Most cryptocurrencies are in correction mode as markets digest the latest PCE-based inflation readings from the U.S. that came in on expected lines. The firming of core inflation is feared to dampen rate cut expectations from the Fed. Overall cryptocurrency market capitalization has declined close to 3 percent overnight.
Data released on Friday morning by the U.S Bureau of Economic Analysis showed year-on-year PCE price index remaining steady at 2.6 percent in July, matching expectations. As feared, the core component edged up to the 5-month high of 2.9 percent from 2.8 percent in June. The month-on-month PCE price index edged down to 0.2 percent from 0.3 percent in June on expected lines. The core component thereof also remained steady at 0.3 percent, matching expectations.
With close to 80 percent of the top 100 cryptocurrencies recording overnight losses of more than a percent, aggregate market capitalization of cryptocurrencies has decreased by 2.8 percent to $3.82 trillion. The 24-hour trading volume has however increased 5.9 percent to $184 billion.
The positive flows to crypto ETF products in the U.S. failed to boost market sentiment. Net inflows to Bitcoin-based Spot ETF products in the U.S. stood at $179 million on Thursday versus $81 million on Wednesday. ARK 21Shares Bitcoin ETF (ARKB) topped with inflows of $80 million. Ethereum-based Spot ETF products witnessed net inflows of $39 million on Thursday versus $310 million on Wednesday. iShares Ethereum Trust ETF (ETHA) topped with net inflows of $68 million.
Bitcoin, with a market capitalization of $2.20 trillion slipped one notch to the 8th position whereas Ethereum, with a market capitalization of $530 billion dropped one point to the 23rd position in the global ranking of all assets as per market capitalization compiled by companiesmarketcap.com.
Ahead of Bitcoin in the rankings are precious metals viz Gold (market capitalization of $23.3 trillion) and Silver (market capitalization of $2.23 trillion) as well as top corporations viz NVIDIA (market capitalization of $4.3 trillion), Microsoft (market capitalization of $3.8 trillion), Apple (market capitalization of $3.5 trillion), Alphabet (market capitalization of $2.6 trillion) and Amazon (market capitalization of $2.5 trillion). Silver is ranked one notch above Bitcoin.
Bitcoin’s crypto market dominance stands at 57.6 percent while Ethereum’s share has decreased to 13.9 percent of the overall crypto market. The residual altcoins currently account for a 28.5-percent share of the overall crypto market.
Bitcoin, which ranged between $113,450 and $109,427 in the past 24 hours is currently trading at $110,548.54, about 11 percent below the all-time-high of $124,457.12 recorded on August 14. The leading cryptocurrency has recorded losses of 2.5 percent in the past 24 hours, 1.5 percent over the 7-day period and 6 percent over the 30-day horizon. Year-to-date gains have fallen to 18.4 percent.
Ethereum plunged 4.8 percent overnight to trade at $4,393.39. Nevertheless, Ether has gained 3.4 percent in the past week and 16.7 percent over the past 30 days. Gains in 2025 now stand at a little less than 32 percent. Ether’s current trading price is 11 percent below its all-time-high. The 24-hour trading range was between $4,614 and $4,322.
3rd ranked XRP tumbled 4.9 percent overnight to trade at $2.87, around 25 percent below the all-time high.
5th ranked BNB lost 1.7 percent overnight at its current trading price of $862.63.
The price of 6th ranked Solana decreased 2 percent overnight to $210.52.
8th ranked Dogecoin erased more than 3 percent overnight and is currently changing hands at $0.2176.
TRON ranked 9th overall slipped 2.5 percent overnight and is currently changing hands at $0.3398.
10th ranked Cardano declined close to 4 percent overnight to trade at $0.8361.
63rd ranked Pyth Network (PYTH) topped overnight gains among the top 100 cryptocurrencies with a whopping gain of more than 102 percent. PYTH rallied following reports of a partnership with the U.S. Department of Commerce that would bring government economic data on chain.
68th ranked Pump.fun (PUMP) followed with overnight gains of 9.5 percent.
Only 7 of the top 100 cryptocurrencies are trading with overnight gains of more than a percent.
18th ranked Cronos (CRO) topped overnight losses among the top 100 cryptocurrencies with a decline of more than 21 percent. CRO, the native cryptocurrency token of the Cronos Chain had surged recently following reports of a partnership with Trump Media Group that could eventually result in accumulation of roughly 20 percent of the token’s supply. Despite the overnight loss, CRO is holding on to gains of more than 100 percent in the past week.
75th ranked SPX6900 (SPX) followed with overnight losses of close to 10.5 percent.
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