Bitcoin Rebounds to $78,696 as Crypto Market Hits $2.62 Trillion
As investors consider the fallout from the US midterm elections, cryptocurrency prices have risen during the overnight session. The Democrats have taken over both houses of Congress thanks to a massive blue wave. In a relief rally associated with the resolution of election uncertainty, Bitcoin reached a 24-hour high of $78,696, contributing to an overall increase in cryptocurrency market capitalisation to $2.62 trillion. However, developments for cryptocurrencies were hindered by worries about increased political resistance to promoting crypto-friendly regulations. Coinciding with the optimistic mood in the cryptocurrency market, the Dollar is retreating, global bond yields are falling, crude oil prices are plummeting, and the price of gold is rising.
The total market value of all cryptocurrencies is at $2.62 trillion. Over the course of the day, $452 million worth of cryptocurrencies was liquidated, with $273 million represented by long positions and $179 million by short positions. The biggest cryptocurrency, Bitcoin, is now trading 1.55% higher at $78,576.60, after rising 1.55% overnight. Bitcoin, on the other hand, has been hit hard by 2.7% weekly losses. After reaching $399 million on Monday, Bitcoin Spot ETF products in the US saw net outflows drop to $116 million on Tuesday. A total of $95 million was removed from the market by the market leader, the iShares Bitcoin Trust ETF. According to the current global ranking of all assets by market capitalisation, Bitcoin maintains its position at number thirteen. Between Broadcom (ranked 12th) and Tesla (ranked 14th), the top cryptocurrency is located.
The price of Ethereum has risen 1.55% overnight, reaching $2,323.14. But, the leading alternative coin has lost 0.5% of its value in the last seven days. The net outflow of U.S.-based Ethereum Spot ETF products decreased to $85 million on Tuesday from $140 million the previous day. iShares Ethereum Trust ETF sees $74 million in net outflows. Reports indicate that Ethereum is still ranked 66th among all assets globally in terms of market capitalisation. Despite showing weekly losses of 6.4%, the native coin of the BNB Chain ecosystem, BNB, which is ranked #4, is currently seeing gains of 0.47 percent overnight. XRP, the fifth-ranked cryptocurrency, is mostly concerned with payments and it rose 0.82 percent overnight, trading at $1.2886.
Overnight, the price of Solana, which ranks seventh, fell 0.09 percent to $93.27. No new money flowed into the Solana Spot ETF products listed in the US on either Monday or Tuesday. TRON, ranked 8th, is currently down 0.97% at $0.3194. Overnight, the 9th-ranked Hyperliquid fell 1.6% to $84.50. After seeing net withdrawals of $3 million the day before, U.S.-listed Hyperliquid Spot ETF products saw net inflows of $1 million on Tuesday. Currently trading at $1,300.66, Zcash-the cryptocurrency that ranks 10th-had a 9.2 percent spike overnight. Zcash Spot ETF products listed in the U.S. saw $4 million in net outflows on both Tuesday and Monday.
