WASHINGTON (dpa-AFX) - Cryptocurrencies continued to rally, and Bitcoin touched a fresh all-time-high as markets digested the emphatic victory by Donald Trump. Expectation of another rate cut by the Federal Reserve also supported sentiment. Crypto market capitalization touched a high of $2.54 trillion and Bitcoin jumped to a fresh all-time high of $76,460 in the past 24 hours.
Wall Street Futures are trading in positive territory after the huge gains recorded on Wednesday. Bond yields have eased marginally after a massive spike in yields a day earlier. The Dollar Index too has retreated after a surge that followed the election results announcement.
Coinmarketcap's Crypto Fear and Greed Index, a barometer of the emotional state of the market is currently at 70 denoting 'Greed'. It was at 62 (Greed) a day earlier, at 66 (Greed) a week earlier and at 43 (Neutral) a month earlier.
Overall crypto market capitalization is currently at $2.52 trillion.
Bitcoin has gained 1.5 percent overnight to trade at $74,838.21, around 2 percent below the all-time high. BTC has gained 4 percent in the past week and is holding on to gains of more than 77 percent in 2024.
Data from Farside Investors on Bitcoin Spot ETF products in the U.S. showed net inflows of $622 million on Wednesday as compared with net outflows of $117 million on voting day. Fidelity Wise Origin Bitcoin Fund (FBTC) topped with inflows of $309 million followed by Ark 21Shares Bitcoin ETF (ARKB) that recorded inflows of $127 million. Grayscale Bitcoin Mini Trust (BTC) and Bitwise Bitcoin ETF (BITB), both recorded inflows in excess of $100 million. iShares Bitcoin Trust (IBIT) surprisingly recorded outflows of $69 million, rising from $44 million outflows on Tuesday.
Ethereum gained 7.5 percent in the past 24 hours to trade at $2,813.69, around 42 percent below the previous peak. Weekly gains are at 7.2 percent whereas gains in 2024 are a little more than 23 percent. Ether traded between $2,878 and $2,611 in the past 24 hours.
Ethereum-based ETF products recorded inflows of $52 million on Wednesday attributed entirely to Fidelity Ethereum Fund (FETH) and Grayscale Ethereum Mini Trust (ETH). There were no flows on Tuesday as per data from Farside Investors.
Bitcoin's crypto market dominance has fallen to 58.8 percent from 59.5 percent a day earlier. Amidst a strong overnight rally, Ethereum's share of the crypto market has increased to 13.5 percent from 12.8 percent a day earlier.
4th ranked Solana (SOL) added 0.9 percent overnight, lifting weekly gains to 7.9 percent. SOL is currently trading at $187.45, around 28 percent below its record high.
5th ranked BNB (BNB) added 2.1 percent overnight and 1.2 percent in the past week at its current trading price of $593.10. BNB is currently trading 18 percent below the all-time high.
7th ranked XRP (XRP) has rallied 3.4 percent overnight and 5.8 percent in the past week to trade at $0.5487, around 86 percent below the all-time high. The cryptocurrency issued by Ripple Labs is saddled with losses of more than 10 percent on a year-to-date basis.
8th ranked Dogecoin (DOGE) slipped 3.8 percent overnight to trade at $0.1897. DOGE is trading 74 percent below the previous peak.
9th ranked TRON (TRX) lost 1.9 percent overnight to trade at $ 0.1605. TRX has lost 5.5 percent in the past week. The trading price is 47 percent below the cryptocurrency's all-time high.
10th ranked Cardano (ADA) rallied 5.2 percent overnight and 4.4 percent in the past week to trade at $0.3752. ADA is currently trading 88 percent below the record high till date.
57th ranked Ethena (ENA) topped overnight gains with a surge of more than 23 percent. 63rd ranked Raydium (RAY) also rallied more than 21 percent overnight.
68th ranked Mog Coin (MOG) topped overnight losses with a decline of 5.9 percent. 55th ranked Popcat (POPCAT) also slipped more than 4 percent.
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