As a seasoned researcher with a background in cryptocurrencies and digital assets, I have seen my fair share of market volatility and price swings. Last week was no exception, as the crypto world was abuzz with the launch of numerous spot ETFs tracking Ethereum and Bitcoin.
The focus was fully on Ethereum as multiple ETFs linked to ETH were introduced for trading that day. During this time, Bitcoin‘s value experienced a decrease from approximately $67,000 down to around $66,000, followed by a subsequent rebound back up to the latter amount.
Among larger and mid-cap altcoins, avalanche and FET have experienced the most significant decreases in value, whereas pepe and MKR have seen the most notable increases.
BTC Drops to $66K
Last Friday, the largest digital asset experienced a significant decline, reaching a multi-day low of below $63,500 around morning time. Yet, it rebounded strongly during the subsequent hours, particularly on Saturday, surpassing the $67,000 mark.
Weekends typically see lower market volatility, but this past weekend bucked the trend due to unexpected political news regarding the US presidential election. Specifically, Joe Biden announced his withdrawal from the 2024 presidential race, causing Bitcoin’s price to plummet by approximately $2,000 on Sunday.
Despite soaring past $68,400, representing a gain of over $3,000 by Monday, the asset encountered a setback and dipped to $66,000 the following day. The volatile market was further agitated when Ethereum ETFs became accessible for trading on Tuesday. However, the bears managed to take control in the end.
Hours ago, the price of bitcoin dipped below $65,600, but it has since bounced back and is now hovering just above $66,000. This downturn occurred as investors withdrew approximately $80 million from spot Bitcoin ETFs, ending a 12-day streak of positive inflows.
The market value of the company has decreased to $1.3 trillion on CoinGecko, but its control over the altcoins remains unchanged at 51.7%.
ETH on Spot Ethereum Day
Previously noted, the community’s attention shifted towards Ethereum following the approval and subsequent launch of nearly a dozen ETFs based on ETH in the United States. Initially, the asset experienced some turbulence, with its value dipping from around $3,500 to $3,400. However, it has since stabilized at approximately $3,450.
Among the larger-alt coins with a bigger market capitalization, Solana, Dogecoin, Avalanche, Chainlink, and FET have experienced poor performance today. On the other hand, PEPE and MKR have shown significant gains.
In simpler terms, the value of the remaining cryptocurrencies is less fluctuative now. The overall crypto market capitalization has decreased by approximately $30 billion and currently stands at $2.520 trillion on CoinGecko.
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2024-07-24 11:28