Home Crypto Market Movers Cryptocurrency Market Update: BTC Hovers at $46K Post-ETF Volatility, BCH and FTT Rally

Cryptocurrency Market Update: BTC Hovers at $46K Post-ETF Volatility, BCH and FTT Rally

In the fast-paced realm of cryptocurrencies, the market witnessed significant turbulence as Bitcoin (BTC) oscillated around the $46,000 mark following the approval of 11 spot Bitcoin ETFs on the US stock markets. The debut trading day for these ETFs showcased a rollercoaster of price movements, leading to a multi-year peak and a subsequent substantial dip.

BTC’s Rollercoaster Ride

Bitcoin, the pioneer cryptocurrency, received a controversial yet validating nod from the US Securities and Exchange Commission (SEC) on Wednesday, giving the green light to nearly a dozen exchange-traded funds tracking its performance. However, SEC Chairman Gary Gensler’s post-approval remarks stirred the waters, contributing to increased volatility.

The aftermath was a wild ride for BTC, with fluctuations of several thousand dollars on Wednesday, intensifying on Thursday—the first trading day for the newly approved ETFs. Within a day, trading volumes surged to over $4 billion, propelling Bitcoin’s price to over $49,000, a level unseen in almost two years. Yet, within minutes, the asset plummeted by over $3,000, triggering widespread liquidations.

As the market settled, BTC found a semblance of stability, hovering around $46,000. Despite the rollercoaster, its market capitalization remains just above $900 billion, with a dominance over altcoins standing at slightly over 51%, according to CoinMarketCap.

Bitcoin’s Turbulent Journey:

The first trading day for Bitcoin ETFs saw trading volumes surge to over $4 billion within a day. Bitcoin’s price spike marked a high not witnessed in nearly two years, but the celebration was short-lived as a rapid decline followed, leaving traders grappling with losses. The dust appears to have settled for now, but the impact of this debut will likely reverberate through the market for some time.

Altcoins in the Aftermath:

While most alternative coins mirrored Bitcoin’s volatility, the likes of Ethereum (ETH), Binance Coin (BNB), Solana (SOL), Ripple (XRP), Cardano (ADA), Avalanche (AVAX), Dogecoin (DOGE), and Polkadot (DOT) have calmed with minor losses. However, Bitcoin Cash (BCH) and Litecoin (LTC) defied the trend, with BCH surging over 11% to $285, and LTC trading near $75 after a 5% increase.

As of now, BTC has found some stability, resting at around $46,000. Its market capitalization hovers just above $900 billion, with a dominance over altcoins slightly exceeding 51% on CoinMarketCap.

Altcoins Respond to Market Dynamics

Altcoins, the myriad of alternative cryptocurrencies, mirrored BTC’s high volatility in recent days but have since stabilized with marginal losses. Ethereum (ETH), Binance Coin (BNB), Solana (SOL), Ripple (XRP), Cardano (ADA), Avalanche (AVAX), Dogecoin (DOGE), and Polkadot (DOT) are all experiencing slight declines on a daily scale.

Yet, amidst this broader market trend, outliers have emerged. Bitcoin Cash (BCH) has notably surged by more than 11%, reaching $285, showcasing resilience against the prevailing market dynamics. Litecoin (LTC) also defied the general trend with a 5% increase, trading near $75.

The standout performer, however, is FTX Token (FTT), the native token of the FTX exchange. FTT has experienced a remarkable 19% surge, trading well above $3, demonstrating its resilience and investor confidence.

Total Crypto Market Dynamics

The overnight market cap shift reflects the ebb and flow of the cryptocurrency market, with a decline of approximately $20 billion, settling at $1.760 trillion. This adjustment underscores the inherent volatility in the crypto space, where market sentiment and external factors can swiftly impact valuations.

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Pankaj K

Pankaj is a skilled engineer with a passion for cryptocurrencies and blockchain technology. With over five years of experience in digital marketing, Pankaj is also an avid investor and trader in the crypto sphere. As a devoted fan of the Klever ecosystem, he strongly advocates for its innovative solutions and user-friendly wallet, while continuing to appreciate the Cardano project. Like my work? Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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