WASHINGTON (dpa-AFX) - Cryptocurrencies are trading mixed amidst expectation of a looming Ethereum Spot ETF approval in the U.S. as well as the resumption of inflows to Bitcoin Spot ETF products. Monday's data that showed massive inflows to digital asset investment products in the past week also boosted cryptocurrency prices. Pro-crypto announcements in the U.S. presidential race as well as soft economic data recently released that reinforced Fed rate cut expectations supported crypto market sentiment. Gains were however limited by the Bitcoin supply shock triggered by recent Bitcoin offloads by German government and Mt Gox Bitcoin exchange.
In this backdrop, overall crypto market capitalization is steady at $2.12 trillion. Bitcoin (BTC) edged down 0.30 percent overnight to trade at $57,616.39, around 22 percent below the all-time high. Despite weekly losses of 7.9 percent, year-to-date gains exceed 36 percent. Bitcoin's crypto market dominance is currently at 53.5 percent.
Data from Farside Investors on Bitcoin Spot ETF products in the U.S. showed a net inflow of $295 million on Monday. iShares Bitcoin Trust (IBIT) topped with inflows of $187 million, followed by Fidelity Wise Origin Bitcoin Fund (FBTC) that recorded inflows of $62 million. Grayscale Bitcoin Trust ETF (GBTC) recording inflows of $25 million also boosted sentiment.
Ethereum gained 0.58 percent in the past 24 hours to trade at $3,086.86 amidst market expectation that Ethereum ETFs are on the verge of SEC approval. Though in the past week Ether has shed more than 10 percent, year-to-date gains still exceed 35 percent. The leading altcoin now commands a share of 17.4 percent of the overall crypto market. Ether's gains in the past 24 hours come amidst reports of Fidelity, VanEck, and 21Shares filing updated S-1 forms for Spot Ethereum ETFs with the SEC.
4th ranked BNB (BNB) is trading 1 percent lower at $516.81. The native token of the Binance.com cryptocurrency exchange is trading with weekly losses of 10.7 percent and year-to-date gains of 65 percent.
5th ranked Solana (SOL) jumped more than 1 percent overnight amidst reports of exchange operator Cboe Global Markets filing an application with SEC to list Solana-based ETF products from VanEck and 21Shares. At its current price of $142.94, SOL has shed 3.2 percent in the past week. Year-to-date gains are however close to 41 percent.
7th ranked XRP (XRP) is more or less flat as it changes hands at $0.4363. XRP is the highest-ranking crypto to trade with year-to-date losses. The cryptocurrency issued by Ripple Labs has slipped more than 9 percent in the past week and close to 31 percent in 2024.
8th ranked Toncoin (TON) added 0.4 percent overnight at its current price of $7.34. TON has also recorded weekly losses of 7.8 percent. TON's year-to-date gain of 214 percent is the best among the top 20 cryptocurrencies.
Dogecoin (DOGE), ranked 9th rank overall and highest among all meme coins is currently changing hands at $0.1087, implying overnight losses of 1.1 percent, weekly losses of 11.8 percent and year-to-date gains of more than 18 percent.
10th ranked Cardano (ADA) gained 0.80 percent overnight to trade at $0.3745. Weekly losses of 8.5 percent have however lifted year to-date-losses to close to 40 percent. The Cardano development team on Monday released 'Node 9.0,' the newest version of the Cardano validator node software ahead of the Chang hard fork upgrade this month.
45th ranked Bonk (BONK) topped overnight gains with a surge of more than 11 percent. The first dog-themed coin on the Solana blockchain jumped following a token burn announcement.
69th ranked Sei (SEI), 70th ranked Ethereum Name Service (ENS), 59th ranked Celestia (TIA), 66th ranked Jupiter (JUP), 67th ranked MultiversX (EGLD) and 50th ranked Bittensor (TAO) followed with overnight gains of more than 5 percent.
51st ranked Notcoin (NOT) topped overnight losses among the top 100 cryptocurrencies with a decline of 8.7 percent. 27th ranked Artificial Superintelligence Alliance (FET), 33rd ranked Cosmos (ATOM) and 12th ranked Avalanche (AVAX) have all shed more than 5 percent in the past 24 hours.
For More Cryptocurrency News, visit rttnews.com
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News