WASHINGTON (dpa-AFX) - Cryptocurrencies are trading on a subdued note amidst a cautious wait for a potential Ether spot ETF approval by the U.S. Securities and Exchange Commission. The Securities and Exchange Commission's decision on the Ether Spot ETF application filed by VanEck is due on Thursday, followed by Ark Invest/21Shares due on Friday. Ethereum however extended gains with an overnight surge of more than 2.5 percent.
Ethereum is currently trading at $3,784.20, around 23 percent below the all-time high of $4,891.70 recorded in November 2021. The 24-hour trading range was between $3,943.55 and $3,677.86.
Though markets were not quite sure of an SEC approval, an abrupt speed in the approval process a few days ago caused expectations of a regulatory approval to surge dramatically. The ETF frenzy helped Ether gain 26.8 percent in the past week, 17.5 percent over the past 30 days and 65.8 percent on a year-to-date basis, surpassing market leader Bitcoin's performance over the comparable period.
Amidst the mixed sentiment in crypto market, overall market capitalization has fallen to $2.54 trillion from $2.57 trillion a day earlier.
Bitcoin dominates 52.6 percent of the crypto market followed by Ethereum that accounts for a market share of 17.9 percent. Stablecoins account for 6.4 percent of the overall crypto market, leaving the residual altcoins with a 23.1 percent share of the overall crypto market cap.
Ether's crypto market dominance has jumped from 15.1percent a week earlier and 16.0 percent a month earlier.
Bitcoin is currently trading at $68,008.49, recording overnight losses of 2.2 percent. The leading cryptocurrency is however holding on to gains of 2.5 percent over the past week, 1.94 percent over the past 30 days and 60.9 percent in 2024.
Data from Farside Investors on Bitcoin Spot ETF flows in the U.S. showed net inflows of $154 million on Wednesday as compared with net inflows of $305.7 million on Tuesday.
4th ranked BNB (BNB) slipped 3.5 percent overnight to trade at $593.10. 5th ranked Solana (SOL) shed 4.2 percent in the past 24 hours to trade at $171.76.
7th ranked XRP edged down 0.3 percent overnight to trade at $0.5286. With a loss of more than 14 percent in 2024, XRP is the highest-ranking crypto to trade in the red zone on a year-to-date basis.
8th ranked Dogecoin (DOGE) dropped 2.5 percent overnight to trade at $0.1598. 9th ranked Toncoin (TON) added close to a percent overnight to trade at $6.31. 10th ranked Cardano (ADA) lost 2.2 percent overnight to trade at $0.4686, dragging year-to-date losses to 21.1 percent.
50th ranked Bonk (BONK) tops overnight gains with a surge of 12.7 percent.
25th ranked Ethereum Classic (ETC) followed with overnight gains of 8.2 percent. ETC is the native token of Ethereum Classic, the original Ethereum blockchain launched in 2015. Though ETC and Ethereum (ETH) share a common history, they have since diverged in philosophy and development. Ethereum Classic is a decentralized open-source blockchain platform which continues to secure its network using a Proof-of-Work (PoW) consensus algorithm unlike Ethereum (ETH) which transitioned to a Proof-of-Stake consensus in September 2022.
27th ranked Render (RNDR) tops overnight losses with a decline of close to 9 percent, followed by 86th ranked Worldcoin (WLD) that has slipped 8.4 percent. 64th ranked Core (CORE), 89th ranked AIOZ Network (AIOZ), 59th ranked Gala (GALA) and 99th ranked ORDI (ORDI) have all slipped more than 6 percent in the past 24 hours.
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