Crypto Market Cap Reclaims $2.9 Trillion as Altcoins Rally
Early yesterday, cryptocurrency prices rebounded as bond selloffs stopped and crude oil prices fell. Reports that the U.S. and Iran were exploring a phased agreement to reopen the Strait of Hormuz had lowered crude oil prices by nearly one percent. A drop in global bond yields has boosted cryptocurrency optimism. Canada, Germany, France, the U.K., Italy, Japan, and Australia lowered 10-year bond yields. They strengthened in the U.S., Spain, and Hong Kong. The dollar’s decline boosted cryptocurrency sentiment. The six-currency Dollar Index, which compares the U.S. Dollar to six currencies, fell 0.29 percent overnight to 100.99. According to the CME FedWatch tool, the chance of a quarter-point Fed rate increase in October has dropped below 69%.
A large short position liquidation boosted cryptocurrency prices. Short liquidations made up $169 million of the $267 million in liquidations in the last 24 hours. Prolonged liquidations cost $97 million. In response to cryptocurrency price gains, overall crypto market capitalisation rose 2.5 percent overnight to $2.91 trillion. Trading volumes fell 17% despite the gain. Nearly 80 of the top 100 cryptocurrencies gained over 1% overnight. 60th-ranked Quant gained over 36% overnight. 36th-ranked Ondo has gained 29%, followed by 88th-ranked Artificial Superintelligence Alliance, which has gained 43%. Only four of the top 100 cryptocurrencies lost more than 1% overnight. MemeCore (M), 33rd, rallied from overnight losses losing 2.8%. Bitcoin, the largest cryptocurrency, is up 1.6 percent overnight at $84,731.68, 33 percent behind its all-time high of $126,198.
The leading cryptocurrency gains 8.6% weekly and 8.1% monthly. Year-to-date losses are 3.2%. The 24-hour trading ranged from $85,230 to $83,306. U.S. Bitcoin Spot ETF net inflows fell to $191 million on Thursday from $347 million on Wednesday. iShares Bitcoin Trust ETF reached $163 million net inflows. Net inflows were $13 million for Fidelity Wise Origin Bitcoin Fund. Bitcoin rose one spot to 11th in the global hierarchy of assets by market capitalisation, according to source. The top cryptocurrency is between SpaceX (10th) and Broadcom (12th). Ethereum is trading 3 percent higher at $2,723.05, 45 percent below its all-time high of $4,953. The leading alternative coin rises 8.6% weekly and 10.7% monthly. Year-to-date losses are 8.2%. In a 24-hour period, the price ranged from $2,741.30 to $2,638.78.
On Thursday, net inflows into Ethereum Spot ETF products in the US fell to $66 million, down from $105 million the previous day. Net inflows of $27 million were the highest for the iShares Ethereum Trust ETF. According to reports, Ethereum rose two spots to 57th in the global asset hierarchy by market capitalisation. Overnight, the fourth-ranked BNB saw a price climb to $779.90, thanks to a recovery of 1.4%. fifth-ranked XRP, a cryptocurrency that focuses on payments, surged 7.7 percent overnight and is now selling at $1.58. Although it is still over 59% behind its all-time high of $294.33, the price of seventh-ranked Solana rose 7% overnight to $121.00. Thursday saw a net inflow of $33 million, up from $14 million the previous day, for U.S.-listed Solana Spot ETF products.
Currently trading at $0.3370, TRON-which is ranked 8th overall-has seen a fall of 0.67 percent in price. Zcash, the ninth most valuable cryptocurrency by market cap, saw an 8.4 percent gain overnight, bringing its trading value down about 73% from its all-time high of $5,941.80 to $1,608.37. Rank number ten Hyperliquid saw a 2.9% increase to $93.59 overnight, putting it about 4% below its all-time high of $97.98. In contrast to Wednesday’s net outflow of $2 million, U.S.-listed Hyperliquid Spot ETF products had net inflows of $5 million on Thursday.
