A broad rally across risk-driven assets, coupled with a short squeeze in the crypto market, facilitated Bitcoin and other major cryptocurrencies in extending their overnight gains. Overall cryptocurrency market capitalisation has risen to $2.66 trillion, with Bitcoin fluctuating between $79,326 and $80,879 in the last 24 hours, as markets evaluated the possible regulatory implications of the election results on the U.S. crypto sector. The positive sentiment in the cryptocurrency market arises in the context of a short squeeze that has taken traders by surprise. Data indicates that aggregate crypto liquidations over the past 24 hours have increased to $730 million, up from $452 million the previous day. Liquidation of short positions amounted to $448 million, compared to $179 million the previous day. Liquidation of long positions reached $282 million, an increase from $273 million the previous day.
Bitcoin, the largest cryptocurrency, is currently trading 0.32 percent higher on an overnight basis at $79,543.10. Bitcoin is, however, burdened with losses of 1.2 percent over the past week. On Wednesday, Bitcoin Spot ETF products in the U.S. experienced net inflows amounting to $75 million, contrasting with net outflows of $116 million recorded on Tuesday. While market leader iShares Bitcoin Trust ETF topped outflows with $201 million, Fidelity Wise Origin Bitcoin Trust topped inflows with $237 million. Bitcoin has ascended to the 12th position in the global ranking of all assets based on market capitalisation, as reported. The leading cryptocurrency is situated between Meta Platforms, ranked 11th, and Broadcom, ranked 13th. Ethereum has also gained 0.32 percent overnight to $2,386.27. The leading alternate coin has experienced a 2.2 percent increase over the past week.
On Wednesday, Ethereum Spot ETF products in the U.S. recorded net inflows amounting to $53 million, contrasting with net outflows of $85 million observed on Tuesday. iShares Ethereum Trust ETF topped with net inflows of $33 million. Ethereum has ascended to the 61st position in the global ranking of all assets based on market capitalisation, according to source. The fourth-ranked BNB, the native coin of the BNB Chain ecosystem, has increased by 0.01 percent to $710.10. Weekly losses total 4.6 percent. 5th ranked XRP, a payments-focused cryptocurrency, slipped 0.92 percent overnight and is currently trading at $1.3030. The price of 7th ranked Solana experienced a rally of 2.5 percent overnight, reaching $95.17. U.S.-listed Solana Spot ETF products experienced no inflows on Wednesday.
TRON is currently positioned 8th overall, trading at a decrease of 0.37 percent, with a price of $0.3184. 9th ranked Hyperliquid plunged 5.5 percent on an overnight basis to $81.52. On Wednesday, U.S.-listed Hyperliquid Spot ETF products experienced net outflows amounting to $2 million, in contrast to the net inflows of $1 million recorded on Tuesday. 10th ranked Zcash also declined 1.5 percent overnight, with the cryptocurrency currently trading at $1,303.51. U.S.-listed Zcash Spot ETF products experienced net inflows amounting to $3 million on Wednesday, contrasting with net outflows of $4 million recorded on Tuesday.
