Overall cryptocurrency market capitalization jumped more than 4 percent in the past 24 hours amidst strong gains in Bitcoin, Ethereum, BNB, XRP and Solana that together account for close to 79 percent of the overall market. Ethereum dazzled with an overnight surge of 5.2 percent whereas Bitcoin added 4.5 percent in the past 24 hours.

The bullish momentum and a short squeeze in crypto markets comes amidst a slide in the global prices of crude oil, as well as net inflows to U.S.-listed Bitcoin and Ethereum Spot ETF products. Markets also digested the updates to the Fed’s preferred PCE-based inflation readings in January that aligned with market forecasts and the second update to fourth quarter GDP readings that witnessed a sharp downward…