Bitcoin Struggles at $43K
Bitcoin’s price performance has been lackluster as it dropped below $43,000 but has since recovered to that level during Asian trading hours.
BTC Faces Volatility After Spot ETF Approval
Bitcoin experienced increased volatility after the approval of spot ETFs last month, resulting in a significant price drop to $38,500 on January 23. However, the bulls stepped in and prevented further declines.
Since then, BTC has been regaining value and reached $40,000 over the following weekend. Last week saw further increases, pushing the asset up to $43,750 on several occasions.
Despite attempts to break through $44,000, Bitcoin was unable to do so and was pushed back down to $42,000 after the FOMC meeting. It has since recovered to around $43,000.
Bitcoin’s market capitalization is now over $840 billion, with a dominance of just above 51% over other cryptocurrencies on CoinMarketCap.
LINK and TIA Outperform
Most alternative coins have seen minor gains recently. Ethereum and Binance Coin are up by approximately 1%, helping ETH stay above $2,300 and BNB above $300.
SOL, DOGE, TRX, DOT, MATIC, and TON are slightly in the red, while XRP, ADA, and AVAX have insignificant losses.
Chainlink (LINK) has shown strong performance among these altcoins with a 5% surge that brought its price close to $19. TIA has also gained 7% and is trading above $18.
The total market cap of all cryptocurrencies remains sluggish at $1.650 trillion on CoinMarketCap.
Hot Take: Bitcoin Struggles to Break Through Resistance
Despite some positive price movements and a recovery above $43,000, Bitcoin continues to face resistance at the $44,000 level. The approval of spot ETFs brought increased volatility, but the bulls have managed to prevent further declines.
Meanwhile, altcoins are mostly experiencing minor gains, with LINK and TIA standing out with impressive increases. However, the overall market remains sluggish as the total market cap of all cryptocurrencies struggles to gain momentum.
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