Cryptocurrency market capitalization has declined over the past 24 hours amid uncertainty ahead of the release of key economic data from the United States in the coming days. A rebound in the dollar also weighed on sentiment.
ISM manufacturing PMI released on Monday, JOLT employment report released on Tuesday, ISM services PMI released on Wednesday, monthly non-farm payrolls released on Friday, and consumption released the following week. Beyond the Fed, inflation is expected to have an impact. There are only 16 days until the Fed's next interest rate decision.
Federal Reserve Chairman Jerome Powell's speech scheduled for Wednesday is expected to provide potential clues on monetary policy.
The six-currency dollar index, which hit a low of 105.61 on Friday, has rebounded and is now at 106.36.
The overall cryptocurrency market capitalization is currently $3.41 trillion.
Bitcoin fell 1.6% overnight to trade at $95,680.79, about 4% below its all-time high. BTC has fallen 1.6% in the past week, but has risen 38.2% in the past 30 days and is on track to rise 126% in 2024.
US Bitcoin spot ETF products saw $320 million inflows on Friday, according to data from Pharcyde Investors. On Wednesday, the fund had recorded $103 million in inflows.
Ethereum fell 2.4% in the past 24 hours and was trading at $3,621.27, about 26% below its previous high. The weekly increase is nearly 4%, but the increase in 2024 is more than 58%. Ether traded between $3,761.34 and $3,570.44 in the past 24 hours.
The U.S. EtherSpot ETF product had inflows of $333 million on Friday, compared to $90 million on Wednesday.
Bitcoin's share in the cryptocurrency market fell to 55.45%. Ether currently accounts for 12.76 percent of the total cryptocurrency market.
XRP (XRP) soars 27% overnight, vaulting to third place among all cryptocurrencies amid hopes of resolution of long-standing legal dispute with the Securities and Exchange Commission and prospects for the XRP ETF . XRP has increased 69.2% in the past week and 296% in 2024. The cryptocurrency is currently trading at $2.44, about 37 percent below its all-time high.
No. 5 Solana (SOL) fell 5.6% overnight, increasing its weekly decline to 8.9%. SOL is currently trading at $225.09, about 15% below its all-time high.
No. 6 BNB (BNB) is currently trading at $638.17, down 3.4% overnight and down 2.65% over the past week. BNB is currently trading 11% below its all-time high.
No. 7 Dogecoin (DOGE) fell 1.4% overnight to trade at $0.4188. DOGE is trading 43% below its previous high.
No. 9 Cardano (ADA) rose 2.3% overnight to trade at $1.10. ADA is currently trading 65% below its all-time high.
No. 10 Avalanche (AVAX) rose 8.6% overnight to trade at $48.28. AVAX has risen 9.5% over the past week. The trading price is 67% below the cryptocurrency's all-time high.
No. 19 Hedera (HBAR) soared more than 36%, surpassing overnight's gain.
No. 95 POPCAT was the top overnight loser, falling more than 14%.
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