The largest spot Bitcoin ETFs in the US have seen positive inflows recently, but the price of Bitcoin itself experienced a significant retracement yesterday. Despite this, Bitcoin is currently trading close to $67,000 once again. The past few days have been volatile for the primary cryptocurrency, with fluctuations in price leading to a rollercoaster ride for investors. After failing to maintain levels above $65,000, Bitcoin slipped to $63,000 before bouncing back to $67,500. However, market sentiment was once again rattled by news of the US President’s withdrawal from the 2024 election race, causing Bitcoin to drop by about two thousand dollars before reaching a monthly peak of over $68,000.
While Bitcoin experienced volatility, most altcoins were not spared from losses. Coins such as AVAX, DOT, INJ, and ADA led the way with notable decreases in price over the past day. Ethereum, which is expected to launch spot ETH ETFs in the US, has maintained a relatively stable price at just over $3,500. Ripple, another larger-cap altcoin, saw a minor increase with XRP trading above $0.6. However, the majority of the altcoin market is facing a more challenging situation with coins like BNB, TON, SHIB, LINK, and others down by around 2%, and others like AVAX, LTX, ICP, and INJ experiencing losses of up to 6%.
The total crypto market cap has retraced slightly since yesterday but remains above $2.550 trillion. Bitcoin currently has a market cap of $1.320 trillion, with a dominance over the altcoins at 51.7% according to CoinGecko. While all eyes are on Ethereum and the upcoming spot ETH ETFs launch, the market continues to experience fluctuations and uncertainty. The recent movements in Bitcoin price and altcoin performances highlight the inherent volatility in the crypto market and serve as a reminder of the risks and opportunities present for investors.
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