Market sentiment continues to be subdued, with cryptocurrencies showing a mixed performance. This comes as traders maintain firm expectations for another rate cut by the Federal Reserve in the upcoming December review. Softer economic data emerging from the U.S., coupled with further indications from Fed officials advocating for additional easing, has fueled optimism in the market. On Tuesday, data showed that retail sales and core producer price inflation for September came in lower than anticipated. Markets are buzzing with speculation regarding the potential selection of a dovish candidate to take the reins after Fed Chair Jerome Powell. As markets anticipate that policymakers will focus on a declining labor market rather than persistent inflation, expectations for rate cuts continue to be robust. Nonetheless, the Fear and Greed Index remains firmly in the extreme fear zone. The index stands at 15 today, unchanged from 15 yesterday and down from 16 a week prior. The index reached a yearly low of 10 on November 22. In the midst of strong expectations for rate cuts and ongoing apprehensions, the crypto market capitalization stands at $2.99 trillion, reflecting a slight overnight decrease of 0.08 percent. The trading volume has seen a decline of 11.6 percent, now standing at $133 billion. In the latest market update, 22 of the top 100 cryptocurrencies are experiencing overnight gains exceeding 1 percent, while 16 of the top 100 cryptocurrencies have seen declines greater than 1 percent.
In the realm of the top 10 non-stablecoin cryptocurrencies, XRP, BNB, TRON, Hyperliquid, and Bitcoin Cash are currently experiencing year-to-date gains. Conversely, Bitcoin, Ethereum, Solana, Dogecoin, and Cardano are facing year-to-date losses. The price fluctuations in the cryptocurrency market occur alongside a strengthening dollar and a surge in Gold Futures. The Dollar Index, which gauges the dollar’s strength against a basket of six currencies, is presently at 99.83, compared to 99.66 at the previous close. Gold Futures for February settlement are presently trading at $4,193.60 per troy ounce, reflecting an overnight increase of 0.68 percent. Bitcoin has experienced a decline of 0.42 percent, currently trading at $86,834.82. The present price stands approximately 31 percent lower than the all-time high of $126,198.07, which was achieved on October 7. The original cryptocurrency is facing a decline of 4.9 percent over the past week and a significant drop of 7 percent since the beginning of the year. The trading activity fluctuated between $88,162.56 and $86,131.43. Recent data indicates that Bitcoin Spot ETF products in the U.S. experienced inflows of $129 million on Tuesday, contrasting with outflows of $151 million on Monday. Fidelity Wise origin Bitcoin Fund led the pack with inflows of $171 million, while market leader BlackRock’s iShares Bitcoin Trust saw inflows of $83 million.
Ethereum experienced a 0.6 percent increase overnight, now trading at $2,911.18. As prices have plummeted 41 percent from their all-time high, the prominent alternative coin is currently facing weekly losses of 5.9 percent and year-to-date losses of 12.6 percent. Ethereum Spot ETF products experienced a decline in inflows, dropping to $79 million on Tuesday, down from $97 million on Monday. Fidelity Ethereum Fund led the pack with inflows of $48 million, closely followed by market leader BlackRock’s iShares Ethereum Trust ETF, which saw inflows of $46 million. Bitcoin remains steady at the 9th position, while Ethereum has climbed one spot to the 42nd rank in the global asset rankings based on market capitalization, as per reports. XRP, currently ranked 4th, experienced a decline of 1.3 percent overnight, bringing its trading price down to $2.17.
BNB, currently holding the 5th rank, saw a 0.4 percent increase overnight, bringing its price to $857.29. Solana, currently holding the 6th rank, saw a 0.4 percent increase overnight, bringing its price to $137.13. TRON, now positioned 8th overall, saw an increase of 0.89 percent overnight and is currently trading at $0.2745. Dogecoin, currently ranked 9th, saw a 1.1 percent increase overnight and is now trading at $0.1501. Cardano, currently holding the 10th rank, saw a 0.3 percent increase overnight, bringing its trading price to $0.4170. Monad, currently sitting at the 95th rank, led the overnight gains in the top 100 cryptocurrencies, experiencing a remarkable surge of nearly 30 percent. 82nd ranked SPX6900 reported an impressive increase of 18.6 percent. 36th ranked Aster managed to recover from overnight losses, although it still faced a decline of 7.3 percent.