WASHINGTON (dpa-AFX) - Cryptocurrencies rallied in the past 24 hours amidst the Dollar Index declining to a 4-month low and the European Central Bank cutting rates again on Thursday.
The six-currency Dollar Index (DXY) which measures the U.S. Dollar's strength against a basket of six currencies is currently at 104.03, a level last recorded in November 2024. The index ranged between 103.86 and 104.28 during the day versus the 52-week range of 100.16 to 110.18.
The dollar has been dragged down by concerns about the new tariffs negatively impacting growth in the U.S. economy. The slide in the Dollar Index came also amidst the strength in the euro which has weightage of 57.6 percent and in the Japanese yen, which has a weight of 13.6 percent in the Dollar Index. Growth prospects attributed to the higher defense spending planned by Germany and growing bets of a rate hike by Bank of Japan contributed to the surge in the euro and the yen.
The European Central Bank in a widely expected move, eased rates by a quarter percentage but acknowledged that monetary policy was becoming less restrictive.
Overall crypto market capitalization increased to $2.96 trillion, helped by overnight gains of 0.6 percent in Bitcoin and 2.3 percent in Ethereum.
Bitcoin now dominates 60.5 percent of the overall crypto market, followed by Ethereum with a market share of 9.2 percent. Stablecoins currently account for 7.8 percent of the market capitalization, implying a market share of 22.5 percent for the residual altcoins.
BTC has rallied 0.6 percent overnight to trade at $90,282.98, around 17 percent below the all-time high. BTC has added 5 percent in the past week. The leading cryptocurrency traded between $92,804.94 and $87,599.07 in the past 24 hours.
The price move came amidst reports of the defunct Mt Gox cryptocurrency exchange transferring Bitcoin worth $1 billion to an unknown wallet.
Data from Farside Investors showed that Bitcoin Spot ETF products in the U.S. witnessed inflows of $22 million on Wednesday as compared with outflows of $144 million a day earlier.
Ethereum rallied 2.3 percent in the past 24 hours to trade at $2,262.17, around 54 percent below the previous peak recorded in November 2021. Weekly losses however exceed 3.3 percent. Ether traded between $2,319.40 and $2,162.93 in the past 24 hours.
Ethereum Spot ETF products in the U.S. witnessed outflows of $63 million on Wednesday versus inflows of $15 million a day earlier.
3rd ranked XRP (XRP) rallied 5.3 percent overnight to trade at $2.61, around 32 percent below the all-time high touched in January 2018. The cryptocurrency's weekly gains are 17.7 percent.
5th ranked BNB (BNB) added 0.6 percent overnight at its current trading price of $600.48. BNB is currently trading 24 percent below the all-time high.
The price of 6th ranked Solana (SOL) gained 2.5 percent overnight. With weekly gains of 6.2 percent, SOL is currently trading at $148.43, around 50 percent below its record high.
8th ranked Cardano (ADA) slipped 4.7 percent overnight to trade at $0.9532. ADA is currently trading 69 percent below the record high touched in September 2021.
9th ranked Dogecoin (DOGE) rallied 3.1 percent overnight to trade at $0.2102. Having added 0.6 percent in the past week, DOGE is trading 71 percent below the previous peak scaled in May 2021.
10th ranked TRON (TRX) slipped 0.7 percent overnight to trade at $ 0.2411. TRX has added 5.2 percent in the past week. The trading price is 45 percent below the cryptocurrency's all-time high recorded on December 4, 2024.
61st ranked Movement (MOVE) topped overnight gains with a surge of 22.9 percent. 42nd ranked Cronos (CRO) and 32nd ranked Ondo (ONDO) followed with gains of more than 11 percent.
56th ranked Dexe (DEXE) topped overnight losses with a decline of 7.2 percent.
For More Cryptocurrency News, visit rttnews.com
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
