WASHINGTON (dpa-AFX) - Cryptocurrencies aligned with the broader markets to trade on a positive note as hints of a potential compromise in the trade tariff war boosted market sentiment. Renewed expectations of a crypto-friendly regime and policy measures towards the creation of a strategic crypto reserve aided a spike in crypto asset prices ahead of a first-of-its-kind White House Crypto summit scheduled for March 7.
According to Reuters, U.S. Commerce Secretary Howard Lutnick said that an announcement on tariffs on goods from Mexico and Canada was expected later on Wednesday.
Expectations of a scaling back of the recently imposed tariffs on Canada and Mexico as well as announcement to create a strategic crypto reserve supported market sentiment, lifting crypto market capitalization almost 6 percent overnight to $2.92 trillion.
Crypto market capitalization touched a high of $2.95 trillion. It is currently at $2.92 trillion implying an overnight addition of 5.7 percent. More than 85 percent of the top 100 cryptocurrencies are trading with overnight gains of more than a percent. 13 of the top 100 cryptocurrencies are trading with overnight gains of more than ten percent.
While Bitcoin rallied more than 5 percent and Ethereum added close to 3 percent in the past 24 hours, Cardano jumped close to 17 percent.
Bitcoin regained the 8th position in the overall ranking of all assets as per market capitalization as per companiesmarketcap.com. BTC was ranked 10th overall on Tuesday. Ethereum jumped to the 44th rank from the 48th rank recorded a day ago.
Bitcoin Spot ETF products in the U.S. recorded outflows of $144 million on Tuesday whereas Ethereum Spot ETF products recorded inflows of $ 15 million.
BTC has gained 5.2 percent overnight and 3.2 percent in the past week to trade at $88,758.74, around 19 percent below the all-time high. The leading cryptocurrency touched a high of $90,933.33 and a low of $81,529.24 in the past 24 hours.
Ethereum rallied 2.7 percent in the past 24 hours to trade at $2,182.70, around 55 percent below the previous peak recorded in November 2021. Weekly losses however exceed 8.5 percent. Ether traded between $2,272.80 and $1,996.77 in the past 24 hours.
3rd ranked XRP (XRP) jumped 3.5 percent overnight to trade at $2.47, around 36 percent below the all-time high touched in January 2018. The cryptocurrency's weekly gains exceed 11.8 percent. XRP 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.
BNB (BNB) ranked 5th rank overall recorded an overnight gain of 3.6 percent. At its current trading price of $592.28, BNB is trading 25 percent below the all-time high. BNB has shed 2.9 percent in the past week.
Amidst the overnight gain of 2.6 percent, 6th ranked Solana (SOL) is currently trading at $142.76. SOL has added 5.5 percent in the past week and is currently trading around 51 percent below its record high.
8th ranked Cardano (ADA) jumped to record an overnight gain of 16.9 percent. ADA has added 45.3 percent in the past week. It is currently trading at $0.9627, around 69 percent below the record high touched in September 2021.
9th ranked Dogecoin (DOGE) added 2.96 percent overnight to trade at $0.1997. Having shed 1.7 percent in the past week, DOGE is trading 73 percent below the previous peak scaled in May 2021.
10th ranked TRON (TRX) gained 3.6 percent overnight to trade at $ 0.2430. TRX has also added 7 percent in the past week.
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