Bitcoin (BTC) Price Eyes $67K Again as Most Altcoins Turn Red (Market Watch)

4 months ago 2

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Despite the positive inflows toward the largest spot Bitcoin ETFs in the US, the price of the underlying asset retraced hard yesterday but is close to $67,000 once more now.

Most altcoins have charted notable losses in the past day, with AVAX, DOT, INJ, and ADA leading the way.

Bitcoin’s Ride Around $67K

The primary cryptocurrency had a volatile end to the previous business week as it failed to maintain above $65,000 and slipped to $63,000. However, it bounced off on Friday evening and Saturday morning and jumped to $67,500.

After a minor retracement there, it calmed once again on Sunday morning, but the current US President’s withdrawal from the 2024 election race rattled the markets once again later that day.

Joe Biden’s decision to halt his campaign first pushed BTC south by about two grand before the aset skyrocketed to a monthly peak of just over $68,000 on Monday morning.

More volatility ensued the following day, which resulted in bitcoin dropping to $66,300 earlier today despite the massive inflows into the spot BTC ETFs. As of now, though, the asset stands close to $67,000 once again.

Its market cap is at $1.320 trillion, while its dominance over the alts sits at 51.7% on CG.

Bitcoin/Price/Chart 23.07.2024. Source: TradingView

Alts Turn Red

Most of the crypto community is focused on Ethereum today, given the expected launch of spot ETH ETFs in the US. However, its price has remained relatively still on a daily scale at just over $3,500.

Ripple is the other larger-cap alt with a minor increase over the same period, and XRP now trades above $0.6.

The rest of the market is in a more dire state. BNB, TON, ADA, SHIB, DOT, LINK, BCH, NEAR, and UNI are all down by around 2%, while AVAX, LTX, ICP, and INJ have seen losses of up to 6%.

The total crypto market cap has retraced slightly since yesterday, but it is still above $2.550 trillion.