BTC’s Price Stability After ETF Hype
After all the excitement surrounding the approval of ETFs in the US, Bitcoin’s price has remained relatively stable, showing little movement and staying below $43,000.
Last week, there was a lot of anticipation and volatility in the market as everyone awaited the ETF approvals. Bitcoin surged past $49,000 when the ETFs went live for trading but quickly dropped by $3,000. On Friday, it experienced a significant decline to under $42,000. However, since then, Bitcoin has been slow-moving and has failed to make any major price swings in either direction. Its market cap is currently below $840 billion.
LINK Leads the Way
Most alternative coins followed a similar pattern of volatility last week and have since calmed down. Today, many of these coins are experiencing minor declines.
Chainlink (LINK) has been the standout performer among larger-cap altcoins. It has seen an increase of over 5% and is trading above $16. Reports suggest that the amount of LINK held on exchanges has been decreasing recently.
The total crypto market cap remains around $1.7 trillion on CoinMarketCap.
Hot Take: The Calm After the Storm
The much-anticipated ETF approvals brought significant volatility to the crypto market last week. While Bitcoin experienced a brief surge followed by a decline, it has now settled into a period of stability. Other altcoins have also calmed down after their own price fluctuations.
Chainlink stands out as one of the top performers during this period, with its price increasing and reports suggesting a decrease in LINK held on exchanges. Overall, the market seems to be taking a breather after the frenzy surrounding the ETFs. It will be interesting to see how things develop in the coming days and whether Bitcoin and altcoins can maintain their stability or if we’ll see another round of volatility.
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