WASHINGTON (dpa-AFX) - Cryptocurrencies extended gains as another widely expected rate cut by the Fed potentially reduced the opportunity cost of holding cryptocurrencies. Overall crypto market capitalization touched a high of $2.57 trillion and Bitcoin touched a fresh peak of $76,943.12 in the past 24 hours. The massive inflows to Bitcoin Spot ETF products in the U.S. also boosted sentiment in the cryptocurrency market.
The Federal Reserve Open Markets Committee in its monetary policy review on Thursday unanimously decided to lower the target range for the federal funds rate by 0.25 percentage point to 4.5 to 4.75 percent. The FOMC, that seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run reiterated that the risks to achieving its employment and inflation goals were roughly in balance.
Bond yields in the U.S. eased further in response to the lowering in the federal funds rate. 30-year yields decreased 0.78 percent whereas the ten-year tenor witnessed a reduction of 0.98 percent. A softening of 1.12 percent was recorded in the 5-year tenor. The short-term tenor of 2 years also saw yields easing by 1.13 percent.
Overall market capitalization of cryptocurrencies is currently at $2.52 trillion. Meme category market capitalization gained more than 2 percent overnight to $68.6 billion implying a market share of 2.75 percent.
The political memes category has however plunged 7.3 percent in market capitalization. MAGA (TRUMP) has declined to the 352nd rank overall amidst an overnight decline of 2.3 percent and a weekly erosion of close to 40 percent. MAGA (MAGA) slipped 15.7 percent overnight and 59 percent in the past week and is currently ranked 655 overall.
Coinmarketcap's Crypto Fear and Greed Index, a barometer of the emotional state of the market is currently at 72 denoting 'Greed'. It was at 70 (Greed) a day earlier, at 59 (Neutral) a week earlier and at 41 (Neutral) a month earlier.
Bitcoin has gained 1.6 percent overnight to trade at $76,151.47, around 1 percent below the all-time high. BTC has gained 8.9 percent in the past week, 22.6 percent over the past 30 days and is holding on to gains of more than 80 percent in 2024.
Data from Farside Investors showed inflows of $1.37 billion to Bitcoin Spot ETF products in the U.S. on Thursday. Inflows were $622 million a day earlier. iShares Bitcoin Trust (IBIT) accounted for bulk of the inflows, mobilizing a record-breaking $1.12 billion. Fidelity Wise Origin Bitcoin Fund (FBTC) followed with inflows of $191 million. IBIT had recorded outflows of $69 million on Wednesday.
Ethereum gained 3.6 percent in the past 24 hours to trade at $2,919.15, around 40 percent below the previous peak. Weekly gains are close to 16 percent whereas gains in 2024 are a little less than 28 percent. Ether traded between $2,954.87 and $2,781.30 in the past 24 hours.
Ether Spot ETF products saw inflows rising to $80 million from $52 million a day earlier.
Bitcoin's share of the crypto market has increased to 60.4 percent from 58.8 percent a day earlier. Ether now commands 14.1 percent of the overall crypto market as compared with 13.5 percent a day earlier. Stablecoins account for 7.3 percent of the crypto market leaving the residual altcoins with a market share of 18.2 percent.
4th ranked Solana (SOL) surged 8.4 percent overnight, lifting weekly gains to 20.7 percent. SOL is currently trading at $203.00, around 22 percent below its record high.
5th ranked BNB (BNB) added 0.68 percent overnight and 3.7 percent in the past week at its current trading price of $598.53. BNB is currently trading 17 percent below the all-time high.
7th ranked XRP (XRP) edged up 0.12 percent overnight, rising 6.2 percent in the past week to trade at $0.5506, around 86 percent below the all-time high. The cryptocurrency issued by Ripple Labs continues to be saddled with losses of more than 10 percent on a year-to-date basis.
8th ranked Dogecoin (DOGE) rallied 2.9 percent overnight to trade at $0.1975. DOGE is trading 73 percent below the previous peak.
Cardano (ADA) jumped 17.8 percent overnight and 26 percent in the past week to trade at $0.4363 and the 9th rank overall. ADA is currently trading 86 percent below the record high till date.
10th ranked TRON (TRX) added 0.60 percent overnight to trade at $ 0.1617. TRX has lost 3.4 percent in the past week. The trading price is 46 percent below the cryptocurrency's all-time high.
32nd ranked Cronos (CRO) topped overnight gains with a surge of more than 23 percent. 85th ranked Mog Coin (MOG) topped overnight losses with a decline of more than 10 percent.
For More Cryptocurrency News, visit rttnews.com
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
