WASHINGTON (dpa-AFX) - Cryptocurrencies rallied and Bitcoin jumped above $103k in tandem with the rebound witnessed in global financial markets. Concerns about big tech's AI spending plans that followed the unveiling of Chinese AI startup DeepSeek's low-cost AI model had rattled world markets on Monday.
Overall crypto market capitalization increased 2 percent overnight to $3.5 trillion. The AI & Big data category also recorded a jump of 1.8 percent in market capitalization.
Bullish momentum reverberated across the crypto spectrum, with memes rallying 2.4 percent and DeFi adding 1.6 percent in market capitalization during the past 24 hours. Trading volume over the 24-hour period declined more than 18 percent to $138 billion.
Bitcoin which had dropped to a low of $97,795.94 on Monday rebounded to touch a 24-hour high of $103,359.17.
BTC has gained close to 2 percent overnight to trade at $102,459.99, around 6 percent below the all-time high. BTC is however grappling with losses of close to 2 percent in the past week. The leading cryptocurrency touched a low of $98,861.04 in the past 24 hours.
Data from Farside Investors showed that Bitcoin Spot ETF products in the U.S. witnessed outflows of $458 million on Monday as compared with inflows of $518 million on Friday. Fidelity Wise Origin Bitcoin Fund (FBTC) topped with largest ever outflows of $269 million.
Ethereum rallied 2.3 percent in the past 24 hours to trade at $3,171.83 around 35 percent below the previous peak recorded in November 2021. Weekly losses exceed 4 percent. Ether traded between $3,234.95 and $3,047.30 in the past 24 hours.
Ethereum Spot ETF products in the U.S. witnessed outflows of $136 million on Monday versus inflows of $9 million on Friday. Fidelity Ethereum Fund (FETH) topped with outflows of $69 million.
Bitcoin is now ranked 7th and Ethereum 30th in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
3rd ranked XRP (XRP) jumped 9.6 percent overnight to trade at $3.15, around 18 percent below the all-time high touched in January 2018. The cryptocurrency's weekly gains are a little less than half a percent. Expectations of a legal victory in the dispute with SEC supported sentiment for the cryptocurrency issued by Ripple Labs.
The price of 5th ranked Solana (SOL) surged 4.2 percent overnight. With weekly gains of 3.1 percent, SOL is currently trading at $242.10, around 18 percent below its record high.
6th ranked BNB (BNB) rallied 4.2 percent overnight and 0.3 percent in the past week at its current trading price of $681.66. BNB is currently trading 14 percent below the all-time high.
8th ranked Dogecoin (DOGE) also rallied 4.5 percent overnight to trade at $0.3365. Having shed 1.9 percent in the past week, DOGE is trading 54 percent below the previous peak scaled in May 2021.
9th ranked Cardano (ADA) gained 5.6 percent overnight to trade at $0.9596. ADA is currently trading 69 percent below the record high touched in September 2021.
10th ranked TRON (TRX) added 2.8 percent overnight to trade at $ 0.2387. TRX has gained 3.8 percent in the past week. The trading price is 44 percent below the cryptocurrency's all-time high recorded on December 4, 2024.
62nd ranked XDC Network (XDC) topped overnight gains with a surge of 18.1 percent.
54th ranked Jupiter (JUP) followed with gains of 13.5 percent. 25th ranked OFFICIAL TRUMP (TRUMP) also added more than 12 percent in the past 24 hours.
82nd ranked Pudgy Penguins (PENGU) topped overnight losses with a decline of close to 20 percent. 94th ranked Onyxcoin (XCN) followed with losses of more than 10 percent.
Meanwhile, the CoinShares' Digital Asset Fund Flows Weekly report for the week ended January 24 showed net inflows of $1.9 billion versus net inflows of $2.2 billion in the prior week. Year-to-date flows stood at $4.8 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 $1.6 billion, followed by Ethereum-based products that recorded inflows of $205 million. XRP-based products also recorded inflows of $19 million.
More than 82 percent of the cumulative AUM of $173.3 billion is attributed to Bitcoin products that account for an AUM of $143 billion. Bitcoin's dominance of crypto market is much lower, at close to 58 percent.
AUM of Ethereum-based products stood at $17.4 billion. Multi-asset portfolios command assets under management of $7.4 billion. An AUM of $2.2 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 $677 million.
The provider-wise analysis of flows inter alia shows inflows of $1.5 billion to iShares ETF. Fidelity ETF registered inflows of $202 million followed by Ark 21 Shares ETF that that saw inflows of $173 million. Grayscale Investments recorded outflows of $124 million.
iShares ETF tops with a cumulative AUM of $64.6 billion implying a share of 37.3 percent. Grayscale Investments accounts for an AUM of $29.1 billion, which is 16.8 percent of the cumulative AUM of $173.3 billion. Fidelity commands an AUM of $22.5 billion followed by 21Shares that has an AUM of $5.4 billion.
The top 3 viz iShares, Grayscale Investments and Fidelity account for more than 67 percent of the total AUM.
The country-wise analysis shows weekly inflows of $1.7 billion to United States and $34.6 million to Switzerland. Canada also recorded inflows of $30.9 million.
Of the cumulative AUM of $173.3 billion, $134.9 billion or 77.8 percent is in United States. Switzerland follows with AUM of $8.1 billion whereas Canada accounts for an AUM of $6.6 billion. Germany accounts for an AUM of $6.3 billion followed by Sweden with an AUM of $4.1 billion.
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