Bitcoin experienced a surprising surge last week, but has since settled into a more steady pace of trading. After reaching a high of $72,000, the value of the cryptocurrency has dropped below $70,000. This decrease occurred during a relatively calm period, following a weekend of sideways trading around $67,000.
In contrast, Ethereum has shown impressive resilience, maintaining a value above $3,800. This behavior comes as investors eagerly await a decision from the U.S. Securities and Exchange Commission (SEC) regarding the approval of an Ethereum ETF. The announcement, expected today, has kept investors on high alert, closely monitoring market movements.
Speculation arose on Monday night that the SEC may approve a spot Ethereum ETF as early as this week. This news sparked optimism and briefly pushed Bitcoin above the $70,000 mark for the first time in over a month, nearing its six-week peak of $72,000.
However, the rally was short-lived as Bitcoin’s value began to decline, falling back below $70,000. Currently, the cryptocurrency is trading around $69,900, experiencing a loss of over 1% in dominance compared to other cryptocurrencies.
Meanwhile, Ethereum responded more strongly to the bullish sentiment. In just a few hours, the cryptocurrency saw a surge of over 20%, driven by positive news and anticipation of the SEC’s decision. Ethereum briefly surpassed $3,850 and is now facing its main resistance at $4,120.
As of the time of publication on Thursday, May 23, 2024, the price of ETH was quoted at $3,878.45, representing a 4% increase in the past 24 hours.
Aside from Bitcoin and Ethereum, other altcoins have displayed various movements. TON and NEAR have experienced gains, while SOL, BNB, ADA, DOGE, AVAX, XRP, and SHIB have seen declines.
Notably, PEPE has continued its upward trajectory, reaching new all-time highs. Despite these developments, the overall market capitalization of cryptocurrencies has remained relatively stable, sitting just below $2.73 trillion.
Disclaimer:
The views and opinions expressed in this article, as well as those of any individuals mentioned, are for informational purposes only and should not be considered financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Editor’s Choice:
Crypto Markets Surge Today: BTC Surpasses $70,000 While ETH Skyrockets to $3,450
Bitcoin Hits $68,000 Milestone; SOL, BEAM, and INJ Also Stand Out