WASHINGTON (dpa-AFX) - Cryptocurrencies declined heavily after Bitcoin touched a new all-time high amidst euphoria that preceded the inauguration of crypto-friendly Donald Trump as the new President of the United States. The excitement soon tapered, and Bitcoin and other cryptocurrencies witnessed a sell-off as markets reconciled to the absence of any pro-crypto measures or even a mention of Bitcoin in President Trump's inaugural address.
Bitcoin touched a high of $108,575.79 in the past 24 hours. The leading cryptocurrency had touched a 24-hour high of $109,114.88 on January 20, $106,299.80 on January 19 and $104,913.21 on January 18.
Aggregate crypto market capitalization is currently at $3.5 trillion. The global rankings of all assets as per market capitalization published by companiesmarketcap.com inter alia shows Gold in the first position with a market capitalization of $18.35 trillion. Apple, the most valuable company follows in the second position with a market capitalization of $3.46 trillion. Bitcoin, the most valuable cryptocurrency comes in the seventh position with a market capitalization of $2.03 trillion. Silver is ranked 9th overall with a market capitalization of $1.75 trillion.
Market capitalization of cryptocurrencies recorded an overnight decline of close to 5 percent. The 24-hour trading volume plunged 29 percent to $270 billion. Amidst the crypto sell-off and risk aversion, market capitalization of the not-so-volatile stablecoins edged up 0.06 percent to $217.1 billion or 6.16 percent of the overall crypto market.
Market capitalization of the Decentralized Finance category slipped 9.7 percent overnight to $150.8 billion, accounting for a market share of 4.3 percent.
Market capitalization of the memes category plunged 11.8 percent overnight to $102 billion, accounting for a market share of 2.89 percent.
Market capitalization of the AI& Big data category also declined 6.95 percent overnight to $46.4 billion implying a market share of 1.32 percent.
Bitcoin has slipped 4.8 percent overnight to trade at $102,658.71, around 6 percent below the all-time high. BTC is however holding on to gains of more than 6 percent in the past week.
Data from Farside Investors had showed that Bitcoin Spot ETF products in the U.S. witnessed inflows of $976 million on Friday versus inflows of $626 million a day earlier.
Ethereum lost 2.4 percent in the past 24 hours to trade at $3,285.61, around 33 percent below the previous peak recorded in November 2021. Weekly gains are at 1.7 percent. Ether traded between $3,386.12 and $3,202.49 in the past 24 hours.
Ethereum Spot ETF products in the U.S. witnessed inflows dropping to $24 million on Friday from $167 million on Thursday.
3rd ranked XRP (XRP) declined 4.8 percent overnight. The cryptocurrency is currently trading at $3.09, around 19 percent below the all-time high recorded in January 2018.
5th ranked Solana (SOL) dropped 9.5 percent overnight, restricting weekly gains to 26.5 percent. SOL is currently trading at $238.10, around 19 percent below its record high touched in November 2024.
6th ranked BNB (BNB) recorded an overnight decline of 1.9 percent. At its current trading price of $682.43, BNB is trading 14 percent below the all-time high recorded on December 4, 2024. BNB is also the highest-ranking crypto to trade with losses over the past 7 days.
7th ranked Dogecoin (DOGE) tumbled 9.1 percent overnight and more than 2 percent in the past week to trade at $0.3438. DOGE is trading 53 percent below the all-time high touched in May 2021.
9th ranked Cardano (ADA) lost 9.6 percent overnight to trade at $0.969. ADA is currently trading 69 percent below the record high touched in September 2021.
10th ranked TRON (TRX) also declined 0.6 percent overnight to trade at $0.2389. TROX has gained 6 percent in the past week. The trading price is 46 percent below the cryptocurrency's all-time high touched on December 4, 2024.
53rd ranked Raydium (RAY) topped overnight gains with a surge of 9.2 percent. 38th ranked Mantle (MNT) followed with overnight gains of 8.7 percent.
24th ranked OFFICIAL TRUMP(TRUMP) that gained more than 500 percent in the past week topped overnight losses with a decline of 26.3 percent. 68th ranked Fartcoin (FARTCOIN) followed with overnight losses of close to 26 percent.
Meanwhile, the CoinShares' Digital Asset Fund Flows Weekly report for the week ended January 17 showed net inflows of $2.2 billion versus net inflows of $48 million in the previous week. Year-to-date flows stood at $2.8 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 received inflows of $1.9 billion, followed by Ethereum-based products that recorded inflows of $246 million. XRP-based products also recorded inflows of $31 million.
More than 82 percent of the cumulative AUM of $171.5 billion is attributed to Bitcoin products that account for an AUM of $140 billion. Bitcoin's dominance of crypto market is much lower, at close to 57 percent.
AUM of Ethereum-based products stood at $18 billion. Multi-asset portfolios command assets under management of $7.4 billion. An AUM of $1.9 billion is attributed to Solana-based products. XRP-based products have AUM close to $1.3 billion followed by Binance-based products with an AUM of $712 million.
The provider-wise analysis of flows inter alia shows inflows of $897 million to iShares ETF. Fidelity ETF registered inflows of $680 million followed by that Bitwise ETF that saw inflows of $216 million. Ark 21 Shares ETF also recorded inflows of more than $200 million.
Grayscale Investments recorded outflows of $145 million.
iShares ETF tops with a cumulative AUM of $63.3 billion implying a share of 36.9 percent. Grayscale Investments accounts for an AUM of $29.6 billion, which is 17.3 percent of the cumulative AUM of $171.5 billion. Fidelity commands an AUM of $22.3 billion followed by 21Shares that has an AUM of $5.2 billion.
The top 3 viz iShares, Grayscale Investments and Fidelity account for more than 67.2 percent of the total AUM.
The country-wise analysis shows weekly inflows of $2.1 billion to United States and $88.9 million to Switzerland. Sweden recorded outflows of $14.5 million.
Of the cumulative AUM of $171.5 billion, $133.4 billion or 77.8 percent is in United States. Switzerland follows with AUM of $7.8 billion whereas Canada accounts for an AUM of $6.6 billion. Germany accounts for an AUM of $6.1 billion followed by Sweden with an AUM of $4.1 billion.
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