Markets
Injective (INJ) jumps 12% daily to $30, Bitcoin (BTC) calms at $71K (Market Watch)
Inflows into spot Bitcoin ETFs have been impressive in recent days, but BTC has failed to make a big move outside its current trading range of around $70,000 to $71,000.
Altcoins are also quite slow on a daily basis, with BCH emerging as the best performer among larger caps.
BTC stops at US$71 thousand
As reported over the weekend, trading action during this period was fairly quiet. BTC recovered some ground after falling on Friday and settled around $67,500.
However, the market picked up on Monday and bitcoin quickly soared to over $70,000. It failed early on as bears stopped the rally, but BTC was not confined and began another bullish leg that powered an impressive rally to a multi-week high of $71,767 amid rising ETF inflows.
Since then, however, the asset failed maintain its operation, although ETFs continue to experience substantial flows. As of now, the cryptocurrency trades at $71,000 once again, with its market cap still at $1.4 trillion.
Its dominance over altcoins has also not changed, standing at 50.4% in CG at the time of writing.
Bitcoin/Price/Chart 07.06.2024. Source: TradingView
INJ, BRETT, JASMY on a roll
Most large-cap alts have mimicked BTC’s performance over the past few days, meaning they are now quiet on a daily scale as well. ETH, BNB, DOGE, SOL, SHIB, AVAX, TRX, and DOT are slightly in the red, while XRP, LINK, TON, and ADA have recorded negligible gains.
Bitcoin Cash is the only notable gainer from this group of assets, having jumped 4% to $513. In contrast, FET and KAS are down 3-4%.
The top 100 alts produced some double-digit winners, including BRETT (26%), JASMY (13%), and INJ (12%). In fact, INJ reached $30 after today’s surge.
The total cryptocurrency market capitalization, however, remained sluggish at $2.8 trillion in CG.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
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Cryptocurrency Charts by TradingView.