Markets
Injective (INJ) jumps 12% on the day to $30, Bitcoin (BTC) calms down at $71,000 (Market Watch)
Inflows into spot Bitcoin ETFs have been impressive to say the least in recent days, but BTC has failed to make a major move out of its current trading range of around $70,000 – $71,000.
Altcoins are also quite sluggish on a daily basis, with BCH emerging as the best performer among the larger caps.
BTC stops at $71,000
AS reported over the weekend, business activity during that time was pretty quiet. BTC had recovered ground after last Friday’s drop and stood at around $67,500.
However, the market recovered on Monday and bitcoin quickly rose to above $70,000. It initially failed as bears halted the rally, but BTC was not confined and initiated another rally that pushed an impressive rally towards a multi-week high of $71,767 amid rising ETF inflows.
Since then, however, the resource has failed to maintain its run, even as ETFs continue to experiment consistent inflows. As of now, the cryptocurrency is once again trading at $71,000, with its market capitalization standing at $1.4 trillion.
Its altcoin dominance hasn’t budged either, sitting at 50.4% on CG as of this writing.
Bitcoin/Price/Chart 07.06.2024. Source: TradingView
INJ, BRETT, JASMY on a Roll
Most large-cap alternatives have mimicked BTC’s performance over the past few days, meaning they now sit comfortably even on a daily scale. ETH, BNB, DOGE, SOL, SHIB, AVAX, TRX, and DOT are slightly in the red, while XRP, LINK, TON, and ADA posted insignificant gains.
Bitcoin Cash is the only notable gainer of this asset group, having jumped 4% to $513. In contrast, FET and KAS decreased by 3-4%.
The top 100 alts produced some double-digit gains, including BRETT (26%), JASMY (13%), and INJ (12%). In fact, INJ hit $30 after today’s surge.
The total cryptocurrency market capitalization, however, remained sluggish at $2.8 trillion on CG.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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Cryptocurrency charts from TradingView.