Fed's Monetary Easing Continues To Cheer Crypto World

A new phase of monetary policy easing which the Fed commenced in style with a giant 50-basis points rate cut on Wednesday continued to support crypto market sentiment. Continuing inflows to digital asset investment products as well as the boost to risk assets following the less-than-expected hawkishness in Bank of Japan’s monetary policy pronouncements also bolstered crypto prices. Strong gains in top-ranked Bitcoin and Ethereum helped overall crypto market capitalization increase more than 1.5 percent in the past 24 hours.

Overall crypto market capitalization is currently at $2.22 trillion, versus $2.2 trillion a day earlier and $2.04 trillion a week earlier. Among the top 100 cryptocurrencies, only 2 are trading with weekly losses of more than a percent and only 11 are trading with overnight losses of more than a percent.

Bitcoin reflected the rate cut euphoria rallying 0.75 percent overnight, 7.8 percent in the past week and 49.8 percent on a year-to-date basis. It is currently trading at $63,335.18, around 14 percent below the all-time high. BTC had touched a high of $64,733.6 in the past 24 hours.

Data from Farside Investors on Bitcoin Spot ETF products in the U.S. showed inflows at $92 million on Friday versus $158 million a day earlier.

Ethereum added 2.2 percent in the past 24 hours to trade at $2,640.32, around 46 percent below the previous peak. Weekly gains exceed 14.2 percent whereas gains in 2024 exceed 15.7 percent. Ethereum touched a high of $2685.68 in the past 24 hours.

Data from Farside Investors on Ethereum Spot ETF products in the U.S. showed net inflow of $2.9 million on Friday versus $5.2 million a day earlier. The net inflow is entirely attributed to Grayscale Ethereum Mini Trust (ETH).

4th ranked BNB (BNB) added 1.6 percent overnight and close to 8 percent in the past week to trade at $591.86.

5th ranked Solana (SOL) however shed 1.4 percent overnight. SOL is currently trading at $143.02 implying weekly gains of 8.2 percent and year-to-date gains of more than 40 percent.

7th ranked XRP (XRP) has shed 1.2 percent overnight to trade at $0.5867. Despite weekly gains of 2.7 percent, the cryptocurrency issued by Ripple Labs is saddled with year-to-date losses of more than 4 percent.

8th ranked Dogecoin (DOGE) edged down 0.14 percent overnight to trade at $0.1067.

9th ranked Toncoin (TON) gained 1 percent overnight and 2.1 percent in the past week. TON is currently trading at $5.62.

TRON (TRX) ranked 10th overall has added 0.9 percent in the past 24 hours to trade at $0.1528.

25th ranked Bittensor (TAO) topped with overnight gains of 18.6 percent. 32nd ranked Immutable (IMX) followed with overnight gains of 11.4 percent. 72nd ranked Popcat (POPCAT) also gained more than 10 percent in the past 24 hours.

98th ranked Pendle (PENDLE) is the greatest laggard, shedding more than 4 percent overnight. 63rd ranked Jupiter (JUP), 58th ranked Bonk (BONK), 48th ranked Cosmos (ATOM), 29th ranked Monero (XMR) and 27th ranked Aptos (APT) have all recorded losses of more than 1 percent in the past 24 hours.

For More Cryptocurrency News, visit rttnews.com