- The recent influx of investments into spot Bitcoin ETFs has been significant, yet BTC remains within its trading range of approximately $70,000 to $71,000.
- The altcoin market is also witnessing languid activity, with Bitcoin Cash (BCH) standing out as the top gainer among the larger market caps.
- Despite continued inflows into ETFs, Bitcoin has struggled to break its current trading range, maintaining a price about $71,000.
Discover the latest developments in the crypto market as Bitcoin holds steady amidst substantial ETF inflows and altcoins exhibit mixed performances.
Bitcoin’s Resistance at $71K
Over the weekend, Bitcoin’s price movement was notably uneventful, stabilizing around $67,500 after a drop late last Friday. However, the market saw renewed activity on Monday, pushing Bitcoin above the $70,000 mark. Although initial attempts to sustain this level were thwarted by bearish forces, Bitcoin surged again, peaking at $71,767, a reflection of growing EFT inflows.
Nonetheless, despite these substantial inflows, Bitcoin has been unable to maintain its upward momentum. It currently trades at $71,000, with a market capitalization remaining steady at $1.4 trillion.
Altcoin Performance: Mixed Results
The wider cryptocurrency market mirrors Bitcoin’s sluggish performance. Major altcoins like Ethereum (ETH), Binance Coin (BNB), Dogecoin (DOGE), and Solana (SOL) have seen minor declines. Conversely, Bitcoin Cash has risen by 4%, reaching $513, while others like Fetch.ai (FET) and Kaspa (KAS) have dropped by around 3-4%.
Among the top 100 altcoins, BRETT, JASMY, and Injective Protocol (INJ) have shown impressive gains, with BRETT up by 26%, JASMY by 13%, and INJ reaching $30 after a 12% increase. Despite these rises, the total crypto market cap remains around $2.8 trillion.
Conclusion
In summary, while considerable investment flows into Bitcoin ETFs have not propelled BTC beyond the $71,000 barrier, the altcoin market presents a mixed bag of performances. As the market continues to fluctuate, investors should remain vigilant and conduct thorough research before making any financial decisions.
