WASHINGTON (dpa-AFX) - Cryptocurrencies staged an emphatic rebound even as the turbulence created by tariffs and counter tariffs threatened to drain the euphoria that had gripped crypto world ever since a crypto friendly Trump regime was assured with a victory at the hustings.
Cryptocurrencies rallied and Bitcoin touched a high of $102,514 in tandem with the whipsawing trend in global financial markets. Expectations that trade tariff related troubles could soon be resolved also supported sentiment. Concerns about tariffs by U.S. on Mexico, China and Canada had rattled world markets on Monday.
Overall crypto market capitalization jumped 6.3 percent overnight to $3.3 trillion. Bullish momentum reverberated across the crypto spectrum, with memes rallying 10.9 percent, AI & Big data category adding 11 percent and DeFi gaining 7.5 percent in market capitalization during the past 24 hours. Trading volume over the 24-hour period declined 32.6 percent to $226 billion.
Bitcoin which had dropped to a low of $91,242.89 on Monday rebounded to touch a 24-hour high of $102,514.17.
BTC has rallied 4.4 percent overnight to trade at $98,952.72, around 9 percent below the all-time high. BTC is however grappling with losses of close to 3 percent in the past week. The leading cryptocurrency touched a low of $94,244.83 in the past 24 hours.
Data from Farside Investors showed that Bitcoin Spot ETF products in the U.S. witnessed outflows of $234 million on Monday as compared with inflows of $319 million on Friday. Fidelity Wise Origin Bitcoin Fund (FBTC) topped with outflows of $178 million.
Ethereum rallied 8.9 percent in the past 24 hours to trade at $2,794.62 around 43 percent below the previous peak recorded in November 2021. Weekly losses however exceed 11.6 percent. Ether traded between $2,919.48 and $2,534.16 in the past 24 hours.
Ethereum Spot ETF products in the U.S. witnessed inflows of $84 million on Monday versus inflows of $28 million on Friday.
Bitcoin is now ranked 7th and Ethereum 33rd in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
3rd ranked XRP (XRP) jumped 15.2 percent overnight to trade at $2.61, around 32 percent below the all-time high touched in January 2018. The cryptocurrency's weekly losses exceed 16.5 percent.
The price of 5th ranked Solana (SOL) surged 9.8 percent overnight. With weekly losses of more than 10 percent, SOL is currently trading at $210.70, around 28 percent below its record high.
6th ranked BNB (BNB) rallied 2.6 percent overnight at its current trading price of $580.26. BNB is currently trading 27 percent below the all-time high.
8th ranked Dogecoin (DOGE) also rallied 9.8 percent overnight to trade at $0.2684. Having shed 18.5 percent in the past week, DOGE is trading 64 percent below the previous peak scaled in May 2021.
9th ranked Cardano (ADA) gained 9.8 percent overnight to trade at $0.7577. ADA is currently trading 76 percent below the record high touched in September 2021.
10th ranked TRON (TRX) added 2.7 percent overnight to trade at $ 0.2228. TRX has lost 9.1 percent in the past week. The trading price is 49 percent below the cryptocurrency's all-time high recorded on December 4, 2024.
78th ranked Onyxcoin (XCN) topped overnight gains with a surge of 27.4 percent. 52nd ranked Raydium (RAY) followed with gains of 24.8 percent.
54th ranked DeXe (DEXE) topped overnight losses with a decline of 0.06 percent.
Meanwhile, the CoinShares' Digital Asset Fund Flows Weekly report for the week ended January 31 showed net inflows of $527 million versus net inflows of $1.9 billion versus in the prior week.
Year-to-date flows stood at $5.3 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 received inflows of $486 million, followed by XRP-based products that recorded inflows of $15 million. Multi-asset products also recorded inflows of $9 million.
More than 82 percent of the cumulative AUM of $169.3 billion is attributed to Bitcoin products that account for an AUM of $139 billion. Bitcoin's dominance of crypto market is much lower, at close to 60 percent.
AUM of Ethereum-based products stood at $17.3 billion. Multi-asset portfolios command assets under management of $7.6 billion. An AUM of $2.1 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 $681 million.
The provider-wise analysis of flows inter alia shows inflows of $918 million to iShares ETF. 21Shares recorded inflows of $52 million followed by Volatility Shares Trust that received inflows of $36 million.
Grayscale Investments recorded outflows of $298 million. Bitwise ETF followed with outflows of $126 million. Fidelity ETF registered outflows of $41 million followed by Ark 21 Shares ETF that that saw outflows of $14 million.
iShares ETF tops with a cumulative AUM of $63.5 billion implying a share of 37.5 percent. Grayscale Investments accounts for an AUM of $28.1 billion, which is 16.6 percent of the cumulative AUM of $169.3 billion. Fidelity commands an AUM of $21.8 billion followed by 21Shares that has an AUM of $5.3 billion.
The top 3 viz iShares, Grayscale Investments and Fidelity account for close to 67 percent of the total AUM.
The country-wise analysis shows weekly inflows of $474 million to United States and $57.9 million to Switzerland. Germany also recorded inflows of $22.3 million.
Of the cumulative AUM of $169.3 billion, $130.9 billion or 77.3 percent is in United States. Switzerland follows with AUM of $8 billion whereas Canada accounts for an AUM of $6.4 billion. Germany accounts for an AUM of $6.2 billion followed by Sweden with an AUM of $4.1 billion.
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