Over the weekend, Bitcoin experienced a brief increase in price towards $70,000 before returning to a stagnant state. This lack of significant movement was reflected in most altcoins as well, with only a few, such as BNB, NEAR, FIL, and FET, showing notable price drops.
Bitcoin ETF Inflows
Bitcoin had a strong week in terms of ETF inflows, as financial vehicles continued to attract positive flows for the 19th consecutive day. This streak is particularly impressive considering that the last outflows were recorded a month ago on May 10. The influx of ETF investments led to some volatility and gains for Bitcoin, with the digital asset surging from $67,500 to over $70,000 last Monday.
Bitcoin Price Volatility
After hitting $72,000 on Friday, Bitcoin faced a significant drop that saw its price plummet by over three thousand dollars in a matter of hours. The sudden decline led Bitcoin to fall to $68,400, resulting in over $400 million in liquidations across the entire market. Despite minor recovery over the weekend, Bitcoin struggled to surpass $70,000 again and remains within its current range.
Despite Bitcoin’s struggles, its market dominance increased to 51.4% over altcoins since Friday. However, some altcoins like Binance Coin experienced significant gains last week, reaching a new all-time high above $715 before facing a 5% drop to under $650 in the past 24 hours. Other altcoins, such as NEAR, FIL, FET, and CRO, also underperformed, while larger-cap alts showed minimal gains or losses.
The total cryptocurrency market cap has remained around $2.660 trillion, indicating a relatively stable market overall. Despite Bitcoin’s lackluster performance and fluctuating altcoin prices, the overall market seems to be holding steady.
While Bitcoin’s price actions may have been dull over the weekend, the influx of ETF investments and market fluctuations suggest continued volatility in the cryptocurrency space. Altcoins, on the other hand, have shown mixed performances, with some experiencing significant gains and others facing losses. As the market remains uncertain, investors should exercise caution and closely monitor price movements to make informed decisions.
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