Cryptos Muted; ETF News Lifts Ether
Overall cryptocurrency market capitalization is close to the flatline as renewed interest rate fears triggered by hawkish Fed commentary almost eclipsed the euphoria that followed reports of Blackrock’s Ethereum Spot ETF plans. Overall crypto market capitalization is currently steady at $1.4 trillion whereas Ethereum dazzled with an overnight rally of close to 7 percent.
ETF frenzy which had lifted Bitcoin recently, spilled over to Ethereum also after Thursday’s filing by The Nasdaq Stock Market LLC with the SEC proposed a rule change to list and trade shares of the iShares Ethereum Trust, primarily consisting of Ether. Excitement over asset management giant BlackRock backing Ethereum soon made news as the Trust sponsor i.e., iShares Delaware Trust Sponsor LLC, is an indirect subsidiary of BlackRock, Inc.
However, anxiety about the Fed’s interest rate strategy limited gains. Chair Jerome Powell had on Thursday stated that the Fed was not confident it had done enough to bring inflation down. He also warned that the Fed would not hesitate to raise interest rates if it became appropriate to tighten policy.
Crypto market capitalization is currently steady at close to $1.4 trillion. The 24-hour trading volume recorded a 53-percent surge in the past 24 hours to $97 billion.
Ethereum rallied 6.9 percent in the past 24 hours and is currently changing hands at $2,076.89. Weekly gains have increased to 14.9 percent while year-to-date gains exceed 73 percent. Ether touched a high of $2,134.69 amidst the excitement.
The splendid rally has helped Ethereum jump to the 39th position in the ranking of all assets published by companiesmarketcap.com. Ether was ranked 44th overall a day earlier.
Bitcoin however slipped 1.6 percent in the past 24 hours and is currently changing hands at $37,014.23. Bitcoin ranged between $37,926.26 and $35,893.91 in the past 24 hours. Bitcoin’s weekly gains have fallen to 6.8 percent whereas year-to-date gains exceed 123 percent.
The top-10 cryptocurrencies recorded a mixed performance in the past 24 hours. BNB (BNB) slipped 0.90 percent whereas XRP (XRP) declined 6.4 percent. Cardano (ADA) declined 3.8 percent. Dogecoin (DOGE) slipped more than 5 percent and so did Chainlink (LINK). Toncoin (TON) dropped close to 3 percent.
However, despite the negative sentiment, Solana (SOL) added 2.5 percent whereas TRON (TRX) rallied more than 4 percent.
FTX Token (FTT), the native token of the FTX cryptocurrency exchange is the top gainer in the past 24 hours with a surge of close to 60 percent. The rally comes amidst reports that the SEC Chair Gary Gensler was in favor of a reboot of the FTX cryptocurrency exchange under a new leadership and within the confines of the law.
44th ranked Immutable (IMX), 71st ranked Rocket pool (RPL) and 31st ranked Lido DAO (LDO) have all added more than 12 percent in the past 24 hours.
79th ranked Pepe (PEPE), 76th ranked Conflux (CFX), 89th ranked Arweave (AR), 77th ranked Trust Wallet Token (TWT) and 83rd ranked ApeCoin (APE), all slumped more than 10 percent in the past 24 hours.
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