Early Monday, cryptocurrencies experienced a notable rally, driven by cautious optimism in anticipation of the Federal Reserve’s forthcoming interest rate decision slated for September 18. This surge in the crypto market comes on the heels of mixed jobs data from the U.S. reported last Friday. Given these mixed signals, market participants are now expecting the Federal Reserve to reduce interest rates by 25 basis points in the upcoming review. Furthermore, the robust performance of global equity markets has bolstered the overall sentiment in the crypto space.

In terms of numbers, the overall market capitalization of cryptocurrencies rose by 1.6 percent overnight, climbing to $1.95 trillion from $1.92 trillion the previous day. It’s noteworthy that this increase followed a decline to $1.86 trillion over the weekend.

Within specific categories, meme cryptocurrencies saw their market capitalization grow by 2.5 percent overnight, reaching $36.8 billion. Similarly, cryptocurrencies in the AI & Big Data category experienced a 3.8 percent increase in market capitalization, bringing it up to $26.6 billion.

Bitcoin, the leading cryptocurrency, traded within a range of $55,777.61 to $53,653.76 over the past 24 hours. Currently, Bitcoin is priced at $55,031.77, reflecting an overnight rally of 1.6 percent but also showing weekly losses of 6.3 percent. Despite these fluctuations, Bitcoin has achieved a year-to-date gain exceeding 30 percent. However, it remains 25 percent below its all-time high recorded in March 2024.

Data from Farside Investors revealed that Bitcoin Spot ETF products in the U.S. experienced a net outflow of $170 million on Friday, down from $211 million on Thursday. Interestingly, no Bitcoin ETF recorded net inflows on Friday. Leading the outflows was Fidelity Wise Origin Bitcoin Fund (FBTC) with $85.5 million, followed by Grayscale Bitcoin Trust (GBTC) with $52.9 million.

Ethereum saw a modest increase of 0.22 percent over the past 24 hours, trading at $2,279.19, which is approximately 53 percent below its all-time high. Despite weekly losses of more than 9 percent, Ethereum’s year-to-date performance shows a minor loss of 0.11 percent.

Farside Investors’ data on Ethereum Spot ETF products indicated a net outflow of $6 million on Friday, compared to $0.2 million on Thursday. Among these ETFs, iShares Ethereum Trust (ETHA) recorded inflows of $4.7 million, while Grayscale Ethereum Trust (ETHE) saw net outflows amounting to $10.7 million.

BNB (BNB), ranked fourth among cryptocurrencies, rallied 1.1 percent overnight to trade at $503.44.

Solana (SOL), holding the fifth position, experienced a slight decline of 0.31 percent overnight and a 3 percent drop over the past week, currently trading at $127.81.

XRP (XRP), ranked seventh, gained 0.7 percent overnight and managed to limit its weekly losses to 4.9 percent. At its current price of $0.5295, XRP is dealing with year-to-date losses close to 14 percent.

Dogecoin (DOGE), positioned eighth in the rankings, rallied by 2.5 percent overnight to trade at $0.0974.

TRON (TRX), which ranks ninth overall, added 1.3 percent in the past 24 hours and is currently trading at $0.1542.

Toncoin (TON), ranked tenth, experienced a significant rally of 8 percent overnight and is now trading at $5.08.

Among lesser-known cryptocurrencies, Fantom (FTM), ranked 56th, topped overnight gains among the top 100 cryptocurrencies with a surge of more than 10 percent. Popcat (POPCAT), ranked 97th, and Aave (AAVE), ranked 36th, followed closely with overnight gains exceeding 9 percent each. Bittensor (TAO), ranked 40th, also added more than 8 percent overnight.

On the flip side, SATS (1000SATS), ranked 87th, led overnight losses with a decline exceeding 6 percent. Sui (SUI), ranked 31st, shed 5.2 percent overnight, while Starknet (STRK), ranked 77th, declined by 4.6 percent in the past 24 hours.

For more comprehensive updates and detailed insights into the cryptocurrency market, visit rttnews.com.

For comments and feedback regarding this report, please contact [email protected]