The largest spot Bitcoin ETFs in the US have been experiencing positive inflows, but the price of Bitcoin itself has faced significant retracements recently. Despite reaching close to $67,000, the cryptocurrency has been on a rollercoaster ride in the past few days. A volatile end to the previous business week saw Bitcoin drop from $65,000 to $63,000, only to bounce back to $67,500. However, further fluctuations followed, with a massive dip happening after the announcement of the current US President’s withdrawal from the 2024 election race.
Altcoin Losses and Market Trends
While Bitcoin has been grabbing headlines, most altcoins have been experiencing losses. AVAX, DOT, INJ, and ADA are among the top losers in the past day. Ethereum, on the other hand, has been relatively stable around $3,500 as the crypto community eagerly anticipates the launch of spot ETH ETFs in the US. Ripple has seen a minor increase, with XRP trading above $0.6. However, a significant portion of the market, including BNB, TON, SHIB, DOT, LINK, BCH, NEAR, and UNI, has faced downturns of up to 6%.
Current Market Status and Outlook
Despite the overall market retracement, the total crypto market cap remains above $2.550 trillion. Bitcoin’s market cap stands at $1.320 trillion, with a dominance over alts at 51.7% according to CoinGecko. The recent volatility in Bitcoin’s price can be attributed to various factors, including market sentiment, geopolitical events, and institutional interest. As the crypto market continues to evolve, investors need to stay vigilant and adapt to the changing landscape to make informed decisions.