Bitcoin had a rollercoaster of a week, driven by hype and the anticipation of spot Ethereum ETF approval in the United States. The cryptocurrency struggled to stay above $66,000 at the beginning of the week but experienced a significant surge on Monday. This surge, however, was short-lived as Bitcoin started losing value in the following days. The price dropped just before the US SEC approved spot Ethereum ETFs, causing Bitcoin to fall to $66,400. Despite this setback, Bitcoin managed to bounce back and reach $69,000 by the end of the week. Its market cap currently stands at close to $1.370 trillion with a dominance over altcoins at 50.3%.
The news of spot Ethereum ETF approval had a significant impact on Ethereum’s native token, ETH. ETH surged from $3,100 to over $3,900, reaching its highest price since the beginning of April. The second-largest cryptocurrency experienced volatility but managed to gain 22% over the past week, currently standing close to $3,800. Other altcoins such as DOGE, LINK, and APT also saw impressive gains, with Uniswap and PEPE leading the charts. UNI saw a 44% increase and PEPE hit several all-time highs throughout the week.
While some altcoins like SOL, TRX, TON, and ADA experienced losses on a weekly scale, the total crypto market cap saw a significant increase. The market gained over $200 billion within the week, surpassing $2.7 trillion. This fluctuation in the market highlights the impact of regulatory approvals and news on the cryptocurrency space.
Overall, the approval of spot Ethereum ETFs in the United States had a mixed impact on Bitcoin and altcoins. While Bitcoin initially surged and faced setbacks throughout the week, Ethereum’s native token experienced significant gains. The overall market saw fluctuations with some altcoins gaining while others faced losses. The volatility in the market underscores the importance of regulatory approvals and news in shaping the future of cryptocurrencies.
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