Cryptos rallied more than 4 percent in the past 24 hours amidst rising expectations that the phase of monetary tightening is fast coming to an end. Consumer price inflation in the U.S, the latest readings of which are due on Wednesday is seen falling to 5.2 percent, from 6 percent in the previous month.
Overall crypto market capitalization is currently at $1.24 trillion, having gained 4.4 percent in the past 24 hours. Market capitalization has returned to this level after a gap of more than eight months.
The crypto asset class has also maintained the seventh rank in the ranking of all assets published by companiesmarketcap.com. Only precious metals viz Gold (market cap: $13.3 trillion) and Silver (market cap: $1.4 trillion) as well as four corporates viz Apple (market cap: $2.56 trillion), Microsoft (market cap: $2.15 trillion) Saudi Aramco (market cap: $1.90 trillion), and Alphabet (market cap: $1.37 trillion) command market capitalization higher than the overall crypto market capitalization of $1.24 trillion.
Bitcoin breached the $30k level, touching a ten-month high. BTC is currently trading at $30,069.98, having gained more than 6 percent on an overnight as well as weekly basis. The top ranked cryptocurrency has made year-to-date gains of more than 80 percent. More than 75 percent of the BTC holders are in the money at current prices. BTC traded between $30,160.48 and $28,189.27 in the past 24 hours.
Ether is currently trading at $1914.33. Ether’s overnight gains were more modest at 3.1 percent. Ether has gained 2.5 percent in the past week and 60 percent in 2023. More than 67 percent of the ETH holders are in the money at current prices. ETH traded between $1,936.73 and $1,848.16 in the past 24 hours.
The brilliant rally has helped Bitcoin rise to a market dominance of 47.04 percent. Ethereum meanwhile commands a crypto market share of 18.67 percent. Stablecoins have fallen to 10.73 percent of the crypto market whereas the residual altcoins command 23.56 percent of the overall crypto market.
The superb rally also helped BTC jump to the 11th position and Ethereum to rise to the 46th position in the ranking of all assets published by companiesmarketcap.com.
Meanwhile, the CoinShares’ Digital Asset Fund Flows Weekly report on institutional investments showed a revival in activity, with an inflow of $57 million for the week ended April 7. Of this, Bitcoin products accounted for inflows of $56 million.
The country-wise analysis shows inflows of $26.8 million in United States, $16.6 million in Germany and $12.8 million in Switzerland. Cumulative AUM stood at $34.75 billion.
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