In the past 24 hours, cryptocurrencies have experienced a rally as market sentiment shifted positively, buoyed by the release of softer-than-expected consumer price inflation readings from the U.S. on Thursday morning. Anxiety also eased following the Bank of Japan’s widely anticipated interest rate hike. The overall crypto market capitalization has seen an increase of over 1 percent in the last 24 hours. On Thursday morning, the U.S. Bureau of Labor Statistics unveiled data indicating that headline annual consumer price inflation in the U.S. stood at 2.7 percent for November, down from 3 percent in September and below expectations of 3.1 percent. Despite forecasts pointing to a 3 percent core figure, core inflation registered just 2.6 percent. The Bank of Japan also met expectations by unanimously raising its key short-term interest rate by 25 basis points to 0.75 percent, the highest level since September 1995.
The crypto markets staged a relief rally as these two major macroeconomic risks passed without major disruption. Total cryptocurrency market capitalization rose about 1.4 percent overnight to $2.96 trillion, while 24-hour trading volume jumped 26 percent to $147 billion. Among the top 100 cryptocurrencies, 32 posted gains of more than 1 percent overnight, while 17 recorded losses exceeding 1 percent. Bitcoin rose 0.9 percent over the past 24 hours to trade at $87,951.68, around 30 percent below its all-time high of $126,198.07 set on October 7. Despite the bounce, Bitcoin remains down 4.6 percent over the past week and is still carrying year-to-date losses of 5.8 percent.
Bitcoin Spot ETF products in the U.S. saw net outflows of $457 million on Thursday, reversing the $161 million of inflows recorded the previous day, with Fidelity Wise Origin Bitcoin Fund alone posting outflows of $170 million. Ethereum outperformed, climbing 3.4 percent overnight to $2,949.26, although it remains about 40 percent below its all-time high of $4,953.73. Ether’s year-to-date losses have narrowed to 11.5 percent. Ethereum Spot ETFs also recorded heavier selling, with net outflows of $97 million compared with $22 million the prior day, led by $102 million in outflows from the iShares Ethereum Trust ETF. Over the last 24 hours, Bitcoin traded between $89,412.66 and $85,107.66, while Ethereum ranged from $2,994.55 to $2,777.12.
In broader rankings, Bitcoin and Ethereum hold the 8th and 39th spots respectively among global assets by market capitalization. BNB, ranked fourth, gained 0.9 percent to $845.39, while XRP held steady at $1.86 in fifth place. Solana rose 0.9 percent to $124.43, TRON added 0.8 percent to $0.2795, and Dogecoin climbed 2 percent to $0.1278. Cardano edged up 0.63 percent to $0.3659. Among notable movers, UNUS SED LEO led the top 100 with a 12.7 percent surge, while Bitcoin Cash jumped 9.3 percent. On the downside, MYX Finance dropped 11.8 percent, the steepest fall among the top 100, and MemeCore declined 8.1 percent.