As a seasoned crypto investor with several years of experience under my belt, I’ve seen Bitcoin’s price movements take many turns. The recent surge to $72,000 and subsequent dip below $70,000 doesn’t faze me too much. While it’s always disheartening to see the asset lose value after such a significant gain, I remain cautiously optimistic about Bitcoin’s future potential.
As a Bitcoin analyst, I’ve noticed that the cryptocurrency’s price has become more stable recently following its dramatic surge to reach an all-time high of $72,000. However, since then, Bitcoin has experienced some losses and is now trading below $70,000.
Anticipation mounts as the SEC prepares to make a decision on one of the Ethereum-based ETFS, with Ethereum holding steady and showing strength in the meantime.
BTC Slips Beneath $70K
Over the weekend, Bitcoin exhibited a tranquil behavior, hovering near the $67,000 mark in its sideways trading, with consolidation still underway. However, the scene shifted dramatically on Monday evening when reports emerged suggesting that the US Securities and Exchange Commission might approve a Ethereum spot ETF as soon as this week.
The leading digital currency responded favorably to recent news and reached a new milestone, surpassing $70,000 for the first time in over a month and touching a 6-week high of approximately $72,000.
As a crypto investor, I’ve noticed that the bears have taken control recently, preventing Bitcoin from reaching its previous high of $73,750 in March 2024. Instead, the price began to slip gradually, dropping to $70,000 yesterday and falling further below that level today.
Currently, cryptocurrency hovers around $500 below the significant milestone of $1.4 trillion in market capitalization. Its market supremacy over alternative coins has slipped by over 1 percentage point in recent days and now stands at 50.3% on CoinGecko’s chart.
ETH Remains Above $3.8K
The good news reported previously had the greatest influence on Ethereum, as anticipated. The value of its underlying asset surged by more than 20% within hours and reached a multi-week peak above $3,800. With the SEC set to make a decision today regarding one of the applications, Ethereum’s price has stayed relatively stable at around $3,800.
As a crypto investor, I’m observing the market trends today and noting that TON and NEAR are among the larger-cap altcoins experiencing gains, while the prices of SOL, BNB, ADA, DOGE, AVAX, XRP, and SHIB have taken a downturn.
As a researcher observing PEPE‘s recent market trends, I’ve noticed an uptick in new all-time highs. Today proved to be no exception as its value continued to climb.
The total crypto market cap has remained relatively still at just under $2.730 trillion.
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2024-05-23 11:56