Cryptocurrencies’ wild rally continued overnight amid mounting election enthusiasm and hopes for political patronage for the digital asset class. In the past 24 hours, Bitcoin hit a high of $66,482, while Ethereum hit a high of $2,653. As Chinese stocks plummeted, expectations that funds would flow back from Chinese stocks to virtual currencies also boosted sentiment. market on tuesday. Strong inflows into Bitcoin ETFs on Monday also supported the recovery in the crypto market.
The total market capitalization of cryptocurrencies increased by more than 2 percent to $2.28 trillion from $2.24 trillion the previous day. More than 70 percent of the top 100 cryptocurrencies trade with overnight gains of more than 1 percent, while more than 85 percent of the top 100 cryptocurrencies trade with weekly gains of more than 1 percent.
Bitcoin rose 2% overnight to trade at $65,648.22, about 11% below its all-time high. The weekly gain increased to 5.2% and the 30-day gain increased to 9.3%. The rate of increase in 2024 also increased to 55.3%.
Data from far-side investors on U.S. Bitcoin spot ETF products shows that net inflows jumped from $253.6 million on Friday to $555.9 million on Monday, as sentiment towards the original cryptocurrency plummeted. It has increased.
Ethereum also rose 3.5% in the past 24 hours, reaching $2,610.26, about 47% below its previous high. The weekly gain increased to 7.6%, while the 30-day gain is over 8%. Profits in 2024 also increased by more than 14%.
Data from far-side investors on the U.S. Ethereum Spot ETF product showed net inflows of $17 million on Monday and net outflows of $100,000 on Friday.
Bitcoin has a market capitalization of $1.3 trillion and controls 56.8% of the entire cryptocurrency market. Ethereum, with a market capitalization of $314 billion, follows with a market share of 13.8%. As risk appetite rises again, stablecoin market capitalization has declined to $172.2 billion (7.53% of the total crypto market).
Fourth place BNB (BNB) rose 1.3% overnight and is up 2.4% for the week at its current trading price of $586.02.
No. 5 Solana (SOL) rose 1.3% overnight, extending its weekly gain to 7.6%. SOL is currently trading at $154.42.
Seventh place XRP (XRP) is trading at $0.545, up 1.4% overnight and 3% over the past week. However, the cryptocurrency issued by Ripple Research Institute has suffered losses of over 11% year-to-date.
No. 8 Dogecoin (DOGE) rose over 3% overnight and over 7.6% in the past week to trade at $0.1158.
However, No. 9 Tron (TRX) fell 0.9% overnight to trade at $0.1586. However, TRx has gained 1.8% over the past week.
Tenth place Toncoin (TON) rose 0.3% overnight, increasing its weekly gain to 1.4%. TON is currently trading at $5.28.
#91 Cat in a Dogs World (MEW), a Solana-based meme coin, and #62 Ethena (ENA), a synthetic dollar protocol built on Ethereum, soar over 15.5% overnight exceeded the rate. Book of Memes (BOME) in 99th place, Bitcoin Cash (BCH) in 14th place, World Coin (WLD) in 57th place, Phantom (FTM) in 42nd place, and Notcoin (NOT) in 76th place. has also risen more than 10% in the past 24 hours.
No. 24 Bittensall (TAO) is the biggest laggard, down nearly 3.4% overnight. Dogwifat (WIF) in 35th place followed with a 2.5% overnight loss.
Meanwhile, the upcoming US election dominated digital asset market sentiment more than the Fed's monetary policy easing, which saw a sharp resurgence in expectations last week. With a renewed focus on the political rather than the financial realm, changes have also been seen in the flow of digital assets.
According to CoinShares' Digital Asset Fund Flows Weekly Report, there were inflows of $407 million for the week ending October 11, compared to $147 million in outflows the previous week. Year-to-date flows rose to $23.9 billion. According to the report, Bitcoin was the top asset flow over the past week, the iShares ETF was the top provider flow, and the United States was the top country flow.
Bitcoin-based products accounted for most of the inflows with $419 million. However, Ethereum-based products recorded an outflow of $9.8 million. Multi-asset products had inflows of $1.5 million, followed by XRP-based products with inflows of $1.1 million. Bitcoin short sales recorded an outflow of $6.3 million.
More than 80 percent of the company's total assets under management of $86.7 billion come from Bitcoin products, which account for $70 billion in total assets under management. Bitcoin's dominance in the cryptocurrency market is even lower, at around 57%. The balance of Ethereum products under management was $9.9 billion. The multi-asset portfolio has $4.4 billion in assets under management. $1.2 billion of AUM is attributable to Solana-based products and $566 million is attributable to Binance-based products.
Specifically, the flow analysis by provider shows $158 million inflows to the iShares ETF followed by $138 million inflows to the Fidelity ETF. Bitwise ETF and Ark21Shares each recorded inflows of approximately $35 million. However, Grayscale Investments recorded an outflow of $65 million.
iShares ETF ranks first with cumulative assets under management of $23 billion, with a market share of 26.5%. Despite year-to-date outflows of more than $19.6 billion, Grayscale Investments still has $19.9 billion in assets under management, or 23% of its $86.7 billion in cumulative assets under management. Fidelity has $11.4 billion in assets under management, followed by ARK 21Shares and 21Shares, which mobilize more than $3 billion in assets under management. The top three companies, iShares, Grayscale Investments, and Fidelity, account for over 62.5% of total AUM.
A country-by-country analysis shows weekly inflows to the United States of $406 million. Canada recorded an inflow of $4.8 million, followed by Australia with an inflow of $2 million. Sweden recorded an outflow of $3.9 million.
Of the $23.95 billion in inflows since the beginning of the year, the United States has accounted for $23.86 billion. Canada, Germany and Sweden have recorded negative inflows year-to-date.
Of its $86.7 billion in cumulative assets under management, $65.5 billion, or 75.6 percent, is located in the United States. Switzerland follows with $4.8 billion in assets under management, while Canada has $4.3 billion in assets under management. Germany has total assets under management of $3.6 billion, and Sweden has total assets under management of $2.7 billion.
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