Bitcoin Slips Below $42K
Bitcoin’s price has experienced some volatility recently due to developments in the ETF market. Last week, the cryptocurrency saw a significant surge in value after the launch of 11 ETF products in the US. However, it quickly plummeted and lost over $7,000 in just over a day.
Although Bitcoin briefly reached lows of under $41,600, it has since rebounded and stabilized around $43,000. Currently, it is trading below $43,000 with a market cap struggling at $835 billion. Bitcoin’s dominance over altcoins has also decreased and is now below 50% on CMC.
TON Performs Better
Most alternative coins have followed Bitcoin’s downward trend with minor losses. Ethereum, Cardano, Avalanche, Dogecoin, and Polygon have all declined by approximately 1.5%. SOL and TRX have experienced larger drops of 2.5%, with SOL struggling at $95 and TRX at $0.11.
However, Binance Coin and Chainlink have seen gains of around 4% overnight. BNB is now trading above $315, while LINK is valued above $15.
Toncoin has performed well among larger-cap altcoins, experiencing a 10% increase and reaching $2.3. INJ and APT are also showing positive growth.
The total crypto market cap has decreased by about $10 billion since yesterday and now stands at $1.680 trillion on CMC.
Hot Take: Crypto Market Remains Volatile
The crypto market continues to display volatility as Bitcoin’s price slips below $42,000 after recent ETF-related fluctuations. While some altcoins have followed this downward trend with minor losses, others have seen gains. It remains to be seen how the market will stabilize in the coming days and whether Bitcoin can regain its dominance over altcoins. Investors should stay vigilant and closely monitor these developments to make informed decisions about their crypto portfolios.
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