After bitcoin’s ATH, the volatile roller-coaster returned again to crypto markets. The asset fell by more than $5,000 a single day later. Solana broke above $200, whereas most altcoins have been stuck for 24 hours.
Bitcoin Lost $5K
Even though it is a Futures ETF for now, the news that the US will have its own Bitcoin ETF has brought about significant gains for the main cryptocurrency. BTC was trading below $58,000 when the first reports were made, but it quickly soared above $60,000.
It continued climbing, culminating in October 20th. Bitcoin broke its April ATH at $65,000 and charted a new one of approximately $67,000.
The bears took over after the peak and drove the asset down. Yesterday’s situation was worsened when bitcoin dropped to $61,800 on Bitstamp, but fell to just four figures on other exchanges during a flash crash event.
BTC is now at $63,000 and has gained some ground. Its market capitalization is around $1.2 trillion. Altcoin dominance is at 46%.
BTCUSD Source: TradingView
lts Stall – SOL Doesn’t
Although alternative coins saw multi-month highs in comparison to the dollar over the past few days most have fallen slightly since yesterday. Ethereum was just inches from a new ATH, but it is now at just over $4,000.
Minor losses have been also suffered by Binance Coin and Cardano as well as Ripple, Dogecoins, Ripple and Uniswap. Avalanche and Polkadot have seen slight gains. Terra has seen a surge of more than 7% but Solana is the star with a 9.5% rise in one day.
SOL has risen by 30% over the past week, and is now above $200 for only the second time in a few weeks.
The cryptocurrency market cap has fallen more than $60 billion and is now just short of $2.6 trillion.
Cryptocurrency Market Overview. Source: Quantify Crypto
Marla Brooks – Financial Analysis
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