Cryptos In Pause Mode

Cryptocurrencies remained largely unchanged in the past 24 hours, with market capitalization hovering close to the flatline. Overall crypto market capitalization stood at $993 billion, and the 24-hour volume aggregated to $47.3 billion.

Stock markets and commodities have gained in the past 24 hours. Dollar however retreated as the recent decline in inflation in the U.S. reinforced hopes of a slowing down in interest rate hikes also.

Bitcoin’s dominance is at 41.2 percent, while Ethereum’s share is 19.5 percent. Stablecoins dominate 13.9 percent of the crypto market, whereas the residual altcoins account for 25.4 percent of the overall crypto market.

Bitcoin’s 24-hour high increased to $21,438.66, versus $21,360.87 a day earlier. BTC is currently trading at $21,292.18, up 0.27 percent on an overnight basis.

Ethereum gained 0.73 percent overnight and is currently changing hands at $1,581.78. Ether ranged between $1,594.00 and $1,567.24 in the past 24 hours.

Bitcoin has gained 22 percent in the past week and 28 percent on a year-to-date basis. Ethereum has gained 19 percent in the past week and 32 percent on a year-to date basis. The brilliant rally over the past few days has helped BTC jump to the 19th position and Ethereum to rise to the 60th position in the ranking of all assets published by companiesmarketcap.com.

The broad-based rally has also helped the crypto asset class to rise one notch to the seventh rank, in the ranking of all assets published by companiesmarketcap.com. Only precious metals viz Gold (market cap: $12.7 trillion) and Silver (market cap: $1.4 trillion) as well as four corporates viz Apple (market cap: $2.2 trillion), Saudi Aramco (market cap: $1.9 trillion), Microsoft (market cap: $1.8 trillion) and Alphabet (market cap: $1.2 trillion) command market capitalization higher than the overall crypto market capitalization of $993 billion. With the recent crypto rally, Amazon (market cap: $980 billion) has been relegated to the eighth position in the overall rankings.

13th ranked Shiba Inu (SHIB) is the top gainer with a 16.6 percent overnight rally. SHIB rallied after the Korean crypto exchange UpBit announced listing the second biggest meme crypto. SHIB has gained 38 percent in the past week and 52 percent in 2023.

The strong momentum in Shiba Inu as well as the 2.9 percent overnight rally in top ranked Dogecoin (DOGE) helped the meme category market capitalization to rise more than 7 percent in the past 24 hours.

85th ranked Enjin Coin (ENJ) added more than 12 percent overnight. 83rd ranked Casper (CSPR) and 78th ranked Ethereum PoW (ETHW) also rallied more than 6 percent in the past 24 hours.

63rd ranked Frax Share (FXS) declined more than 7 percent overnight. 95th ranked Gala (GALA), 81st ranked Zilliqa (ZIL), 47th ranked Aptos (APT), 61st ranked The Graph (GRT) and 88th ranked Optimism (OP) are the other big laggards in the past 24 hours.

Meanwhile, the CoinShares’ Digital Asset Fund Flows Weekly report on institutional investments showed an inflow of $9.2 million for the week ended January 13. Bitcoin products recorded inflows of $10.1 million whereas short bitcoin products registered outflows of $1.5 million. Ethereum products added $5.6 million whereas Solana-based products recorded inflows of $1.3 million. The country-wise analysis shows inflows of $10.3 million in Canada, $3.1 million in Germany and $1.9 million in the United States. Switzerland recorded outflows of $3.8 million, followed by the $2.8 million withdrawal in Brazil. Cumulative AUM stood at $25.5 billion.

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