WASHINGTON (dpa-AFX) - Amidst renewed hopes of a crypto-friendly regime in the U.S., cryptocurrencies recorded strong overnight gains while Bitcoin rose to just below $90k. The crypto rally is despite the surge in the Dollar and the assessment that Donald Trump's policies could ignite inflation.
Bitcoin rallied 4.5 percent overnight to trade at $85,592.68, around 5 percent below the all-time high. The original cryptocurrency had touched an all-time high of $89,956 and a low of $81,611 in the past 24 hours. Weekly gains exceed 24 percent whereas gains over the 30-day horizon are more than 36 percent. Gains in 2024 are at 102.44 percent.
The brilliant rally helped Bitcoin rise briefly to the 8th rank in the global ranking of all assets published by companiesmarketcap.com. It has since retreated to the 9th rank overall.
Data from Farside Investors showed inflows to Bitcoin Spot ETF products in the U.S rising to $1.1 million on Monday from $293 million on Friday.
Ethereum added 2.6 percent in the past 24 hours to trade at $3,235.11, around 34 percent below the previous peak. Weekly gains are at 32 percent. Gains over the 30-day horizon are at 31 percent whereas year-to-date gains are a little less than 42 percent.
Data from Farside Investors on Ethereum Spot ETF products in the U.S. showed net inflows rising to $296 million on Monday as compared with $86 million on Friday.
4th ranked Solana (SOL) slipped 5.1 percent overnight but is holding on to weekly gains of more than 25 percent at its current trading price of $205.77.
5th ranked BNB (BNB) edged down 0.3 percent overnight and is currently trading at $615.83.
6th ranked Dogecoin (DOGE) leaped almost 22 percent overnight to trade at $0.3489. DOGE has added 104 percent in the past week and close to 290 percent in 2024.
7th ranked XRP (XRP) has added 8.7 percent overnight to trade at $0.6304. The cryptocurrency issued by Ripple Labs has gained 2.5 percent on a year-to-date basis.
9th ranked Cardano (ADA) shed 6.1 percent overnight to trade at $ 0.5599.
10th ranked TRON (TRX) rallied 6.2 percent overnight. TON is currently trading at $0.1752.
95th ranked AIOZ Network (AIOZ) topped overnight gains with a surge of more than 32 percent.
67th ranked Raydium (RAY) that has declined 16.5 percent is the greatest laggard on an overnight basis.
Fueled by the post-election market momentum, inflows to digital asset investment products recorded a massive jump in the past week. The CoinShares' Digital Asset Fund Flows Weekly report showed inflows of $1.98 billion during the week ended November 8 versus $2.2 billion during the week ended November 2. Year-to-date flows have increased to record high of $31.3 billion. According to the report, Bitcoin topped flows by asset, iShares ETF topped flows by provider and United States topped flows by country during the past week.
Bitcoin-based products dominated with inflows of $1.8 billion. Ethereum-based products recorded inflows of $157 million. Multi-asset products also recorded inflows of $23.4 million. Solana followed with inflows of $3.9 million whereas Short Bitcoin products recorded outflows of $2.7 million.
Close to 82 percent of the cumulative AUM of $115.7 billion is attributed to Bitcoin products that account for an AUM of $94.6 billion. Bitcoin's dominance of crypto market is much lower, at around 59 percent.
AUM of Ethereum products stood at $12.1 billion. Multi-asset portfolios command assets under management of $6.0 billion. An AUM of $1.7 billion is attributed to Solana-based products and $592 million to Binance-based products.
The provider-wise analysis of flows inter alia shows inflows of $1.4 billion to iShares ETF followed by $295 million to Fidelity ETF and $116 million to ProShares ETF. Bitwise ETF also recorded inflows of $77 million.
Grayscale Investments recorded outflows of $37 million followed by CoinShares XBT that recorded outflows of $27 million.
iShares ETF tops with a cumulative AUM of $36 billion implying a share of more than 31 percent. Though year-to-date outflows exceed $19.8 billion, Grayscale Investments still accounts for an AUM of $23.8 billion, which is 20.6 percent of the cumulative AUM of $115.7 billion. Fidelity commands an AUM of $14.6 billion, followed by ARK 21Shares and 21Shares that have both mobilized assets under management of more than $3.7 billion.
The top 3 viz iShares, Grayscale Investments and Fidelity account for more than 64 percent of the total AUM.
The country-wise analysis shows weekly inflows of $1.95 billion to United States. Switzerland recorded inflows of $23.2 million followed by Germany that recorded inflows of $20.1 million.
Sweden topped outflows with $25.7 million followed by Canada that recorded outflows of $1.7 million.
2024 has been a super year for digital asset investment products with inflows of $31.3 billion. Expectations of pro-crypto policies from the Trump regime and the Bitcoin ETF frenzy boosted inflows to the United States which has seen year-to-date flows of $31.2 billion. Switzerland has recorded inflows of $685 million followed by Hong Kong with inflows of $325 million and Brazil with inflows of $204 million. Canada, Sweden and Germany have recorded negative flows over the year-to-date period.
Of the cumulative AUM of $115.7 billion, $88.78 billion or 76.7 percent is in United States. Switzerland follows with AUM of $5.8 billion whereas Canada accounts for an AUM of $5.1 billion. Germany accounts for an AUM of $4.5 billion followed by Sweden with an AUM of $3.3 billion.
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