In the latest turn of events in the cryptocurrency market, the largest spot Bitcoin ETFs in the US have seen positive inflows. However, despite this, the price of Bitcoin itself experienced a hard retracement recently, dropping to $66,300. Nevertheless, Bitcoin has managed to climb back up and is currently hovering around $67,000. On the other hand, altcoins like AVAX, DOT, INJ, and ADA have not fared well in the past day, experiencing notable losses.
The primary cryptocurrency faced a tumultuous end to the previous business week as it struggled to stay above $65,000 and eventually slipped to $63,000. Despite this setback, it rebounded over the weekend, hitting a high of $67,500. However, further volatility ensued with news of the current US President’s withdrawal from the 2024 election race, causing Bitcoin to drop by about $2,000 before surging to a monthly peak of over $68,000 on Monday morning.
As of now, Bitcoin’s market cap stands at $1.320 trillion, with its dominance over altcoins sitting at 51.7% on CoinGecko. While most of the crypto community is eagerly anticipating the launch of spot ETH ETFs in the US, Ethereum’s price has remained relatively stable at just over $3,500. Other altcoins like Ripple, which trades above $0.6, have seen minor gains, but the overall market sentiment is bearish.
BNB, TON, ADA, SHIB, DOT, LINK, BCH, NEAR, and UNI are all down by around 2%, while AVAX, LTX, ICP, and INJ have experienced more significant losses, up to 6%. The total cryptocurrency market cap has slightly retraced since yesterday but remains above $2.550 trillion. As investors navigate through the current market volatility, it is essential to stay informed and exercise caution when trading or investing in cryptocurrencies.
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