Cryptocurrencies Extend Gains
Cryptocurrencies recorded gains over the past 24 hours amidst a global weakness in stock markets. Bitcoin touched a high of $67,881 in the past 24 hors and Ethereum touched a high of $2,685 in the past 24 hours.
The uptick came amidst the 6-currency Dollar Index touching a more than 2-month high of 103.40 in the day’s trade. Bitcoin’s climb despite the firm Dollar Index portended a waning inverse correlation between the Dollar Index and the prices of Bitcoin.
Hopes and hints of a clearer regulatory environment as well as support from across the political spectrum boosted cryptocurrencies ahead of the presidential race in the U.S. scheduled for early November. The weak sentiment in the Chinese equity markets as well as the strong flow to Bitcoin ETFs in the U.S. continued to support crypto market sentiment. However, unconfirmed reports about Tesla’s plans to sell its Bitcoin holdings limited further gains.
Coinmarketcap’s Crypto Fear and Greed Index has surged to 58 implying markets pricing in a pre-election surge in crypto prices. It was 37 a week earlier and 34 a month earlier.
Overall crypto market capitalization has increased 1.5 percent overnight to $2.32 trillion from $2.29 trillion a day earlier. Market capitalization was $2.16 trillion a week earlier.
Meme category market capitalization jumped 2.2 percent overnight to $55.7 billion implying a market share of 2.4 percent. Political memes category however recorded an overnight decline of 3 percent in market capitalization.
The AI & Big Data category recorded an overnight decline of 2.1 percent, dragging market capitalization to $36.4 billion or 1.6 percent of the overall crypto market.
Amidst the positive market sentiment, market capitalization of the not-so-volatile stablecoins increased 0.1 percent to $172.2 billion or 7.43 percent of the overall crypto market.
Bitcoin is currently trading at $67,601.66, around 8 percent below the all-time high recorded in March 2024. Bitcoin has gained 2.9 percent overnight and 8.9 percent over the past 7 days. Year-to-date gains have also increased to close to 60 percent.
Data from Farside Investors on Bitcoin Spot ETF products in the U.S. showed net inflows of $371 million on Tuesday versus $556 million on Monday, boosting sentiment for the original cryptocurrency.
Ethereum edged up 0.01 percent overnight to trade at $2,614.87, around 47 percent below the all-time high. Ether has gained 7.5 percent in the past 7 days. Year-to-date gains have also increased to 14.6 percent.
Data from Farside Investors on Ethereum Spot ETF products in the U.S. showed net outflows of $12.7 million versus net inflows of $17 million on Monday.
Bitcoin’s crypto market dominance has increased to 57.5 percent from 56.8 percent a day earlier. In contrast, Ethereum’s share of the overall crypto market has slipped to 13.6 percent from 13.8 percent a day earlier.
4th ranked BNB (BNB) added 1.5 percent overnight and 2.1 percent on a weekly basis to trade at $596.10. BNB has gained close to 90 percent in 2024.
5th ranked Solana (SOL) added 0.64 percent overnight and 9.5 percent over the past 7 days. SOL is currently trading at $155.99.
7th ranked XRP (XRP) edged down 0.3 percent overnight but is holding on to weekly gains of more than 2 percent to trade at $0.5434. Year-to-date losses are a little more than 11.5 percent.
Dogecoin (DOGE), ranked 8th overall has gained 8.2 percent in the past 24 hours and 15 percent in the past week to trade at $0.1255.
9th ranked TRON (TRX) rallied 0.6 percent overnight but has shed 0.25 percent in the past week. TRX is currently trading at $0.1595.
10th ranked Toncoin (TON) declined 0.61 percent overnight but has gained 0.80 percent over the past 7 days to trade at $5.24.
8th ranked Dogecoin (DOGE) jumped 8.2 percent overnight to trade at $0.1255. The most valuable meme coin has gained 15 percent in the past week and more than 40 percent in 2024. 21st ranked Litecoin LTC also added 6.8 percent overnight amidst reports of Canary Capital filing for a Litecoin ETF in the U.S.
83rd ranked First Neiro on Ethereum (NEIRO) topped overnight losses with an erosion of 12.5 percent followed by 62nd ranked Popcat (POPCAT) that erased 10.2 percent in the past 24 hours.
For More Cryptocurrency News, visit rttnews.com
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