WASHINGTON (dpa-AFX) - U.S. President Donald Trump's announcement regarding the creation of a Crypto Strategic Reserve with Bitcoin and few other altcoins dramatically boosted sentiment in the cryptocurrency markets. The Dollar's decline also helped cryptocurrencies, that recorded gains of more than 8 percent in the past 24 hours.
Crypto market capitalization touched a high of $3.12 trillion. It is currently at $3.07 trillion implying an overnight addition of 8.5 percent. More than 80 percent of the top 100 cryptocurrencies are trading with overnight gains of more than a percent. More than 18 percent of the top 100 cryptocurrencies are trading with overnight gains of more than ten percent.
While Bitcoin gained 9 percent and Ethereum added around 8 percent in the past 24 hours, the 3 altcoins XRP, SOL and ADA mentioned in the President's social media post surged ahead. XRP jumped almost 20 percent, SOL surged 17 percent whereas ADA skyrocketed 53 percent.
Bitcoin regained the 7th position in the overall ranking of all assets as per market capitalization as per companiesmarketcap.com. BTC was ranked 10th overall on Friday. Ethereum jumped to the 41st rank from the 45th rank recorded on Friday.
The inflows of $94 million to Bitcoin Spot ETF products in the U.S. on Friday versus outflows of $276 million a day earlier, added to the euphoria. Bitcoin Spot ETF products in the U.S. had last recorded positive inflows on February 14.
Crypto market sentiment which had deepened into a state of fear, with the CMC Fear and Greed Index, a proprietary tool developed by CoinMarketCap to measure the emotional state of the market touching a yearly low of 20 (Fear) on Thursday rebounded with the latest development. The index is currently at 39 (Fear) versus 22 (Fear) a day ago, 40 (Neutral) a week ago and 39 (Fear) a month ago.
BTC has gained 9.2 percent overnight to trade at $93,466.60, around 14 percent below the all-time high. BTC is however grappling with losses of 2.3 percent in the past week. The leading cryptocurrency touched a high of $95,043.44 and a low of $85,040.21 in the past 24 hours.
Ethereum rallied 7.9 percent in the past 24 hours to trade at $2,376.53, around 51 percent below the previous peak recorded in November 2021. Weekly losses however exceed 11.1 percent. Ether traded between $2,548.81 and $2,175.32 in the past 24 hours.
3rd ranked XRP (XRP) jumped 19.6 percent overnight to trade at $2.69, around 30 percent below the all-time high touched in January 2018. The cryptocurrency's weekly gains exceed 8.6 percent.
BNB (BNB) ranked 5th rank overall recorded an overnight decline of 0.12 percent. At its current trading price of $606.11, BNB is trading 24 percent below the all-time high. BNB has shed 5.6 percent in the past week.
Amidst the overnight gain of 16.8 percent, 6th ranked Solana (SOL) is currently trading at $165.13. SOL has added 4.2 percent in the past week and is currently trading around 44 percent below its record high.
Powered by the overnight gain of more than 53 percent, Cardano (ADA) jumped to the 8th rank overall. ADA has added 37 percent in the past week. It is currently trading at $1.00, around 68 percent below the record high touched in September 2021. ADA tops gains among the top 100 cryptocurrencies and is also the highest-ranking cryptocurrency to trade with gains over the past 24 hours, past 7 days, past 30 days and over the year-to-date period.
9th ranked Dogecoin (DOGE) added 9.1 percent overnight to trade at $0.2231. Having shed 3.2 percent in the past week, DOGE is trading 70 percent below the previous peak scaled in May 2021.
10th ranked TRON (TRX) gained 3.9 percent overnight to trade at $ 0.2439. TRX has however slipped 1.6 percent in the past week. The trading price is 45 percent below the cryptocurrency's all-time high recorded on December 4, 2024.
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