#BitcoinTrends #BTCVolatility #CryptoMarket #AltcoinPerformance #BitcoinETF #SecuritiesAndExchangeCommission #CryptoPotato #BTCMarketDominance
Despite an effort to rally in the last 24 hours, Bitcoin continues to struggle to regain the $43,000 level, after facing multiple sudden rise and drops over the past week. Following last week’s information leak from the US Securities and Exchange Commission (SEC) that it had approved all spot BTC Exchange Traded Fund (ETF) applications, Bitcoin’s market cap saw a brief spike to $48,000. Nevertheless, after SEC’s clarification about the fake news, Bitcoin retraced its original position. This volatility was further fueled when 11 such Bitcoin ETFs were launched which led to a short-lived skyrocketing of BTC to over $49,000.
In contrast to this, the altcoins have been showing unusually less volatility. Solana (SOL) and Toncoin among them have shown a steady rise, up by 3% and 5% respectively, while Tron (TRX) and Chainlink (LINK) recorded a downtrend by almost the same amount. The overall market cap of the crypto market has brushed off yesterday’s $10 billion loss and stands at $1.69 trillion as per CoinMarketCap (CMC). Although Bitcoin’s market cap remains steady at around $840 billion, its dominance over the Altcoins has taken a hit and shrunk from over 53% last week to 49.8% now.
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