As a researcher with extensive experience in the cryptocurrency market, I’ve observed the recent volatility and price movements of Bitcoin (BTC) and Ethereum (ETH) with great interest. Last week’s positive news regarding the US SEC’s approval of spot Ethereum ETFs led to a massive surge in both BTC and ETH prices.
Bitcoin‘s price has stabilized following the volatile swings of the past week, now hovering around the $68,000 to $69,000 mark.
After the green light for the launch of spot ETH Exchange-Traded Funds (ETFs) in the United States, Ethereum regained momentum and surpassed the $3,900 mark once again.
BTC Shaky at $69K
Last week, there were optimistic reports about the US Securities and Exchange Commission (SEC) possibly approving spot Ethereum Exchange Traded Funds (ETFs). As a result, the leading cryptocurrency experienced a significant surge, gaining around $5,000 on Monday alone, reaching an approximate price of $72,000 – its highest point in several weeks.
Despite showing signs of recovery after the US regulator’s approval of eight Bitcoin-related financial products, Bitcoin suddenly plummeted again just hours before the announcement. The cryptocurrency dipped to $66,250 before the bulls managed to regain control and halt the decline.
The price of the asset surged to reach $69,500 by Saturday, but it couldn’t break through the $70,000 barrier and instead stabilized around that level for the past 36-48 hours, oscillating between approximately $69,000.
On a day-to-day basis, there’s been a slight decrease, causing its market value to drop to $1.350 trillion on CoinGecko. Its supremacy among altcoins has weakened significantly and now hovers below the 50% mark for the first time in months.
ETH Heads North, PEPE Another ATH
Yesterday’s news highlighted PEPE as the week’s most significant gainer in the cryptocurrency market. This popular meme coin continues to surge, with an additional 13% growth over the past 24 hours. Consequently, PEPE has reached a new all-time high of more than $0.000017. Only JASMY has managed to surpass PEPE’s gains in the last day.
FLOKI and BONK have experienced impressive growth, registering approximately 13% gains apiece. Despite a general lethargy among larger altcoins, Ethereum has stolen the limelight with a noteworthy increase of around 3.5%. As a consequence, Ethereum now hovers above the $3,900 mark.
In contrast, DOGE, XRP, TRX, AVAX, NEAR, and BCH are slightly in the red.
The cryptocurrency market capitalization has remained steady at approximately $2.7 trillion according to CoinGecko’s latest report.
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2024-05-27 12:04