The recent positive inflows into the largest spot Bitcoin ETFs in the US have been overshadowed by a sharp retracement in the price of the underlying asset. Despite reaching close to $67,000 again, Bitcoin faced significant volatility over the past week. After failing to maintain above $65,000, the primary cryptocurrency slipped to $63,000 before bouncing back to $67,500. However, news of the current US President’s withdrawal from the 2024 election race caused another dip, followed by a surge to over $68,000.
While Bitcoin was experiencing turbulence, most altcoins were charting notable losses. Coins like AVAX, DOT, INJ, and ADA led the way in declines. Ethereum, on the other hand, remained relatively stable around $3,500, with the focus shifting to the expected launch of spot ETH ETFs in the US. Ripple saw a minor increase, trading above $0.6, while larger-cap alts like BNB, TON, and SHIB faced losses of around 2% to 6%.
Despite the overall market retracement, the total crypto market cap still stands above $2.550 trillion. Bitcoin’s market cap is at $1.320 trillion, with a dominance over the alts at 51.7% on CoinGecko. While some altcoins like XRP showed resilience, others like AVAX, LTX, and ICP experienced significant losses. The crypto community remains attentive to market developments, especially with the anticipation of new ETF launches and ongoing market volatility.
The cryptocurrency market has been characterized by a mix of positive inflows, price fluctuations, and altcoin losses. While Bitcoin’s retracement has been notable, the overall market cap remains high, signaling continued interest and investment in the crypto space. As investors navigate these fluctuations, staying informed and aware of market dynamics is crucial for making sound investment decisions in this rapidly evolving market.
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