As a seasoned crypto investor with several years of experience under my belt, I’ve seen the market go through its ups and downs, and the current situation with Bitcoin (BTC) stalling at $71,000 despite significant inflows into spot Bitcoin ETFs is not unfamiliar.
As an analyst, I’ve observed significant inflows into Bitcoin spot ETFs recently. However, Bitcoin itself has yet to break free from its narrow trading band around $70,000 to $71,000.
As a crypto investor, I’ve noticed that the altcoins have been relatively slow-moving on a day-to-day basis. Among the larger cap coins, Bitcoin Cash (BCH) has stood out as the top performer with some positive price action.
BTC Stalls at $71K
Over the past weekend, the cryptocurrency market saw relatively little activity. Bitcoin bounced back after a late Friday decline and was priced at approximately $67,500.
On Monday, the market showed signs of improvement, causing bitcoin to surge past $70,000. However, its advance was met with resistance at this level, and the bears managed to halt the rally momentarily. Undeterred, bitcoin continued climbing, fueling a robust rally that reached a multi-week high of $71,767 due in part to increasing inflows into Bitcoin ETFs.
After that point, however, the asset’s momentum has waned despite persistent inflows into the related ETFs. Currently, the cryptocurrency is priced at $71,000 and boasts a market capitalization of $1.4 trillion once more.
The supremacy of Bitcoin over alternative cryptocurrencies remains unchanged, holding a market share of approximately 50.4% on CoinMarketCap as I write this.
INJ, BRETT, JASMY on a Roll
The larger cryptocurrencies, such as Ethereum (ETH), Binance Coin (BNB), Dogecoin (DOGE), Solana (SOL), Shiba Inu (SHIB), Avalanche (AVAX), Tron (TRX), and Polkadot (DOT), have followed Bitcoin’s (BTC) recent trend, remaining mostly unchanged on a daily basis. Among these, ETH, BNB, DOGE, SOL, SHIB, AVAX, TRX, and DOT are experiencing small declines, while XRP, LINK, TON, and Cardano (ADA) have recorded minimal gains.
As an analyst, I’ve observed some intriguing price movements among this group of assets. Bitcoin Cash stands out as the sole gainer, experiencing a 4% increase and reaching a new price point of $513. Conversely, FET and KAS have experienced declines, with FET dropping by approximately 3%, and KAS seeing a 4% decrease.
Among the top 100 altcoins, several have delivered double-digit returns, with BRETT leading the way at 26%, followed by JASMY with a 13% increase, and INJ recording a gain of 12%. Notably, INJ has reached $30 after today’s price hike.
The total crypto market cap, however, has remained sluggish at $2.8 trillion on CG.
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2024-06-07 11:58