WASHINGTON (dpa-AFX) - Cryptocurrencies surged and Bitcoin rallied close to the all-time-high amidst massive inflows to Bitcoin Spot ETF products as well as dogecoin bull Elon Musk's support of former President Donald Trump.
Bitcoin surged to $73.6 thousand and overall crypto market capitalization touched a high of $2.46 trillion in the past 24 hours. Data from Farside Investors showed massive inflows of $870 million to Bitcoin Spot ETF products in the U.S. on Tuesday versus $479 million a day earlier.
Cryptocurrency prices have however retreated amidst fresh economic data from the U.S. Advance estimate released by the U.S. Bureau of Economic Analysis just a while ago showed the American economy expanded an annualized 2.8 percent in the third quarter of 2024, below the 3 percent growth achieved in the second quarter. Markets had anticipated a growth of 3 percent in the recent quarter also.
Meanwhile, ADP data showed that private businesses in the U.S. added 233 thousand workers to their payrolls in the month of October versus an upwardly revised addition of 159 thousand in September. The reading, which is the most since July 2023 also surpassed market forecasts of 115 thousand.
Amidst the mixed economic data, the CME Fed watch tool currently shows expectations of a 25-basis points rate cut by the Fed on November 7 at 98.3 percent. The expectation was 98.4 percent a day earlier and 91.8 percent a week earlier.
Overall crypto market capitalization is currently at $2.42 trillion.
Despite the short-lived crypto rally, Coinmarketcap's Crypto Fear and Greed Index, a barometer of the emotional state of the market remains at 67, denoting greed. It was at 60 (Greed) a day earlier and at 56 (Neutral) a week earlier.
Bitcoin has gained 0.3 percent overnight to trade at $71,618.74, around 3 percent below the all-time high. The original cryptocurrency had touched a high of $73,577.21 earlier in the trade which is a tad below the all-time high of $73,750.07 recorded in March 2024. Weekly gains have increased to 7.2 percent whereas gains over the 30-day horizon aggregates to 11.8 percent. Gains in 2024 are at 69.4 percent.
Data from Farside Investors showed inflows of $643 million to iShares Bitcoin Trust (IBIT), $134 million to Fidelity Wise Origin Bitcoin Fund (FBTC) and $53 million to Bitwise Bitcoin ETF (BITB).
Ethereum rallied 1.9 percent in the past 24 hours to rise to $2,678.11, around 45 percent below the previous peak. Weekly gains are at 3.8 percent. Gains over the 30-day horizon are at 1.7 percent. Gains in 2024 are at 17.4 percent.
Data from Farside Investors on Ethereum Spot ETF products in the U.S. showed net inflows of $7.6 million on Tuesday versus outflows of $1.1 million on Monday.
4th ranked BNB (BNB) has slipped 1.8 percent overnight but is holding on to weekly gains of 1.8 percent at its current trading price of $594.91.
5th ranked Solana (SOL) shed 2.6 percent overnight, restricting weekly gains to 3.9 percent. SOL is currently trading at $175.03.
7th ranked XRP (XRP) has declined 0.92 percent overnight to trade at $0.52. The cryptocurrency issued by Ripple Labs is saddled with losses of more than 15 percent on a year-to-date basis.
8th ranked Dogecoin (DOGE) gained half a percent overnight to trade at $0.1689. DOGE touched a high of $0.1792 in the past 24 hours. DOGE has added 21.7 percent in the past week and close to 89 percent in 2024.
9th ranked TRON (TRX) gained 2.4 percent overnight to trade at $0.1683.
10th ranked Toncoin (TON) slipped 1.5 percent overnight. TON is currently trading at $4.99.
66th ranked Maker (MKR) topped overnight gains with a surge of more than 7.8 percent. 59th ranked Mantra (OM) followed with gains of 6.8 percent in the past 24 hours.
26th ranked Bittensor (TAO) topped overnight losses with a decline of more than 8.1 percent. 31st ranked Kaspa (KAS) and 81st ranked Raydium (RAY) have both erased more than 6 percent overnight.
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