On Wednesday, cryptocurrencies experienced a significant rebound, boosting market capitalization by over 6 percent in just one night. The surge follows remarks from U.S. Securities and Exchange Commission Chairman Paul Atkins regarding the potential for an innovation exemption for the cryptocurrency sector within the next month. The recent move by asset manager Vanguard to permit ETFs and mutual funds that focus on cryptocurrencies to trade on its platform has positively influenced market sentiment. Inflows into Bitcoin Spot ETF products in the U.S. have bolstered market sentiment. On Tuesday, Bitcoin Spot ETF products in the U.S. saw net inflows of $59 million, a significant increase compared to the $9 million recorded on Monday. In a notable shift, the market leader iShares Bitcoin Trust ETF saw inflows of $120 million on Tuesday, a stark contrast to the outflows of $66 million recorded on Monday.
The recent spike in cryptocurrency prices coincides with a notable decline of the Dollar. The six-currency Dollar Index experienced a decline of 0.36 percent overnight, settling at 99.00. Expectations for a rate cut from the Federal Reserve continue to be robust. Reports, which monitors the expectations of interest rate traders, indicates an 87 percent probability for an additional quarter percentage rate cut in the FOMC’s upcoming rate decision set to be announced on December 10. Bitcoin, the market leader, saw trading fluctuations between $87,107.62 and $93,965.10, while its leading alternative, Ethereum, experienced a range of $2,817.63 to $3,084.96 in the same timeframe. In a notable upswing in the cryptocurrency market, 79 out of the top 100 cryptocurrencies are experiencing overnight gains exceeding 1 percent. Just 4 out of the top 100 cryptocurrencies have experienced a decline exceeding 1 percent. With sentiment boosted by the favorable developments, the overall cryptocurrency market capitalization has surged 6.3 percent overnight to reach $3.14 trillion. The surge was also marked by an 18.5 percent increase in the trading volume, reaching $172 billion.
In the current landscape of the top 10 non-stablecoin cryptocurrencies, XRP, BNB, TRON, Bitcoin Cash, and Hyperliquid are experiencing year-to-date gains. Conversely, Bitcoin, Ethereum, Solana, Dogecoin, and Cardano are facing year-to-date losses. Bitcoin has surged by 6.4 percent, now trading at $93,021.36. The current price sits approximately 26 percent beneath the all-time high of $126,198.07, which was reached on October 7. The original cryptocurrency has seen a 7.1 percent increase over the past week; however, it is facing a year-to-date decline of 0.40 percent. Ethereum surged by 8.5 percent overnight and has gained 5.5 percent over the past week, now trading at $3,070.24. Despite the recent rebound, the leading alternate coin remains 38 percent below its all-time high and is facing year-to-date losses of 7.8 percent. On Tuesday, outflows from Ethereum Spot ETF products in the U.S. saw a notable decrease, dropping to $10 million from $79 million on Monday. The market leader iShares Ethereum Trust ETF experienced outflows of $89 million, contrasting with inflows of $27 million the previous day. Bitcoin has ascended to the 8th position, while Ethereum has surged to the 39th position in the global ranking of all assets based on market capitalization, as reported by companiesmarketcap.com.
XRP, currently ranked 4th, surged by 6.9 percent overnight, bringing its trading price to $2.17. BNB, currently holding the 5th rank, surged by 6.6 percent overnight, bringing its price to $897.62. The price of Solana, currently ranked 6th, surged by 10.6 percent overnight, reaching $141.56. TRON, now positioned 8th overall, saw an increase of 0.42 percent overnight and is currently trading at $0.2793. Dogecoin, currently sitting at the 9th rank, surged by 9.9 percent overnight and is now trading at $0.1501. Cardano, currently holding the 10th position, surged by 11.4 percent overnight, now trading at $0.4374. DoubleZero, currently sitting at the 99th rank, led the overnight gains in the top 100 cryptocurrencies with an impressive surge of 29.6 percent. 19th ranked Sui recorded impressive overnight gains of 23.9 percent. 51st ranked MemeCore emerged as the standout performer among the top 100 cryptocurrencies, mitigating overnight losses with a decline of just 5.1 percent. 59th ranked Quant experienced a decline of 3.7 percent.