In the world of cryptocurrency, the largest spot Bitcoin ETFs in the US have seen positive inflows recently. However, despite this, the price of the underlying asset experienced a significant retracement yesterday. The price of Bitcoin dropped to $63,000 after failing to maintain above $65,000, but quickly bounced back and reached $67,500. Over the weekend, the market calmed down only to be rattled once again by news of the current US President’s withdrawal from the 2024 election race. This caused more volatility, with Bitcoin reaching a monthly peak of just over $68,000 on Monday morning.
While Bitcoin has been experiencing volatility, altcoins have not been faring well either. Altcoins such as AVAX, DOT, INJ, and ADA have charted notable losses in the past day. Ethereum, another major player in the cryptocurrency market, has been relatively stable with a price hovering around $3,500. Ripple, on the other hand, saw a minor increase and is now trading above $0.6. However, the rest of the market paints a more concerning picture, with altcoins like BNB, TON, SHIB, and LINK all down by around 2%, and others like AVAX, LTX, and INJ facing losses of up to 6%.
Despite the fluctuations in individual cryptocurrencies, the total crypto market cap remains above $2.550 trillion. Bitcoin, with a market cap of $1.320 trillion, continues to dominate the altcoins with a market share of 51.7% on CoinGecko. Investors and traders are eagerly anticipating the launch of spot Ethereum ETFs in the US, with hopes that it will bring a new wave of capital into the market.
The cryptocurrency market is as volatile and unpredictable as ever. While Bitcoin continues to be the dominant force, altcoins are facing challenges in maintaining their value. As new developments unfold and economic factors come into play, it is crucial for investors to stay informed and make educated decisions when navigating the cryptocurrency landscape.
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