Cryptocurrencies have experienced a rally, reflecting the upbeat mood in global markets, even as concerns persist regarding tech valuations linked to the excitement surrounding AI. Markets reacted positively to J.P. Morgan’s arrangement of a landmark commercial paper issuance on the Solana Public blockchain, highlighting the ongoing institutional support for cryptocurrencies, and the overall crypto market capitalization has seen an increase of over 2 percent. On Thursday, J.P. Morgan revealed that it has successfully facilitated a U.S. Commercial Paper issuance for Galaxy Digital Holdings LP, which is affiliated with Galaxy Inc. on the Solana blockchain, and the financial services giant announced that the transaction stands as one of the earliest debt issuances ever executed on a public blockchain, marking it as one of the first in the U.S. to leverage blockchain technology for the issuance and servicing of securities, representing a pivotal moment that greatly enhanced market sentiment.
J.P. Morgan took on the role of Arranger, developed the on-chain USCP token, and enabled the delivery-versus-payment settlement for the primary issuance, with both the issuance and redemption proceeds settled in USDC stablecoins issued by Circle, marking another market first for the USCP market. The aggregate crypto market capitalization has seen a 2.2 percent rise overnight, now standing at $3.14 trillion, and in a notable market shift, 64 of the top 100 cryptocurrencies are experiencing overnight gains exceeding one percent, while a mere 6 are facing losses greater than one percent. Bitcoin has surged 2.6 percent over the last 24 hours, currently trading at $92,387.44, with the current price sitting approximately 27 percent beneath the all-time high of $126,198.07 reached on October 7, and although it has seen a 1.2 percent increase over the last week, it continues to face a year-to-date decline of 1.1 percent. In the U.S., Bitcoin Spot ETF products experienced net outflows totaling $77.5 million, even as the market leader, iShares Bitcoin Trust, reported net inflows of $76.7 million, while Fidelity Wise Origin Bitcoin Fund has seen outflows totaling $103.6 million.
Ethereum experienced a 1.5 percent increase overnight, now trading at $3,247.27, and continues to trade at a significant 34 percent below its all-time high of $4,953.73, with year-to-date losses limited to 2.5 percent. Ethereum Spot ETF products in the U.S. experienced net outflows totaling $42 million. In the last 24 hours, Bitcoin fluctuated between $93,554.27 and $89,335.30, while Ethereum saw a range from $3,272.19 to $3,149.03. Bitcoin holds the 9th position, while Ethereum is placed at 37th in global asset rankings based on market capitalization. XRP, currently ranked 4th, saw a rise of 1.8 percent overnight, bringing its trading price to $2.04, while BNB, ranked 5th, saw a 2.4 percent increase to $888.12, and Solana, ranked 7th, surged 6.2 percent to $139.41. TRON secured the 8th position overall but experienced a decline of 1.1 percent, currently trading at $0.2774.
Dogecoin, currently sitting at the 9th rank, experienced a rally of 2.3 percent overnight, bringing its trading price to $0.1411, while Cardano, ranked 10th, experienced a 2.2 percent increase to $0.4253. Merlin Chain, ranked 100th, surged overnight, leading the top 100 cryptocurrencies with an impressive gain exceeding 20 percent, whereas Tezos, ranked 90th, managed to outperform its peers in the top 100 cryptocurrencies by experiencing a decline of 3.7 percent overnight.