Cryptos Extend Gains Amidst Easing Inflation

Cryptocurrencies added more than 1 percent in the past 24 hours amidst positive sentiment triggered by the easing in inflation. Hopes of a spot bitcoin ETF approval also kept sentiment high.

The Dollar Index which measures the Dollar’s strength against a basket of 6 currencies dropped 0.08 percent overnight to 102.83, supporting the surge in digital assets.
Overall crypto market capitalization has increased to $1.21 trillion, from $1.20 trillion a day earlier.

Bitcoin is trading at $30,644.37, having gained 0.40 percent in the past 24 hours. On a weekly basis, BTC has added 0.44 percent. Year-to-date gains exceed 84 percent. Bitcoin currently dominates 49.23 percent of the overall crypto market. Bitcoin traded firmly above the $30k range in the past 24 hours.

Ethereum is trading at $1,963.85, up 2.5 percent on an overnight basis. Ethereum, increased its crypto market dominance to 19.56 percent of the overall crypto market. The 24-hour trading range was between $1,973.64 and $1,895.91.

4th ranked BNB (BNB) added 1.3 percent overnight but is still trailing 19 percent over the past 30 days.

6th ranked XRP (XRP) lost 0.21 percent overnight and 0.76 percent on a weekly basis.

7th ranked Cardano (ADA) added 0.88 percent overnight. It has however lost 22.32 percent over the past 30 days.

8th ranked Dogecoin (DOGE) also added 0.75 percent in the past 24 hours but is trailing the levels 30 days ago by as much as 7.04 percent.

The more than 22 percent rally over the past week helped Litecoin (LTC) rise to the 9th rank among all cryptocurrencies. The cryptocurrency has however lost 1.95 percent over the past 24 hours.

10th ranked Solana (SOL) has gained 1.20 percent overnight and 12.7 percent in the past week. The cryptocurrency has however lost close to 10 percent over the past 30 days.

40th ranked The Graph (GRT) topped the price charts with an overnight surge of more than 20 percent. 100th ranked Celo (CELO) and 30th ranked Filecoin (FIL) have both rallied more than 17 percent in the past 24 hours.

23rd ranked UNUS SED LEO (LEO) is the greatest laggard with an overnight decline of more than 6 percent. 71st ranked Synthetix (SNX) also shed close to 4 percent overnight.

Meanwhile, the CoinShares’ Digital Asset Fund Flows Weekly report on institutional investments showed inflows of $124.7 million for the week ended June 30. Bitcoin products constituted bulk of the inflows. Ethereum recorded inflows of $2.7 million.

The country-wise analysis shows outflows of $64.8 million in Germany, 34.7 million in Canada and 22.7 million in the United States. Cumulative AUM stood at $36.94 billion.

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