Bitcoin has recently seen a period of dull price action, with minor fluctuations over the weekend. A brief uptick toward $70,000 was observed before the asset returned to familiar levels. Despite this, Bitcoin had a strong week in terms of ETF inflows, with impressive streaks of 19 days of consecutive positive flows. These inflows resulted in some volatility and gains for the cryptocurrency, with significant surges and drops in price observed throughout the week.
While most altcoins have been sluggish, some like BNB, NEAR, FIL, and FET have experienced notable price drops. Binance Coin, for example, reached a new all-time high of over $715 but has since seen a downward trend, dropping by 5% in the past 24 hours to trade under $650. Other altcoins such as NEAR, FIL, and FET have also been among the poorest performers in the same timeframe. Larger-cap altcoins, on the other hand, have shown either insignificant gains or minor losses.
Bitcoin’s market cap remains under $1.370 trillion, with its dominance over altcoins increasing by nearly 1% to reach 51.4% on CG. The total crypto market cap has stayed around $2.660 trillion, indicating stability in the overall market despite fluctuations in individual cryptocurrency prices.
Bitcoin experienced a surge from $67,500 to over $70,000 last week, reaching highs of $71,600 on Wednesday and $72,000 on Friday. However, a significant drop occurred afterward, leading to a dip to $68,400 and causing over $400 million in liquidations across the market. The weekend saw some recovery, with Bitcoin hovering around $69,000 to $69,500 before attempting a move toward $70,000, which was once again thwarted.
Overall, while Bitcoin and some altcoins have shown price movements and fluctuations in recent days, the cryptocurrency market as a whole remains relatively stable. Investors and traders continue to monitor these trends closely to make informed decisions regarding their positions in the market.
Leave a Reply