Overall cryptocurrency market capitalisation increased by over half a percent in the last 24 hours as global markets anticipate the Federal Reserve’s decision regarding interest rates. With the Fed widely expected to maintain current interest rates, the sentiment in the cryptocurrency market continues to exhibit a broadly positive outlook. Over 30 of the top 100 cryptocurrencies experienced gains exceeding one percent, while merely 15 recorded losses greater than one percent. Attention will now be focused on the Fed’s forward guidance, if it exists. The final FOMC meeting of the year is set for December 9. The CME FedWatch tool, which monitors the expectations of interest rate traders, currently indicates a 76.5 percent probability of a quarter-percent rate hike in December. The probability of rates remaining at the current level stands at 15.7 percent, while the likelihood of rates being increased to the 4.25-4.5 percent range is 7.8 percent. Markets would also be closely observing whether the Fed’s decision is unanimous or characterised by dissent.
Meanwhile, the major indexes are trading in positive territory. The six-currency Dollar Index is positioned near the flatline, while both crude oil price benchmarks have increased by more than a percent. Concurrently, sovereign bond yields are exhibiting a varied trading pattern. Aggregate crypto liquidations during the 24-hour period amounted to $195 million. Liquidation of long positions totalled $55 million, significantly lower than the liquidation of short positions, which reached $141 million. In this context, the total market capitalisation of cryptocurrencies has increased by 0.79 percent, reaching $2.7 trillion. The rally is accompanied by a 1-percent increase in trading volumes. Bitcoin, the largest cryptocurrency, is currently trading 0.96 percent higher on an overnight basis at $80,647.93. Bitcoin has experienced a decline of 3.3 percent over the last 30 days and a year-to-date decrease of 9.1 percent.
On Tuesday, Bitcoin Spot ETF products in the U.S. experienced a rise in net inflows, amounting to $176 million, compared to $110 million the previous day. Market leader iShares Bitcoin Trust ETF topped with net inflows of $152 million. Bitcoin occupies the 12th position in the global ranking of all assets based on market capitalisation, according to data. The leading cryptocurrency is situated between Broadcom, ranked 11th, and Meta Platforms, ranked 13th. Ethereum has added 0.68 percent overnight to $2,334.67. The leading alternate coin has, however, experienced a decline of 5.3 percent over the past week. Ethereum Spot ETF products in the U.S. experienced net outflows, decreasing to $60 million on Tuesday from $89 million on Monday. iShares Ethereum Trust ETF topped with net outflows of $93 million. Ethereum holds the 65th position in the global asset rankings based on market capitalisation, according to data. The 4th ranked BNB experienced a rally of 1.2 percent overnight, leading to an increase in price to $749.84. 5th ranked XRP, a payments-focused cryptocurrency, rallied 0.6 percent overnight and is currently trading at $1.31.
The price of 7th ranked Solana increased by 1 percent overnight to $101.07. U.S.-listed Solana Spot ETF products experienced a rise in net outflows, escalating to $19 million on Tuesday, up from $8 million on Monday. Greyscale Solana Staking ETF represented the totality of the outflows. TRON, positioned 8th overall, is presently trading 1.1 percent higher at $0.3315. The 9th ranked Zcash experienced an overnight increase of 1.8 percent, with its current trading value at $1,284.96. U.S.-listed Zcash Spot ETF products experienced a notable increase in net inflows, climbing to $4 million on Tuesday, up from $2 million on Monday. 10th ranked Hyperliquid rallied 1.7 percent on an overnight basis to $80.12. U.S.-listed Hyperliquid Spot ETF products experienced no inflows on Tuesday, in contrast to net outflows of $4 million recorded on Monday.
