Bitcoin’s Roller Coaster Ride and ETH’s Offensive
Bitcoin experienced a turbulent day as the US SEC Twitter account falsely announced the approval of a spot ETF. This fake news led to market confusion and volatility.
Despite most altcoins experiencing losses, Ethereum (ETH) made significant gains with a 5% increase, pushing its price above $2,400.
BTC’s Wild 24 Hours
The looming deadlines for SEC-reviewed applications for spot Bitcoin ETFs continue to impact the market on a daily basis.
After the pump and dump at the beginning of the year, where BTC saw massive price swings within hours, the cryptocurrency surged above $47,000 again yesterday.
However, news of SEC approval for pending ETF applications was quickly refuted due to a hack of the Commission’s Twitter account. As a result, BTC’s price plummeted from $48,000 to $45,000 in minutes.
Currently, Bitcoin has stabilized around $45,500 with a market capitalization below $900 billion and dominance over altcoins at 52.4%.
ETH-Related Assets on the Rise
While most larger-cap altcoins are in the red today, Ethereum has shown resilience with a notable 5.5% increase. This performance sets ETH apart from other underperforming cryptocurrencies.
Ethereum-related assets like ETC, OP, and LDO have also experienced impressive gains. ETC is up by 7%, OP by 12%, and LDO has soared nearly 20% to $3.85.
The total crypto market cap has slightly declined but remains above $1.7 trillion on CMC.
Hot Take: Bitcoin’s Volatility and ETH’s Resilience
Bitcoin’s recent roller coaster ride highlights the influence of SEC-related news on the market. False information about ETF approval caused significant price fluctuations and liquidations.
On the other hand, Ethereum has shown strength amidst market turbulence, outperforming other altcoins with a notable price increase. This resilience demonstrates ETH’s potential as a leading cryptocurrency.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content. Owen’s contributions serve as a valuable guide for both seasoned enthusiasts and newcomers, aiding them in navigating the dynamic world of cryptocurrencies with well-researched perspectives. With a meticulous commitment to precision, he empowers informed decision-making in the ever-evolving crypto domain.