Bitcoin has experienced a week of volatility, causing significant fluctuations in cryptocurrency prices. However, it seems to have found a balance point, hovering between the range of $68,000 and $69,000. On the other hand, Ethereum has resumed its upward trend, fueled by the approval of spot ETFs based on ETH in the United States. This has propelled Ethereum past the $3,900 level.
Bitcoin, often regarded as a market leader, was greatly influenced by positive rumors surrounding the potential approval of spot Ethereum ETFs by the US Securities and Exchange Commission (SEC). After a remarkable surge of $5,000 on Monday, the cryptocurrency reached nearly $72,000, its highest point in several weeks.
However, this optimism was short-lived as Bitcoin retraced in the following days, experiencing a sudden drop to $66,250 just moments before the SEC confirmed the approval of eight of these financial products. The intervention of buyers was crucial in stabilizing the price, which managed to recover to $69,500 on Saturday. Nevertheless, it lacked the strength to surpass the $70,000 mark. Currently, Bitcoin continues to trade around $68,500, down 1%, with a market capitalization of $1.35 trillion.
Meanwhile, Ethereum not only continued its ascent but also solidified its position above $3,900 with a 3.5% increase. Its outstanding performance showcases its resilience in a market where other large-cap cryptocurrencies are moving at a slower pace.
In the realm of meme coins, PEPE continues to impress, recording a further 13% increase since yesterday and reaching a new all-time high of slightly over $0.000017. Other cryptocurrencies like FLOKI and BONK have also demonstrated noteworthy performances with similar valuations.
Disclaimer: The author and anyone mentioned in this article express their views and opinions for informational purposes only, and they do not constitute financial, investment, or any other form of advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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