WASHINGTON (dpa-AFX) - Cryptocurrencies have rallied after the Federal Reserve delivered the first pause since the central bank began easing policy last September.
As widely expected, the Federal Reserve held rates steady after delivering 100 basis points of rate cuts in the last part of 2024. As usual, the Fed acknowledged the elevated level of inflation. However, unlike in the previous statements, this time it did so without acknowledging the recent progress made in inflation toward the Committee's 2 percent.
The CME FedWatch tool that tracks the expectations of interest rate traders also reflected the change in the Fed's rate outlook. Expectations of a rate cut by the Fed in March has dropped to 18 percent from 23 percent a day ago and 27 percent a week earlier. Currently there is only a 44 percent likelihood of a rate cut in May 2025.
Overall crypto market capitalization which had dropped to a low of $3.45 trillion in the past 24 hours is currently at $3.57 trillion. The 24-hour trading volume increased 15 percent overnight to $130 billion.
15th ranked Toncoin (TON) is the highest-ranking cryptocurrency to trade with overnight losses. TON has lost 0.11 percent in the past 24 hours.
Bullish momentum reverberated across the crypto spectrum, with memes rallying 3.7 percent, AI & Big data surging 5 percent and DeFi adding 5.1 percent in market capitalization during the past 24 hours.
Bitcoin dominates 58.3 percent of the overall crypto market with a market capitalization of $2.1 trillion. Ethereum commands a market capitalization of $393 billion, implying a market share of 11 percent. With a market capitalization of $223 billion, stablecoins amount to 6.3 percent of the overall crypto market.
Bitcoin gained 2.9 percent overnight to trade at $104,857.01, around 4 percent below the all-time high. BTC has added 2.6 percent in the past week. The leading cryptocurrency traded between $105,587.50 and $101,427.85 in the past 24 hours.
Data from Farside Investors showed that Bitcoin Spot ETF products in the U.S. witnessed inflows of $92 million on Wednesday as compared with inflows of $18 million on Tuesday.
Ethereum rallied 5.3 percent in the past 24 hours to trade at $3,264.23 around 33 percent below the previous peak recorded in November 2021. Weekly gains are 1.1 percent. Ether traded between $3,270.25 and $3,055.18 in the past 24 hours.
Ethereum Spot ETF products in the U.S. witnessed outflows of $5 million on Wednesday. No transactions were reported on Tuesday.
Bitcoin is now ranked 7th and Ethereum 28th in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
3rd ranked XRP (XRP) climbed 1.2 percent overnight to trade at $3.10, around 19 percent below the all-time high touched in January 2018. The cryptocurrency's weekly gains are close to quarter percent.
The price of 5th ranked Solana (SOL) surged 5.4 percent overnight. With weekly losses of 2.8 percent, SOL is currently trading at $240.01, around 18 percent below its record high on January 19, 2025.
6th ranked BNB (BNB) rallied 1.9 percent overnight at its current trading price of $678.61. BNB is currently trading 14 percent below the all-time high touched on December 4, 2024.
8th ranked Dogecoin (DOGE) also rallied 2.8 percent overnight to trade at $0.3329. Having lost 4.9 percent in the past week, DOGE is trading 55 percent below the previous peak scaled in May 2021.
9th ranked Cardano (ADA) gained 4.7 percent overnight to trade at $0.9618. ADA is currently trading 69 percent below the record high touched in September 2021.
10th ranked TRON (TRX) added 4.6 percent overnight to trade at $0.2492. TRX has added 0.93 percent in the past week. The trading price is 43 percent below the cryptocurrency's all-time high recorded on December 4, 2024.
78th ranked Fartcoin (FARTCOIN) topped overnight gains with a surge of 28.8 percent.
82nd ranked Onyxcoin (XCN) followed with gains of 25.5 percent. 76th ranked SPX6900 (SPX) also added more than 22 percent in the past 24 hours.
94th ranked Pudgy Penguins (PENGU) is the only cryptocurrency among the top 100 to trade with overnight losses of more than a percent.
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