WASHINGTON (dpa-AFX) - Cryptocurrencies rallied in the past 24 hours despite fresh tariff threats issued by the U.S. Bitcoin rallied more than a percent whereas the broader crypto currency market has seen market capitalization increase 1.4 percent in the past 24 hours.
The price movement in the cryptocurrency market comes amidst an easing in global bond yields, the Dollar's surge and a massive jump in the price of gold.
Ten-year bond yields in the U.S. decreased 0.20 percent whereas the 5-year tenor saw a decline of 0.18 percent. Ten-year bond yields eased in Germany, France, Japan, Canada as well. A decline in general interest rates bodes well for cryptocurrencies that are typically non-interest bearing.
The six-currency Dollar Index which measures the Dollar's strength against a basket of 6 currencies hardened 0.17 percent overnight to 108.22. The Dollar's resurgence however failed to dampen the dollar-denominated prices of cryptocurrencies.
Gold Futures (for April settlement) touched a fresh all-time high of $2,937.51 before retreating to its current level of $2,924.69, implying an overnight gain of 1.28 percent. Gold rallied in the backdrop of safe haven demand amidst trade tariff uncertainty.
Overall crypto market capitalization jumped 1.4 percent overnight to $3.19 trillion. Bullish momentum reverberated across the crypto spectrum, with memes rallying 1.1 percent, AI & Big Data category adding 3.8 percent and DeFi gaining 2.3 percent in market capitalization during the past 24 hours. Trading volume over the 24-hour period also increased 37 percent to $107 billion.
BTC has rallied 1.4 percent overnight to trade at $97,411.14, around 11 percent below the all-time high. BTC has added 1.2 percent in the past week and more than 3 percent over the past 30 days. The leading cryptocurrency traded between $98,333.22 and $94,745.26 in the past 24 hours.
Data from Farside Investors showed that Bitcoin Spot ETF products in the U.S. witnessed inflows of $171 million on Friday as compared with outflows of $140 million a day earlier.
Ethereum rallied 0.8 percent in the past 24 hours to trade at $2,648.22, around 46 percent below the previous peak recorded in November 2021. Weekly gains are little less than a percent. Ether traded between $2,683.11 and $2,530.44 in the past 24 hours.
Ethereum Spot ETF products in the U.S. witnessed no inflows on Friday versus inflows of $11 million a day earlier.
4th ranked XRP (XRP) added 0.93 percent overnight to trade at $2.43, around 37 percent below the all-time high touched in January 2018. The cryptocurrency's weekly gains are 2.4 percent.
The price of 5th ranked Solana (SOL) gained 2.7 percent overnight. With weekly gains of 3.3 percent, SOL is currently trading at $204.79, around 30 percent below its record high.
6th ranked BNB (BNB) slipped more than 3 percent overnight at its current trading price of $602.81. BNB is currently trading 24 percent below the all-time high.
8th ranked Dogecoin (DOGE) edged up 0.05 percent overnight to trade at $0.251. Having shed 2.2 percent in the past week, DOGE is trading 66 percent below the previous peak scaled in May 2021.
9th ranked Cardano (ADA) gained 2.8 percent overnight to trade at $0.703. ADA is currently trading 77 percent below the record high touched in September 2021.
10th ranked TRON (TRX) added close to half percent overnight to trade at $ 0.2373. TRX has added 7.8 percent in the past week. The trading price is 46 percent below the cryptocurrency's all-time high recorded on December 4, 2024.
100th ranked Fartcoin (FARTCOIN) topped overnight gains with a surge of close to 26 percent. 19th ranked Litecoin (LTC) and 36th ranked Bittensor (TAO) followed with gains of close to 11 percent.
54th ranked DeXe (DEXE) topped overnight losses with a decline of 9.7 percent. 90th ranked Onyxcoin (XCN) followed with losses of more than 4 percent in the past 24 hours.
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