WASHINGTON (dpa-AFX) - Cryptocurrencies rallied and Bitcoin touched a fresh high despite data from the U.S. revealing an uptick in consumer price inflation along expected lines. Sentiment was also boosted by Republicans securing a majority in the U.S. House of Representatives and the continuing strong inflows to Bitcoin Spot ETF products. Crypto market capitalization touched a high of $3.06 trillion and Bitcoin touched a fresh peak of $93,434 in the past 24 hours.
Data released by the U.S. Bureau of Labor Statistics on Wednesday showed annual headline inflation rising to 2.6 percent in October from 2.4 percent in September which was the lowest reading since February 2021. An uptick was recorded in headline CPI after a gap of seven months. The core component however remained steady at 3.3 percent. The month-on-month inflation remained steady at 0.2 percent and core portion thereof was steady at 0.3 percent.
Overall market capitalization of cryptocurrencies is currently at $2.99 trillion after recording an overnight rally of 0.7 percent. The 24-hour trading volume has also increased 15 percent overnight to $297 billion.
The surge in market capitalization is despite the strength in the U.S. dollar and the uptick in bond yields. The 6-currency Dollar Index is currently at 106.94 after touching a more than 1-year high of 107.06 earlier in the trade. Ten-year bond yields in the U.S. are at 4.480 percent after touching a high of 4.488 in the day's trading. Meme category market capitalization gained more than 7.3 percent overnight to $117.7 billion implying a market share of 3.93 percent.
Coinmarketcap's Crypto Fear and Greed Index, a barometer of the emotional state of the market is currently at 86 denoting 'Extreme Greed'. It was at 86 (Extreme Greed) a day earlier, at 70 (Greed) a week earlier and at 45 (Neutral) a month earlier.
Bitcoin has gained 1.8 percent overnight to trade at $90,699.49, around 3 percent below the all-time high. BTC has gained 21.3 percent in the past week, 34.7 percent over the past 30 days and is holding on to gains of more than 114 percent in 2024.
The brilliant rally and surge in market capitalization helped Bitcoin rise briefly to the 7th rank in the global ranking of all assets published by companiesmarketcap.com. It has since declined to the 8th rank overall.
Data from Farside Investors showed inflows of $510 million to Bitcoin Spot ETF products in the U.S. on Wednesday. Inflows were $818 million a day earlier.
Ethereum slipped 1.6 percent in the past 24 hours to trade at $3,162.70, around 35 percent below the previous peak. Weekly gains are close to 13 percent whereas gains in 2024 are a little less than 39 percent. Ether traded between $3,337.88 and $3,122.99 in the past 24 hours.
Ether Spot ETF products in the U.S. saw inflows rising to $147 million from $136 million a day earlier.
Bitcoin's share of the crypto market is currently 59.99 percent. Ether now commands 12.78 percent of the overall crypto market. Stablecoins account for 6.23 percent of the crypto market leaving the residual altcoins with a market share of 21.00 percent.
4th ranked Solana (SOL) edged up 0.13 percent overnight, lifting weekly gains to 14.9 percent. SOL is currently trading at $214.10, around 18 percent below its record high.
5th ranked BNB (BNB) added 1.4 percent overnight and 6.7 percent in the past week at its current trading price of $630.30. BNB is currently trading 13 percent below the all-time high.
6th ranked Dogecoin (DOGE) rallied 0.8 percent overnight to trade at $0.4044. DOGE is trading 45 percent below the previous peak.
7th ranked XRP (XRP) rallied 3.2 percent overnight and 33.1 percent in the past week to trade at $0.7249, around 81 percent below the all-time high. The cryptocurrency issued by Ripple Labs has gained close to 18 percent on a year-to-date basis.
9th raked Cardano (ADA) edged down 0.14 percent overnight to trade at $0.5642. ADA is currently trading 82 percent below the record high till date.
10th ranked TRON (TRX) added 1.8 percent overnight to trade at $ 0.1822. TRX has gained 13.8 percent in the past week. The trading price is 39 percent below the cryptocurrency's all-time high.
Cat-themed Mog Coin (MOG) ranked 84th overall topped overnight gains with a surge of 36.6 percent. MOG has gained more than 5868 percent on a year-to-date basis. Ethereum-based memecoin Pepe (PEPE), ranked 15th overall followed with a surge of more than 34 percent. PEPE has recorded gains of more than 1500 percent in 2024.
28th ranked Bittensor (TAO) topped overnight losses with a decline of more than 8 percent. 94th ranked AIOZ Network (AIOZ) and 25th ranked Cronos (CRO) followed with losses of more than 7 percent in the past 24 hours.
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