Bitcoin Nears $81K as Crypto Market Hits $2.7 Trillion
As the world’s markets await the Federal Reserve’s interest rate announcement, the total market capitalisation of cryptocurrencies rose by more than 0.5 percent in the past day. The Bitcoin market remains optimistic, with most people expecting the Fed to keep interest rates where they are. Out of the top 100 cryptocurrencies, more than 30 saw gains of more than 1% and just 15 had losses of more than 1%. Now everyone is waiting to see if the Fed has any forward guidance, if any. December 9 will mark the date of the FOMC’s last meeting of the year. The CME FedWatch tool tracks interest rate traders’ predictions and now shows a 76.5% chance of a quarter-percent rate hike in December. There is a 15.7% chance that rates will stay the same and a 7.8% chance that rates will be raised to the 4.25-4.5% range. Additionally, the markets will be watching to see if the Fed’s decision is unanimous or marked by dissent.
At the same time, the main indexes are showing signs of improvement. In contrast to the two crude oil price indices, which have risen by over a percent, the six-currency Dollar Index is nearly flat. Bond yields issued by sovereign nations are also showing a wide range of movements in the market. The total value of all cryptocurrency liquidations in that time frame was $195 million. Compared to the $141 million obtained from selling short positions, the $55 million realised from selling long holdings was a substantial decrease. Total cryptocurrency market capitalisation has climbed to $2.7 trillion, a 0.79 percent growth, in this context. The increase in trade volumes is 1% higher than before the rally. The biggest cryptocurrency, Bitcoin, is now selling at $80,647.93, up 0.96 percent from where it was overnight. There has been a 3.3% drop in the value of Bitcoin during the past 30 days, and a 9.1% drop so far this year.
Net inflows into Bitcoin Spot ETF products in the US increased to $176 million on Tuesday from $110 million the day before. With $152 million in net inflows, the market leader iShares Bitcoin Trust ETF came out on top. Data shows that among all assets globally ranked by market capitalisation, Bitcoin is currently positioned at position 12. The top cryptocurrency is sandwiched between the thirteenth-ranked Meta Platforms and the eleventh-ranked Broadcom. Ether has climbed 0.68 percent to $2,334.67 in the past 24 hours. On the other hand, the leading alternative coin has fallen 5.3% in the last week. After reaching $89 million on Monday, Ethereum Spot ETF products in the US saw net withdrawals of $60 million on Tuesday. Net withdrawals totalling $93 million were the largest for the iShares Ethereum Trust ETF. Data shows that Ethereum is ranked 65th among all assets in the world by market capitalisation. The price of the fourth-ranked BNB rose to $749.84 after a 1.2% surge overnight. XRP, the fifth-ranked cryptocurrency, is mostly concerned with payments and had a 0.6% increase in value overnight, reaching $1.31.
Solana, which ranks seven, saw a 1% increase in price overnight, reaching $101.07. The net outflows for the U.S.-listed Solana Spot ETF products increased to $19 million on Tuesday, from $8 million the day before. All of the funds were removed from Greyscale Solana Staking ETF. Currently priced at $0.3315, TRON is 1.1 percent higher and ranked 8th overall. Zcash, the ninth most valuable cryptocurrency, gained 1.8% overnight and is now trading at $1,284.96. The net inflows into U.S.-listed Zcash Spot ETF products surged to $4 million on Tuesday, from $2 million the day before. A 1.7% increase to $80.12 was the overnight gain for Hyperliquid, the 10th ranked stock. Tuesday saw no inflows into U.S.-listed Hyperliquid Spot ETF products, compared to Monday’s net outflows of $4 million.
