As a researcher with extensive experience in the cryptocurrency market, I have witnessed firsthand the rollercoaster ride that Bitcoin (BTC) and other digital assets have been on in recent days. The past few days have seen BTC’s price soar to over $70,000 before taking a sharp dip to under $67,000. This volatility can be attributed to the news surrounding the potential approval of spot Ethereum ETFs by the US Securities and Exchange Commission (SEC).
In recent times, Bitcoin‘s value has experienced significant volatility. It surged above $70,000 initially, but then plummeted to $67,000 the next day.
Some altcoins have regained a portion of their losses from the previous day, and the majority now display positive gains. Notably, Shiba Inu (SHIB) and Dogecoin (WIF) are standing out in the meme coin sector, each experiencing substantial double-digit increases.
BTC Reclaims and Calms at $68K
Last week saw significant price fluctuations for the leading cryptocurrency by market capitalization, with events surrounding the potential approval of Ethereum spot ETFs by the US Securities and Exchange Commission (SEC) causing the volatility. The digital asset reached a multi-week high of approximately $72,000 at the start of this period. However, its value plunged to below $66,500 on Thursday – mere hours before the SEC’s official announcement.
On Friday and over the weekend, the price of it picked up some momentum again, reaching $69,000. On Monday, there was a slight pullback, but then it surged once more, breaking above $70,000 for the first time in almost a week.
Despite their effort, the bulls couldn’t sustain Bitcoin’s upward trend, causing it to plummet below $67,000 the previous day. However, Bitcoin rebounded and nearly reached $69,000 again hours later before being halted there. Currently, it hovers just above $68,000.
The market capitalization of the cryptocurrency stays under the $1.350 trillion mark, yet its supremacy among altcoins has suffered a slight setback, dropping to 49.6%.
SHIB, WIF on a Roll
As a cryptocurrency analyst, I’ve noticed that meme coins have been leading the charge in the past 24 hours with impressive gains. Specifically, SHIB has experienced a significant surge, jumping 15% overnight. Notably, SHIB has managed to overtake Cardano and claim the position as the 11th largest cryptocurrency by market capitalization.
“WIF, which is one of the larger-cap alternative assets, experienced significant growth recently, increasing by approximately 20% in a single day. Currently, its value hovers around the $4 mark.”
Among the smaller cryptocurrencies, SOL, TON, RNDR, and ATOM have experienced slight increases in value, whereas Ethereum (ETH) has dipped by 0.4%, yet it remains above $3,800.
The total crypto market cap has recovered $35 billion overnight and sits above $2.7 trillion on CG.
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2024-05-29 10:44