Sentiment in the cryptocurrency markets continues to be subdued, reflecting the prevailing uncertainty regarding the Federal Reserve’s interest rate decision and various macro-economic indicators. Market sentiment is currently overshadowed by extreme fear, particularly following the outflows from BlackRock’s Bitcoin and Ethereum Spot ETF products in the U.S. Reports indicates that the market’s expectation for a quarter percentage Fed rate cut in December has shifted from 91.7 percent a month ago to 76.7 percent currently, compared to 71 percent on Friday and 42.4 percent just a week prior. Recent data indicates that Bitcoin Spot ETF products in the U.S. experienced inflows of $238 million on Friday, contrasting with outflows of $903 million on Thursday. Fidelity Wise Origin Bitcoin Fund led the pack with impressive inflows of $108 million. Market leader BlackRock’s iShares Bitcoin Trust has seen outflows totaling $122 million.
The current market capitalization of the crypto sector stands at $2.94 trillion, reflecting a slight overnight dip of 0.62 percent. The 24-hour trading volume has surged by 28 percent, reaching $135 billion. In the latest market update, 43 of the top 100 cryptocurrencies are experiencing overnight losses exceeding 1 percent, while 15 of the top 100 cryptocurrencies have gained more than 1 percent in the past 24 hours. In the realm of the top 10 non-stablecoin cryptocurrencies, BNB, TRON, Bitcoin Cash, and Hyperliquid are experiencing year-to-date gains, while Bitcoin, Ethereum, XRP, Solana, Dogecoin, and Cardano are facing year-to-date losses. The cryptocurrency market is experiencing weakness, coinciding with a slight dip in the dollar and Gold Futures. The Dollar Index, which gauges the dollar’s strength against a basket of six currencies, is presently at 100.15, compared to 100.18 at the previous close. Gold Futures for February settlement are currently trading at $4,111.80 per troy ounce, reflecting an overnight decline of 0.10 percent.
Bitcoin has experienced a decline of 0.82 percent over the last 24 hours, currently trading at $85,963.37. The current price stands approximately 32 percent lower than the all-time high of $126,198.07, which was reached on October 7. The original cryptocurrency is facing a decline of 8.7 percent over the past week and an 8 percent drop year-to-date. Ethereum experienced a decline of 8.4 percent overnight, now trading at $2,802.35. The leading alternate coin is currently facing a significant downturn, having dropped 43 percent from its all-time high. This week alone, it has recorded losses of 10.2 percent, contributing to a year-to-date decline of 15.9 percent. Ethereum Spot ETF products experienced a notable inflow of $56 million on Friday, a significant contrast to the $262 million outflow recorded on Thursday. Fidelity Ethereum Fund has seen impressive inflows, reaching a total of $95 million. Market leader BlackRock’s iShares Ethereum Trust ETF has seen outflows totaling $54 million. Bitcoin remains in the 8th position, while Ethereum holds the 44th spot in the global asset rankings based on market capitalization, according to companiesmarketcap.com.
XRP, currently ranked 4th, saw a 1.4 percent increase overnight, bringing its trading price to $2.07. Fifth ranked BNB experienced a decline of 1.5 percent overnight, bringing its price down to $834.15. The 7th ranked Solana saw a decline of 1.3 percent overnight, bringing its price down to $129.48. TRON, now positioned at 8th overall, saw an increase of 0.72 percent overnight and is presently trading at $0.2768. Dogecoin, sitting at the 9th rank, saw a slight increase of 0.14 percent overnight and is now trading at $0.1449. Cardano, currently holding the 10th rank, experienced a decline of 1.8 percent overnight, bringing its trading price to $0.4061. Canton, ranked 32nd, led the overnight gains among the top 100 cryptocurrencies, experiencing a notable surge of 11.5 percent. Starknet, currently sitting at the 78th rank, managed to recover from overnight losses, although it still faced a decline of 6.3 percent.