulative AUM of $91.8 billion, close to 79 percent is attributed to Bitcoin products that account for an AUM of $72.3 billion. Bitcoin's dominance of crypto market is much lower, at around 54 percent. AUM of Ethereum products stood at $12.98 billion. Multi-asset portfolios command assets under management of $3.8 billion. An AUM of $1.3 billion is attributed to Solana-based products and $588 million to Binance-based products.
The provider-wise analysis of flows inter alia shows inflows of $344 million to Fidelity ETF followed by $244 million to Ark 21 Shares. iShares ETF recorded inflows of $132 million followed by Bitwise ETF that witnessed inflows of $129 million.
Despite the massive cumulative outflows recorded since the Bitcoin Spot ETF approval by the SEC, Grayscale Investments received inflows of $18 million in the past week. Though year-to-date outflows exceed $17.5 billion, it still accounts for an AUM of $29.7 billion, which is more than 32 percent of the cumulative AUM of $91.8 billion. iShares commands an AUM of $18.5 billion, followed by Fidelity that has mobilized assets under management to the tune of $10.6 billion.
The country-wise analysis shows weekly inflows of $1 billion to United States. Flows to Switzerland stood at $27.1 million.
Hong Kong recorded outflows of $82.5 million, followed by Canada that witnessed outflows of $16.7 million.
Of the cumulative AUM of $91.8 billion, $72.2 billion or 78.7 percent is in United States. Canada and Switzerland follow with AUM of close to $4.8 billion. Germany accounts for an AUM of $4.1 billion followed by Sweden with an AUM of $3.3 billion.
For More Cryptocurrency News, visit rttnews.com
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
