Cryptos In Demand Amidst ETF Frenzy, Bitcoin Tops $37k

Cryptocurrencies gained more than 3 percent in the past 24 hours as markets reverberated with excitement over a potential Bitcoin Spot ETF approval by the Securities and Exchange Commission. Bitcoin breached the psychological level of $37k amidst the euphoria.

Hopes of a massive mainstream adoption that would ensue with a Bitcoin spot ETF product approval pushed overall crypto market capitalization to $1.38 trillion from the level of $1.34 trillion recorded a day earlier. The 24-hour trading volume also jumped 36 percent to $60 billion, indicating a bullish momentum across the broader crypto markets.

The frenzy comes amidst reports by some analysts, that the Securities and Exchange Commission has a small window staring on November 9 to potentially approve the 12 pending Bitcoin Exchange-Traded Fund applications, including the BlackRock iShares Spot Bitcoin ETF and the conversion of the Grayscale Bitcoin Trust.

Amidst renewed optimism that an SEC approval could happen in this month and a waning risk aversion, the share of stablecoins in the overall crypto market capitalization has dropped to 9.14 percent.

The crypto asset class currently holds the seventh position in the ranking of all assets published by companiesmarketcap.com. Only Gold (market cap: $12.89 trillion) as well as five corporates viz Apple (market cap: $2.844 trillion), Microsoft (market cap: $2.699 trillion), Saudi Aramco (market cap: $2.162 trillion), Alphabet (market cap: $1.658 trillion) and Amazon (market cap: $1.468 trillion) command market capitalization higher than the overall crypto market capitalization of $1.38 trillion. Silver’s market capitalization of $1.271 trillion has fallen below the overall crypto market capitalization.

Bitcoin led gains with an overnight surge of 4.3 percent. The leading cryptocurrency touched a 24-hour high of $37,016.06 but has since fallen to $36,874.97. Weekly gains are at 4.7 percent. With the price of Bitcoin touching levels last recorded in May 2022, year-to-date gains now exceed 122 percent.

Ethereum also rallied 1.5 percent to touch a high of $1,929.08 in the past 24 hours. It is currently trading at $1,911.42, recording overnight gains of 1.5 percent, weekly gains of 4.2 percent and year-to-date gains of close to 60 percent.

The splendid rally has helped Bitcoin jump to the 11th position in the ranking of all assets published by companiesmarketcap.com. Among individual corporates, only Apple, Microsoft, Saudi Aramco, Alphabet, Amazon, NVIDIA, Meta Platforms and Berkshire Hathaway command a market capitalization that exceeds the $720 billion market capitalization of Bitcoin. Leading alternate coin Ethereum has also moved up to the 44th position in the same ranking.

The top-10 non-stablecoin cryptocurrencies currently account for close to 80 percent of the overall crypto market capitalization. Chainlink (LINK) is the top gainer in this group with an overnight surge of 11.5 percent. Solana (SOL) follows with overnight gains of 9.7 percent. XRP (XRP), that has slipped 0.9 percent and Toncoin (TON) that has plunged 6.1 percent are the only laggards on an overnight basis. TRON (TRX) is the only loser on a weekly basis, shedding 0.4 percent. All the cryptocurrencies in this group are trading with gains on a year-to-date basis.

25th ranked Cosmos (ATM) is the highest-ranking cryptocurrency to trade with year-to-date losses. ATM has slipped 6.3 percent in 2023.

Among the top 100 cryptocurrencies, 24 have gained more than 100 percent in 2023. 39th ranked Injective (INJ) tops the list with an addition of 1282 percent followed by 72nd ranked Conflux (CFX) that has rallied more than 690 percent. 78th ranked ApeCoin (APE) and 99th ranked Terra Classic (LUNC) are the biggest laggards with declines exceeding 50 percent.

The ETF frenzy-driven rally in crypto markets is despite the hawkish rhetoric from central bank officials. Recent Fed speakers have been trying to hint that it was not yet time to confirm an end to the Fed’s monetary tightening cycle and that inflation combat was still beset with challenges. Amidst the hawkish commentary, markets are now eagerly waiting for speeches by ECB President Lagarde and Fed Chair Powell later in the day.

For More Cryptocurrency News, visit rttnews.com

Source: Read Full Article