After several days of price spikes that were impressive and followed by multi-month highs, bitcoin is now slightly lower but still above $60,000. The majority of altcoins are also unusually stable, except Fantom which has surged 13% in one day.
BTC remains above $60K
Four days ago, the primary cryptocurrency was at $54,000. Then, a new set of news about the SEC approval of a Bitcoin ETF in America propelled a huge uptake.
BTC reclaimed $58,000 at first, a level it was previously unable reach. It continued climbing higher. Although it faced resistance at $60,000 psychological level, BTC eventually broke through and won.
This push led to $63,000 becoming the highest price since April. The price of Bitcoin dropped by 3% from its peak, but the bears returned to play and drove it south once more.
Bitcoin lost $3,000 to $60,000 over the next hours. However, it has maintained its value above this coveted level. The market capitalization of bitcoin has fallen to $1.150 trillion and its dominance over alts is at 46%.
BTCUSD Source: TradingView
FTM Surges: lts Stall
Unusual for alternative coins, many have also remained calm following recent gains. After falling below $3500, Ethereum traded at $4,000 for a few days. However, it was unsuccessful. It stopped at just over $3900, and is currently below that level.
Binance Coin has been one of the best performers in recent times, but a 2.7% drop since yesterday has driven it to $465.
Cardano and Ripple are all in the red, as is Terra, Polkadot. Uniswap and Solana have seen minor gains.
Cryptocurrency Market Overview. Source: Quantify Crypto
Most alts of lower and mid-cap have not also produced large fluctuations. Fantom is one of the few exceptions. FTM has seen a surge of more than 13% per day and has reached $2.25.
The crypto market cap is now below $2.5 trillion, down $40 billion from yesterday’s peak.
Marla Brooks – Financial Analysis
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