Markets
Bitcoin (BTC) Price Targets $67,000 Again as Most Altcoins Turn Red (Market Watch)
Despite positive inflows into major US spot Bitcoin ETFs, the price of the underlying asset retraced sharply yesterday but is now back near $67,000.
Most altcoins have seen notable losses in the past few days, with AVAX, DOT, INJ, and ADA leading the way.
Bitcoin Circles Around $67,000
The leading cryptocurrency had a volatile end to the previous business week, failing to hold above $65,000 and sliding to $63,000. However, it rebounded on Friday night and Saturday morning and jumped to $67,500.
After a slight pullback, things calmed down again on Sunday morning, but the withdrawal of the current US president from the 2024 election shook markets again later that day.
Joe Biden’s decision to end his campaign early pushed BTC dropped by around two thousand dollars before the asset skyrocketed to a monthly peak of just over $68,000 as of Monday morning.
Further volatility followed the following day, with bitcoin falling to $66,300 in the morning, despite large inflows into spot BTC ETFs. At the moment, however, the asset is back near $67,000.
Its market cap is $1.320 trillion, while its alt dominance is 51.7% on CG.
Bitcoin/Price/Chart 23.07.2024. Source: TradingView
The alts turn red
Most of the crypto community is focused on Ethereum today, given the scheduled launch of spot ETH ETFs in the United States. However, its price has remained relatively flat on a daily basis at just over $3,500.
Ripple is the other largest alt-cap, up slightly over the same period, while XRP is now trading above $0.6.
The rest of the market is in a more desperate state. BNB, TON, ADA, SHIB, DOT, LINK, BCH, NEAR, and UNI are all down around 2%, while AVAX, LTX, ICP, and INJ have seen losses of up to 6%.
The total cryptocurrency market capitalization has seen a slight decline since yesterday, but is still above $2.55 trillion.
Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
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