Bitcoin Consolidates Around $69K, Ethereum Climbs to $3,900
After a week of wild price swings, bitcoin is currently consolidating in a range between $68,000 and $69,000, while Ethereum has surged above $3,900 following the approval of spot ETH ETFs in the US.
Bitcoin Stabilizes After Volatility
- Last week, bitcoin experienced significant volatility, driven by rumors of the US SEC potentially approving spot Ethereum ETFs.
- The flagship cryptocurrency surged by $5,000 on Monday to reach nearly $72,000 but retraced in the following days.
- Just before the SEC’s official approval of eight spot ETH ETFs, bitcoin dipped to $66,250 before recovering to $69,500 by Saturday.
- However, BTC failed to break above $70,000 and has since been trading in a narrow range around $69,000.
- Bitcoin’s market cap has dropped to $1.350 trillion, with its dominance over altcoins falling below 50% for the first time in months.
Ethereum Leads Altcoin Surge
- Meanwhile, Ethereum has outperformed most other altcoins with a 3.5% surge, pushing its price above $3,900.
- Popular meme coin PEPE has recorded a 13% surge, hitting a new all-time high of over $0.000017.
- Other altcoins like FLOKI and BONK have also seen gains of around 13% each.
- However, some altcoins like DOGE, XRP, TRX, AVAX, NEAR, and BCH are trading slightly in the red.
- The total cryptocurrency market cap remains steady at over $2.7 trillion.
Hot Take: Bitcoin Consolidates as Ethereum Surges
Bitcoin is currently consolidating around $69,000, while Ethereum has climbed above $3,900 following the approval of spot ETH ETFs in the US. Altcoins like PEPE, FLOKI, and BONK have also seen positive price movements, while some others are trading in the red. The cryptocurrency market remains volatile, with bitcoin’s dominance slipping below 50% for the first time in months.
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.
