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WASHINGTON (dpa-AFX) - Major cryptocurrencies rebounded in the past 24 hours after the massive sell-off on Tuesday. Bitcoin touched a high of $89,351 and Ethereum touched a high of $2,530 in the past 24 hours, helping lift cryptocurrency market capitalization to $2.88 trillion.
The anxiety ahead of AI darling NVIDIA's earnings release on Wednesday, U.S. GDP update on Thursday and PCE-based inflation readings on Friday however limited gains. The massive outflows from Bitcoin/Ethereum Spot ETF products in the U.S. on Tuesday also capped the rally.
More than 80 percent of the top 100 cryptocurrencies are trading with overnight gains of more than a percent. On a weekly basis, 13 percent of the top 100 cryptocurrencies still trade with gains of more than a percent.
The price movement in the cryptocurrency market comes amidst an easing in global bond yields, a strengthening of the Dollar and a slide in the price of gold.
The six-currency Dollar Index which measures the Dollar's strength against a basket of 6 currencies hardened 0.17 percent overnight to 106.49.
Crypto market sentiment deepened into a state of fear amidst the sell-off. The CMC Fear and Greed Index, a proprietary tool developed by CoinMarketCap to measure the emotional state of the market has decreased to 26 (Fear) from 29 (Fear) a day ago and 37 (Fear) a week ago.
Overall crypto market capitalization increased 0.72 percent overnight to $2.88 trillion. Trading volume over the 24-hour period however decreased 32 percent to $135 billion.
BTC has gained 0.79 percent overnight to trade at $87,688.92, around 20 percent below the all-time high. BTC has shed 8.3 percent in the past week and close to 14 percent over the past 30 days.
Bitcoin Spot ETF products in the U.S. recorded massive outflows of $938 million on Tuesday as compared with outflows of $539 million on Monday. Fidelity Wise Origin Bitcoin Fund (FBTC) topped with record outflows of $345 million. iShares Bitcoin Trust (IBIT) followed with outflows of $164 million. No ETF recorded net positive inflows on Tuesday.
Ethereum rallied 2.5 percent in the past 24 hours to trade at $2,438.66, around 50 percent below the previous peak recorded in November 2021. Weekly losses exceed 9.2 percent.
Ethereum Spot ETF products in the U.S. also recorded outflows of $50 million on Tuesday versus $78 million a day earlier.
4th ranked XRP (XRP) added 4.2 percent overnight to trade at $2.26, around 41 percent below the all-time high touched in January 2018. The cryptocurrency's weekly losses exceed 12.5 percent.
5th ranked BNB (BNB) gained 2.4 percent overnight at its current trading price of $619.24. BNB is currently trading 22 percent below the all-time high.
The price of 6th ranked Solana (SOL) gained 1.8 percent overnight. With weekly losses of 18 percent, SOL is currently trading at $138.34, around 53 percent below its record high.
8th ranked Dogecoin (DOGE) rallied 3.5 percent overnight to trade at $0.2084. Having shed 16.9 percent in the past week, DOGE is trading 72 percent below the previous peak scaled in May 2021.
9th ranked Cardano (ADA) gained 5.4 percent overnight to trade at $0.6775. ADA is currently trading 78 percent below the record high touched in September 2021.
10th ranked TRON (TRX) added 0.8 percent overnight to trade at $ 0.2296. TRX has shed 4.8 percent in the past week. The trading price is 48 percent below the cryptocurrency's all-time high recorded on December 4, 2024.
56th ranked Story (IP) topped overnight gains with a surge of close to 39 percent. 61st ranked Quant (QNT) and 45th ranked Celestia (TIA), both added more than 20 percent in the past 24 hours.
27th ranked Bitget Token (BGB) topped overnight losses with a decline of 7.2 percent. 93rd ranked Raydium (RAY) followed with losses of 2.8 percent in the past 24 hours.
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