Cryptos Plunge Ahead Of Macro Data

Cryptocurrencies recorded a sharp drop in the past 24 hours causing market leaders Bitcoin to plunge to $58,116 and Ethereum to drop to $2,401. The sharp sell-off, apparently triggered by whale activity in Bitcoin came amidst waning enthusiasm surrounding a Fed rate cut as well as anxiety ahead of looming macro-economic data releases including GDP and PCE data from the U.S. as well as flash inflation readings from the Euro Area.

Massive outflows from Bitcoin Spot ETF products in the U.S., the resurgence in the U.S. dollar, as well as the anxiety ahead of results update by chipmaker NVIDIA lurked in the background, swaying crypto market sentiment.

Amidst the downturn, overall crypto market capitalization is currently at $2.11 trillion, rebounding from $2.07 trillion a few hours earlier. market capitalization was $2.18 trillion a day ago, $2.09 trillion a week earlier, $2.41 trillion a month ago and $1.05 trillion a year earlier.

A big picture analysis of the top 100 cryptocurrencies reveals that only 7 are trading with overnight gains of more than a percent. The number of cryptocurrencies among the top 100 trading with weekly gains of more than a percent stands at 50 whereas over the 30-day horizon, only less than 10 cryptocurrencies have gains exceeding 1 percent. Despite the massive momentum in the crypto space over the course of 2024, triggered by the ETF frenzy, Bitcoin halving as well as decisive rate cut hints by the Fed, only less than 40 percent of the top 100 cryptocurrencies are trading with gains of more than 1 percent in 2024.

Among the top 10 cryptocurrencies, none of the non-stablecoin cryptocurrencies are trading with overnight gains. 5th ranked Solana (SOL) has declined the most, shedding 4.9 percent overnight. Solana (SOL) however tops weekly gains also with a surge of more than 5 percent whereas 10th ranked Toncoin (TON) disappointed with a decline of close to 20 percent over the past week. On a year-to-date basis, 10th ranked Toncoin (TON) dazzled with gains exceeding 131 percent. 7th ranked XRP (XRP) which is trading with losses of more than 6 percent in 2024 is the greatest laggard.

7th ranked XRP (XRP) is the only cryptocurrency among the top 10 to trade with losses on a 24-hour, 7-day, 30-day and year-to-date basis.

In the wider crypto world comprising the top 100 cryptocurrencies, 75th ranked DOGS (DOGS) topped overnight gains with a surge of more than 26 percent. 47th ranked Maker (MKR) is the greatest laggard, with a decline of more than 11 percent. 82nd ranked Popcat (POPCAT) tops weekly gains with a surge of more than 70 percent whereas 10th ranked Toncoin (TON) disappointed with a decline of close to 20 percent. On a year-to-date basis 82nd ranked Popcat (POPCAT) dazzled with gains exceeding 8850 percent. 44th ranked Arbitrum (ARB), trading with losses of close to 66 percent in 2024 is the greatest laggard.

Bitcoin has slipped 3.8 percent overnight to trade at $59,800.45, around 19 percent below the all-time high. Nevertheless, BTC has added 1.1 percent in the past week, helping it gain more than 41 percent in 2024. The original cryptocurrency traded between $62,487.59 and $58,116.75 in the past 24 hours.

Bitcoin Spot ETF products in the U.S. witnessed outflows of $127 million, versus inflows of $203 million a day earlier. Surprisingly bulk of the outflows of $102 million happened in Ark 21Shares Bitcoin ETF (ARKB). Also, no ETF recorded net inflows on Tuesday.

Ethereum slipped 3.5 percent in the past 24 hours to trade at $2,514.76, around 49 percent below the previous peak. Weekly losses are close to 1.5 percent whereas gains in 2024 are a little over 10 percent. Ether traded between $2,625.57 and $2,401.18 in the past 24 hours.

Ether Spot ETF products however saw outflows falling to $3.4 million from $13.2 million a day earlier.

4th ranked BNB (BNB) shed 2.3 percent overnight to trade at $540.12. 5th ranked Solana (SOL) erased 4.9 percent overnight. 7th ranked XRP (XRP) declined 2.5 percent to trade at $0.5773. 8th ranked Dogecoin (DOGE) declined more than 3.5 percent overnight. 9th ranked TRON (TRX) lost more than 1 percent overnight. 10th ranked Toncoin (TON) is grappling with overnight losses of close to 2 percent.

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