Cryptocurrencies are currently experiencing gains in the overnight session as market participants assess the implications of the recent midterm elections in the United States. Riding a significant blue wave, the Democrats have attained control of both chambers of Congress. Overall cryptocurrency market capitalisation has risen to $2.62 trillion, with Bitcoin reaching a 24-hour peak of $78,696 during a relief rally linked to the resolution of electoral uncertainty. Concerns regarding heightened political opposition to advancing crypto-friendly policies, however, constrained the advancements for cryptocurrencies. The positive sentiment in the cryptocurrency market arises concurrently with the Dollar’s retreat, a decline in global bond yields, a significant drop in crude oil prices, and an increase in the price of gold.
Overall cryptocurrency market capitalisation has risen to $2.62 trillion. During the 24-hour period, total liquidations in the cryptocurrency market reached $452 million, with long positions accounting for $273 million and short positions totalling $179 million. Bitcoin, the largest cryptocurrency, is currently trading 1.55 percent higher on an overnight basis at $78,576.60. Bitcoin is, however, burdened by losses of 2.7 percent over the past week. Bitcoin Spot ETF products in the U.S. experienced net outflows, decreasing to $116 million on Tuesday from $399 million on Monday. The market leader iShares Bitcoin Trust ETF experienced net outflows amounting to $95 million. Bitcoin remains in the 13th position in the global ranking of all assets according to market capitalisation as reported. The leading cryptocurrency occupies a position between Broadcom, ranked 12th, and Tesla, ranked 14th.
Ethereum has gained 1.55 percent overnight to $2,323.14. The leading alternate coin has, however, experienced a decline of 0.5 percent over the past week. Ethereum Spot ETF products in the U.S. experienced a reduction in net outflows, declining to $85 million on Tuesday from $140 million on Monday. iShares Ethereum Trust ETF topped with net outflows of $74 million. Ethereum remains in the 66th position in the global ranking of all assets based on market capitalisation, as reported. The 4th ranked BNB, the native coin of the BNB Chain ecosystem, is currently experiencing overnight gains of 0.47 percent, while reflecting weekly losses of 6.4 percent. 5th ranked XRP, a payments-focused cryptocurrency, edged up 0.82 percent overnight and is currently trading at $1.2886.
The price of 7th ranked Solana edged down 0.09 percent overnight to $93.27. U.S.-listed Solana Spot ETF products experienced no inflows on both Tuesday and Monday. TRON, positioned 8th overall, is presently trading 0.97 percent lower at $0.3194. 9th ranked Hyperliquid slipped 1.6 percent on an overnight basis to $84.50. U.S.-listed Hyperliquid Spot ETF products experienced net inflows of $1 million on Tuesday, contrasting with net outflows of $3 million the previous day. 10th ranked Zcash surged 9.2 percent overnight and the cryptocurrency is currently trading at $1,300.66. U.S.-listed Zcash Spot ETF products witnessed net outflows of $4 million on Tuesday as well as Monday.
