Cryptocurrencies have experienced a rally, fueled by persistent hopes for a Fed rate cut, even as bond yields have surged and gold prices have retreated. Sources indicates that the probability of a quarter percentage rate cut in the Fed’s upcoming decision on December 10 has risen to 87.4 percent, up from 86.2 percent just a day prior, 86.4 percent a week earlier, and significantly higher than the 66.9 percent recorded a month ago. The overall cryptocurrency market capitalization has surged by 3.9 percent overnight, reaching a total of $3.12 trillion. The decline was accompanied by a surge of 60 percent in the 24-hour trading volume, reaching $126 billion. As it stands, 79 out of the top 100 cryptocurrencies are experiencing overnight gains exceeding 1 percent. In the last 24 hours, just 2 of the top 100 cryptocurrencies have experienced a decline of more than 1 percent.
Bitcoin has surged by 3.1 percent over the last 24 hours, currently trading at $90,905.92. The current price sits approximately 28 percent beneath the all-time high of $126,198.07, which was reached on October 7. The original cryptocurrency has seen a 5.5 percent increase over the past week; however, it continues to face a year-to-date decline of 2.7 percent. Ethereum surged by 6.4 percent overnight, now trading at $3,132.33. The prominent altcoin remains 37 percent beneath its all-time high and is facing year-to-date losses nearing 6 percent. In the last 24 hours, Bitcoin, the market leader, fluctuated between $92,267.11 and $88,206.35, while Ethereum, the leading altcoin, saw a range of $3,177.87 to $2,941.89 in the same timeframe. Bitcoin holds the 9th position, while Ethereum sits at 39th in the global asset rankings based on market capitalization, according to the reports.
4th ranked XRP surged by 4.5 percent overnight, bringing its current trading price to $2.09. 5th ranked BNB surged by 3.9 percent overnight, pushing the price up to $908.18. The 7th ranked Solana saw a significant overnight surge, climbing 7.3 percent to reach $137.65. TRON, now positioned 8th overall, saw a slight increase of 0.17 percent overnight and is currently trading at $0.2848. Dogecoin, currently sitting at the 9th rank, surged by 6.3 percent overnight and is now trading at $0.1438. Cardano, currently sitting at the 10th rank, surged by 7.2 percent overnight, now trading at $0.4370.
In a remarkable overnight performance, Zcash, currently ranked 18th, led the pack among the top 100 cryptocurrencies, achieving an impressive surge of 18.5 percent. MYX Finance, currently sitting at the 74th rank, led the way in overnight losses among the top 100 cryptocurrencies, experiencing a decline of 1.3 percent.