After skyrocketing by five grand in hours and tapping a multi-month peak, bitcoin’s price rally has calmed, and the asset slipped below $70,000 earlier today.
The altcoins’ performances are quite varying, as ETH, DOGE, and SHIB have posted 3% gains, while TON, ADA, and NEAR are in the red.
There were quite several days at the end of the previous business week in which BTC recovered some ground and stood primarily in a range between $66,000 and $67,000. The weekend was no different as the asset failed to overcome the latter.
However, the landscape changed a lot on Monday amid rumors that the US SEC could greenlight spot Ethereum ETFs as early as this week. BTC, alongside most of the market, reacted with an immediate price surge that drove it from around $67,000 to $72,000, which became its highest price tag since April 9.
After this impressive rally, the bears finally reemerged at the scene and initiated a minor pullback that drove BTC south to under $70,000 earlier today. As of now, the asset has managed to remain around that level but there are some uncertainties about its short-term future.
Bitcoin’s market cap has declined to $1.380 trillion, while its dominance over the alts is down to 50.4% on CG.
Bitcoin/Price/Chart 22.05.2024. Source: TradingView
Expectedly, ETH was the biggest winner from the positive spot Ethereum ETF news as it skyrocketed by over 20% in hours. Similar to BTC, Ether also charted a multi-week peak of over $3,800. Despite retracing slightly since that high, ETH is still in the green on a daily scale, trading closely to $3,800.
DOGE and SHIB are the other larger-cap gainers, having jumped by 3% each. In contrast, TON, ADA, BCH, and NEAR have declined by 3-5%.
The most substantial gains over the past day come from two meme coins. FLOKI has soared by 13%, while PEPE has exploded by 26% and charted a new all-time high today.
The total crypto market cap has declined slightly but it is still close to $2.750 trillion.
Cryptocurrency Market Overview. Source: QuantifyCrypto
The post PEPE, FLOKI Explode by Double Digits, Bitcoin Uncertain at $70K (Market Watch) appeared first on CryptoPotato.
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