Cryptocurrencies Jump Again On ETF Hopes

Crypto markets which were muted post the inflation update from the U.S. rallied as hopes of an approval for spot ETF products triggered a bullish momentum across crypto sphere. Though the SEC has already approved futures-linked ETF products, it is yet to grant regulatory approval for a Spot ETF product. Hopes of an SEC greenlight have been heightened following a court verdict that disapproved of SEC denying permission for Grayscale’s spot ETF product.

Overall crypto markets jumped 1.4 percent to $1.42 trillion, from $1.39 trillion a day earlier. The 24-hour trading volume also jumped almost 10 percent to $73 billion.

The crypto asset class continues to hold the seventh position in the global ranking of all assets published by companiesmarketcap.com. Only Gold (market cap: $12.98 trillion) as well as five corporates viz Apple (market cap: $2.92 trillion), Microsoft (market cap: $2.75 trillion), Saudi Aramco (market cap: $2.17 trillion), Alphabet (market cap: $1.658 trillion) and Amazon (market cap: $1.70 trillion) command market capitalization higher than the overall crypto market capitalization of $1.42 trillion. Silver’s market capitalization of $1.33 trillion remains below the overall crypto market capitalization.

Bitcoin touched a high of $37,964.89 in the past 24 hours, a level last touched in May 2022, as hopes of a larger inflow into Bitcoin with a spot ETF approval, triggered massive buying interest. Bitcoin is currently trading at $36,756.48, implying overnight gains of 1.7 percent, weekly loss of 1.2 percent and year-to-date gains of 122 percent. The leading cryptocurrency is now trading 46 percent below the all-time high of $68,789.63 touched on November 10, 2021. Bitcoin’s 24-hour traded volume jumped more than 18 percent to $29 billion. The leading cryptocurrency’s market dominance has increased to 50.80 percent, from 50.73 percent a day earlier.

Amidst the splendid rally, Bitcoin holds the 12th position in the ranking of all assets published by companiesmarketcap.com. Among individual corporates, only Apple, Microsoft, Saudi Aramco, Alphabet, Amazon, NVIDIA, Meta Platforms, Berkshire Hathaway and Tesla command a market capitalization that exceeds the $718 billion market capitalization of Bitcoin.

Ethereum traded firmly above the $2k level, touching a high of $2,088.66 and a low of $2,004.85 in the past 24 hours. At Ether’s current price of $2,033.89, the leading alternate coin has recorded overnight gains of 0.9 percent, weekly gains of 5.7 percent and year-to-date gains of 70 percent. Ether’s current price is 58 percent below the all-time high or $4,891.70 recorded exactly two years ago, i.e., on November 16, 2021. Ethereum’s 24-hour traded volume jumped more than 2 percent to $14 billion. The leading alternate currency’s market dominance has however decreased to 17.3 percent, from 17.4 percent a day earlier. Ethereum has also moved up to the 41st position in the ranking of all assets published by companiesmarketcap.com.

Avalanche (AVAX) made a dazzling entry into the list of top-10 non-stablecoin cryptocurrencies with an overnight surge of close to 20 percent, replacing Chainlink (LINK). The rally in AVAX comes amidst reports of JP Morgan’s Onyx collaborating with Avalanche for tokenizing assets, showcasing the blockchain’s potential in asset management.

Dogecoin (DOGE) rallied 6.2 percent followed by Cardano (ADA) that has added 5.3 percent overnight. Solana (SOL) added 1.1 percent overnight. BNB (BNB), XRP (XRP), TRON (TRX) and Polygon (MATIC) have all slipped more than 1 percent in the past 24 hours. XRP has shed close to 8 percent in the past week. All the top-10 non-stablecoin currencies are trading with year-to-date gains.

Down the hierarchy, 52nd ranked Render (RNDR) added 32.7 percent overnight, followed by 99th ranked yearn.finance (YFI) and 28th ranked Kaspa (KAS) that added more than 25 percent overnight.

63rd ranked Celestia (TIA) slipped 8 percent overnight followed by 30th ranked Cronos (CRO) that has erased 7 percent in the past 24 hours.

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