WASHINGTON (dpa-AFX) - Crypto market capitalization surged, and Bitcoin jumped to a fresh high amidst growing anticipation of a pro-crypto regulatory framework in the U.S. Data showing massive investments to digital asset-based investment products during the past week also boosted sentiment. Anticipation of a strategic Bitcoin Reserve as well as more rate cuts from the Fed also contributed to the frenzy.
Bitcoin touched a fresh all-time high of $82,490 on Monday while overall crypto market capitalization jumped to a high of $2.80 trillion. The 24-hour trading volume in the crypto market also increased 58 percent to $236 billion. Dogecoin (DOGE) jumped to the 6th rank overall whereas 14th ranked Sui (SUI) recorded a life-time high a few hours ago.
Overall crypto market capitalization is currently at $2.8 trillion. More than 15 percent of the top 100 cryptocurrencies are currently trading with overnight gains of more than 5 percent. The resounding win for crypto friendly Donald Trump has boosted cryptocurrencies heavily in the past week and only less than 5 of the top 100 cryptocurrencies are trading in the red on a weekly basis.
In the global ranking of all assets published by companiesmarketcap.com, only Gold (market cap: $17.76 trillion), NVIDIA (market cap: $3.62 trillion), Apple (market cap: $3.43 trillion) and Microsoft (market cap: $3.14 trillion) command a market capitalization higher than the overall crypto market capitalization of $2.8 trillion.
Coinmarketcap's Crypto Fear and Greed Index, a barometer of the emotional state of the market is currently at 79 denoting 'Greed'. It was at 74 (Greed) a day earlier, at 53 (Neutral) a week earlier and at 37 (Fear) a month earlier.
Overall crypto market capitalization has surged close to 4 percent overnight. Meme category market capitalization has spiked 7.9 percent overnight whereas dog-themed cryptocurrencies jumped 9.2 percent overnight boosted by the Elon Musk-led rally in Dogecoin (DOGE).
The crypto rally is despite the massive surge in the U.S. Dollar. The six-currency Dollar Index is currently at 105.56 recording an overnight increase of 0.54 percent. DXY had jumped to 105.68 earlier in the trade.
Bitcoin is currently trading at $82,104.27, recording overnight gains of 3 percent, weekly addition of 19.7 percent and a year-to-date surge of more than 94 percent. Bitcoin is currently ranked 9th in the global ranking of all assets published by companiesmarketcap.com. In addition to Gold, NVIDIA, Apple, and Microsoft, only Alphabet (market cap: $2.19 trillion), Amazon (market cap: $2.19 trillion), Saudi Aramco (market cap: $1.81 trillion) and Silver (market cap: $1.74 trillion) command a market capitalization higher than Bitcoin's market capitalization of $1.62 trillion.
Ethereum traded between $3,249.91 and $3,073.25 in the past 24 hours. At its current price of $3,171.46, the leading altcoin has shed 1 percent overnight. Ether is however holding on to gains of 29 percent in the past week. Year-to-date gains are close to 39 percent.
Bitcoin's share of the crypto market has decreased to 58.2 percent. Ether now commands 13.7 percent of the overall crypto market. Stablecoins account for just 6.6 percent of the crypto market leaving the residual altcoins with a market share of 21.5 percent.
4th ranked Solana (SOL) recorded an overnight rally of 5.6 percent. SOL which has added more than 115 percent in 2024 is currently trading at $218.95.
5th ranked BNB (BNB) slipped 3.3 percent overnight. BNB is currently changing hands at $619.56 implying year-to-date gains of 98 percent.
The overnight surge of 18.8 percent helped Dogecoin (DOGE) rise to the 6th rank overall. DOGE leaped 85.8 percent DOGE has added 13.9 percent in the past week and more than 225 percent in 2024 to trade at $0.2913.
8th ranked XRP (XRP) shed 4.6 percent overnight to trade at $0.582. Despite weekly gains of 14.1 percent, the cryptocurrency is still grappling with losses of more than 5 percent on a year-to-date basis.
9th ranked Cardano (ADA) slipped 2.7 percent overnight to trade at $0.5995.
10th ranked Shiba Inu (SHIB) declined 1.4 percent overnight but is holding on to gains of more than 51 percent in the past week.
27th ranked Cronos (CRO) topped overnight gains with a surge of 18.3 percent. 54th ranked Ethena (ENA) followed with a jump of 17.2 percent.
76th ranked Neiro (NEIRO) topped overnight losses with a decline of 9.4 percent. 71st ranked Lido DAO (LDO) erased 8.8 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
