Bitcoin volatility hit again over the last 24 hours, when the asset touched $63,000 for its first time since April. With the exception of Binance Coin which saw a loss of $500, most altcoins have suffered minor losses over the past 24 hours.
Bitcoin touched $63K
In the crypto space, the most significant news in the last few days has been whether the United States will finally have a Bitcoin ETF.
Numerous reports have been circulating since last week, claiming that such an offering is coming. The most recent report from yesterday stated that ProShares’ BTC Futures ETF would launch today, October 19th.
In anticipation of such a major event, volatility was increased for the primary digital asset. BTC traded at $57,000 October 15th, before it shot up above $60,000 the next day and even reached $63,000 the day after.
The bears drove BTC down below $59,000 on Sunday after it failed to reach that level. The bulls returned to play, pushing bitcoin up again over the next few days.
The price reached $63,000 only hours ago, the highest level since April. BTC is currently down by about $1,000. However, the launch of a Futures ETF could lead to more volatility.
Bitcoin’s market capitalization is now close to $1.2 trillion. However, the dominance of alts is only 47%.
BTCUSD Source: TradingView
BNB Eyes $500 to Retrace
Many alternative coins have not produced significant gains. This is evident in the growing Bitcoin dominance. Many have also suffered minor losses over the past 24 hours.
Ethereum climbed above $3,900 just a few days before but could not hold that level. The second-largest crypto has fallen below $3,800 by 1.2% since yesterday. Cardano and Uniswap are also in the red, as is Solana, Ripple, Solana Polkadot Terra, Terra, Solana and Solana.
Avalanche, Litecoin and Dogecoin have all registered small gains. Binance Coin has gained 4% in value over a single day and has reached $490 for its first time in several weeks.
Except for OKB and Fantom which have seen double-digit gains, the majority of lower- and middle-cap altcoins also have failed to rise higher.
The cryptocurrency market cap surpassed $2.5 trillion. It was just inches from a new ATH, but it was not able to do so at the moment.
Cryptocurrency Market Overview. Source: Quantify Crypto
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