{"id":50248,"date":"2024-09-09T14:48:35","date_gmt":"2024-09-09T14:48:35","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2024\/09\/09\/cryptos-rebound-as-rate-cut-hopes-grow\/"},"modified":"2024-09-09T14:48:35","modified_gmt":"2024-09-09T14:48:35","slug":"cryptos-rebound-as-rate-cut-hopes-grow","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2024\/09\/09\/cryptos-rebound-as-rate-cut-hopes-grow\/","title":{"rendered":"Cryptos Rebound As Rate Cut Hopes Grow"},"content":{"rendered":"
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Cryptocurrencies rallied early on Monday amidst cautious optimism ahead of the Fed’s next interest rate decision due on September 18. In the backdrop of mixed jobs data from the U.S. on Friday, markets<\/span> expect the Federal Reserve to cut interest by 25 basis points in the ensuing review. Strong gains in global equity markets also supported crypto market sentiment.<\/p>\n

Overall crypto market capitalization has jumped 1.6 percent overnight to $1.95 trillion from $1.92 trillion a day earlier. Crypto market capitalization had fallen to $1.86 trillion over the weekend. <\/p>\n

Market capitalization of meme category cryptocurrencies increased 2.5 percent overnight to $36.8 billion. Market capitalization of AI & Big Data category cryptocurrencies increased 3.8 percent overnight to $26.6 billion.<\/p>\n

Bitcoin traded between $55,777.61 and $53,653.76 in the past 24 hours. It is currently trading at $55,031.77 implying overnight rally of 1.6 percent, weekly losses of 6.3 percent and a year-to-date addition of more than 30 percent. At its current price, the leading cryptocurrency is trading 25 percent below the all-time high recorded in March 2024.<\/p>\n

Data from Farside Investors on Bitcoin Spot ETF products in the U.S. showed a net outflow of $170 million on Friday, declining from $211 million on Thursday. No ETF recorded net inflows on Friday. Fidelity Wise Origin Bitcoin Fund (FBTC) topped with net outflows of $85.5 million, followed by Grayscale Bitcoin Trust (GBTC) that recorded net outflows of $52.9 million. <\/p>\n

Ethereum edged up 0.22 percent in the past 24 hours to trade at $2,279.19, around 53 percent below the all-time high. Amidst weekly losses of more than 9 percent, the leading altcoin is trading with year-to-date losses of 0.11 percent. <\/p>\n

Data from Farside Investors on Ethereum Spot ETF products in the U.S. showed a net outflow of $6 million on Friday as compared with net outflows of $0.2 million on Thursday. iShares Ethereum Trust (ETHA) recorded inflows of $4.7 million whereas Grayscale Ethereum Trust (ETHE) recorded net outflows of $10.7 million.<\/p>\n

4th ranked BNB (BNB) rallied 1.1 percent overnight to trade at $503.44. <\/p>\n

5th ranked Solana (SOL) declined 0.31 percent overnight and 3 percent in the past 7 days. SOL is currently trading at $127.81. <\/p>\n

7th ranked XRP (XRP) gained 0.7 percent overnight, limiting losses to 4.9 percent in the past week. At its current price of $0.5295, the cryptocurrency issued by Ripple Labs is grappling with year-to-date losses of close to 14 percent.<\/p>\n

8th ranked Dogecoin (DOGE) rallied 2.5 percent overnight to trade at $0.0974. <\/p>\n

TRON (TRX) ranked 9th overall has added 1.3 percent in the past 24 hours to trade at $0.1542. <\/p>\n

10th ranked Toncoin (TON) rallied 8 percent overnight. TON is currently trading at $5.08. <\/p>\n

56th ranked Fantom (FTM) topped overnight gains among the top 100 cryptocurrencies with a surge of more than 10 percent. 97th ranked Popcat (POPCAT) and 36th ranked Aave (AAVE) followed with overnight additions of more than 9 percent. 40th ranked Bittensor (TAO) also added more than 8 percent overnight. <\/p>\n

87th ranked SATS (1000SATS) topped overnight losses with a decline of more than 6 percent. 31st ranked Sui (SUI) shed 5.2 percent overnight whereas 77th ranked Starknet (STRK) declined 4.6 percent in the past 24 hours. <\/p>\n

For More Cryptocurrency News, visit rttnews.com <\/p>\n<\/p>\n<\/div>\n