As a researcher with extensive experience in the cryptocurrency market, I find the recent price actions of Bitcoin and other cryptocurrencies intriguing. Last weekend, Bitcoin’s price showed some signs of life, briefly surging toward $70,000, but was quickly halted and returned to its familiar ground. The same can be said for most altcoins, with only a few exceptions like BNB, NEAR, FIL, and FET experiencing notable drops.
Over the weekend, Bitcoin‘s price remained relatively uneventful, but momentarily broke through to around $70,000 before being halted in its progress. The digital currency has since retreated back to more familiar territory.
Many alternative cryptocurrencies, with the exception of BNB, NEAR, FIL, FET, and a handful of others, have experienced significant price declines today.
BTC Dominance on the Rise
Over the past week, Bitcoin experienced significant gains in ETF investments. These financial instruments continued their remarkable run, reporting nineteen consecutive days of positive inflows as of now. The last occasion of negative flows occurred just a month prior, on May 10th.
The price fluctuations led to some instability and profitable returns for the underlying asset. The trend began last Monday, marked by a significant increase from $67,500 to over $70,000. Initially halted at this level, Bitcoin regained momentum, reaching $71,600 on Wednesday and $72,000 by Friday.
In that area, hidden bears emerged and instigated a significant sell-off, causing bitcoin to plummet by approximately $3,000 within hours. Consequently, bitcoin reached a price of $68,400, triggering over $400 million in liquidations throughout the market.
Over the weekend, Bitcoin’s price remained relatively stable, hovering around the $69,000 and $69,500 mark. There were attempts to push it towards $70,000 earlier today, but these efforts were unsuccessful. Currently, Bitcoin is back within its established range.
The market capitalization of this asset remains below the $1.370 trillion mark, yet it has gained approximately 1% more control over the alternatives in the past few days, currently holding a commanding 51.4% share on CoinMarketCap.
BNB on the Retreat
Last week, Binance Coin experienced significant growth and reached an all-time high of over $715 after surpassing the $700 mark. However, its recent performance has been disappointing. Over the past 24 hours, the asset has experienced a decline of approximately 5%, causing its price to drop below $650.
Among the least successful cryptocurrencies over the past day are NEAR, FIL, FET, and CRO. The majority of larger alternative cryptocurrencies have recorded either minimal gains or small losses.
The total crypto market cap has remained at around $2.660 trillion.
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2024-06-10 11:50