The largest spot Bitcoin ETFs in the US have seen positive inflows recently, but the price of Bitcoin itself experienced a significant retracement. Despite reaching close to $67,000 once more, the primary cryptocurrency had a tumultuous journey in the past few days. It failed to sustain above $65,000, slipped to $63,000, rebounded to $67,500, and then dropped to $66,300. The volatility was further fueled by the current US President’s decision to withdraw from the 2024 election race, causing panic in the markets.
While Bitcoin faced price swings, most altcoins also charted notable losses in the past day. AVAX, DOT, INJ, and ADA were among the leading altcoins that experienced declines. Ethereum, on the other hand, remained relatively stable around $3,500, despite the anticipation for the launch of spot ETH ETFs in the US. Ripple, another large-cap altcoin, saw a minor increase, with XRP trading above $0.6. However, many other altcoins like BNB, TON, SHIB, DOT, LINK, and others suffered losses of up to 6%, contributing to the overall market retracement.
As of now, Bitcoin’s market cap stands at $1.320 trillion, with a dominance of 51.7% over the altcoins according to CoinGecko. The total crypto market cap has retraced slightly from its recent highs but remains above $2.550 trillion. The market sentiment is currently mixed, with investors closely monitoring the price movements in the wake of recent events affecting both Bitcoin and altcoins.
The recent fluctuations in the crypto market, driven by both internal and external factors, highlight the inherent volatility and unpredictability in the digital asset space. As investors navigate through these uncertain times, it’s essential to stay informed, exercise caution, and conduct thorough research before making any investment decisions. The coming days will likely bring more highs and lows, making it crucial for market participants to stay vigilant and adapt to the rapidly changing landscape of the cryptocurrency market.
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