Markets
ETH Maintains Price at $3,800 Ahead of SEC ETF Decision, BTC Drops Below $70,000 (Market Watch)
Bitcoin price movements have calmed down over the last day after spiking to $72,000, and the asset has even lost some ground since yesterday, currently below $70,000.
Ethereum continues to present a strong front as anticipation builds for today’s SEC decision on one of the ETH ETFs.
BTC drops below $70K
Bitcoin had a quiet weekend, spending it trading sideways around $67,000 as consolidation continued. However, the scenario changed substantially on Monday night when news emerged that the US Securities and Exchange Commission could greenlight a spot Ethereum ETF as early as this week.
The primary cryptocurrency reacted quite positively to the reports and surpassed $70,000 for the first time in over a month and reached a 6-week high of just under $72,000.
The bears finally advanced at this point and did not allow the asset to challenge its March 2024 high of $73,750. Instead, BTC started gradually losing value falling to $70,000 yesterday and below that level today.
As of now, the cryptocurrency trades at around $500 from the round numbering mark, with its market cap reduced to $1.370 trillion. Its dominance over alts has receded by more than 1% in recent days and now stands at 50.3% in CG.
Bitcoin/Price/Chart 23.05.2024. Source: TradingView
ETH remains above $3,800
The positive news mentioned above impacted ETH the most, as expected. The underlying asset exploded more than 20% in a matter of hours and reached its own multi-week high above $3,800. With the SEC’s decision on one of today’s applications approaching today, the price of ETH remained stable at around $3,800.
TON and NEAR are the other highest-cap alts in the green today, while SOL, BNB, ADA, DOGE, AVAX, XRP, and SHIB have turned red.
PEPE has been on the run lately, mapping out new historical peaks frequentlyand today was no different.
The total crypto market capitalization has remained relatively stable at just under $2.730 trillion.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive $600 welcome offer on Binance (Full details).
LIMITED OFFER 2024 on BYDFi Exchange: Welcome Reward up to $2,888, use this link to register and open a 100 USDT-M position for free!
Disclaimer: Information found on CryptoPotato is from the cited writers. It does not represent CryptoPotato’s views regarding buying, selling or holding any investments. We advise that you conduct your own research before making any investment decisions. Use the information provided at your own risk. See Disclaimer for more information.
Cryptocurrency Charts by TradingView.