Cryptocurrencies traded on a firm note in the past 24 hours even as markets continued to wait for hints of an SEC approval for the keenly anticipated Bitcoin ETF product. Rising expectations of the Fed starting its rate cuts also boosted sentiment for cryptocurrencies.
Overall crypto market capitalization increased to $1.68 trillion, versus $1.67 trillion a day earlier and $1.66 trillion a week earlier.
Bitcoin (BTC) traded between $43,804.78 and $42,677.84 in the past 24 hours. At its current price of $42,890.10, the leading cryptocurrency has recorded overnight losses of 0.20 percent and weekly losses of 2.6 percent. Bitcoin has however added 159 percent in 2023, helped by an ETF frenzy-driven surge of more than 14 percent over the past 30 days.
Ethereum (ETH), which has added 4.6 percent in the past 24 hours and 6.8 percent in the past seven days is currently trading at $2,406.03. Though Ether added 18 percent over the past 30 days, its year-to-date gains are more modest at 101 percent.
Among the top 100 cryptocurrencies, 50th ranked Bitcoin SV (BSV) topped overnight gains with a surge of close to 45 percent. 37th ranked Lido DAO (LDO) and 77th ranked WOO Network (WOO) followed with gains of close to 13 percent. 21st ranked Internet Computer (ICP), 88th ranked eCash (XEC) and 42nd ranked Arbitrum (ARB) have all gained more than 10 percent in the past 24 hours.
85th ranked Bonk (BONK) is the biggest overnight laggard among the top 100 cryptocurrencies, declining more than 15 percent. 59th ranked Mina (MINA) and 5th ranked Solana (SOL) also slipped more than 9 percent in the past 24 hours.
Bitcoin SV (BSV) topped gains over the past week as well with a surge of more than 81 percent. 26th ranked Optimism (OP) added more than 62 percent whereas 69th ranked PancakeSwap (CAKE) added 55 percent over the course of the past 7 days.
Bonk (BONK) ranked 85th overall tops weekly losses also among the top 100 cryptocurrencies with a decline of more than 30 percent. 64th ranked Helium (HNT), 67th ranked FTX Token (FTT), 66th ranked WEMIX (WEMIX) and 84th ranked Bitget Token (BGB) have all shed more than 11 percent in the past week.
Meanwhile, the CoinShares' Digital Asset Fund Flows Weekly report on institutional investments showed inflows of $102.7 million for the week ended December 23. Month-to-date flows stood at $160.3 million whereas year-to-date flows aggregated $1.97 billion.
Bitcoin products recorded inflows of $87.6 million. Ethereum-based products recorded inflows of $7.9 million. Solana products recorded inflows of $6 million. Cardano products too recorded inflows of $1 million. Avalanche continued to record outflows, $2.6 million in the current week as compared with $1.5 million a week earlier.
The country-wise analysis shows inflows of $41.6 million to Germany, followed by $25.8 million to Canada. United States witnessed inflows of $20.4 million whereas Switzerland recorded inflows of $15 million. Brazil also recorded inflows of $8 million. Sweden however recorded outflows of $8.7 million.
Cumulative AUM stood at $52.1 billion of which $37.9 billion is in the United States. Canada follows with AUM of $3.6 billion. Switzerland accounts for AUM of close to $3.3 billion, followed by Germany with $3 billion and Sweden with $2.5 billion.
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