This week has been a bit different compared to previous weeks in terms of price action, as BTC has failed to produce any major moves for several days in a row until now. Altcoins have also seen unusual movements, with very little significant volatility in the past day.
In the past week, the crypto market was reeling when the US Securities and Exchange Commission gave the green light to 11 Bitcoin ETF spots on Wednesday. After the event, the entire crypto market showed a huge price spike.
Bitcoin, for example, jumped more than $49,000 last Thursday when the product successfully launched in the US market but declined more than seven thousand in the next 36 hours due to more selling. After hitting a low of $41,600, BTC tried to recapture the surge by trading around $43,000 over the weekend.
The failure to conquer the barrier level means that today, BTC is still trading below $43,000, with a market cap below $840 billion and its dominance over altcoins at 49.7% in CMC. Although more volatile, alternative currencies have also slowed down in the past few days, with Ripple, Cardano, Avalanche, Dogecoin, and Polkadot trading in losses. Chainlink and Polygon have declined by 3%.
ETH, BNB, SOL, and TRX have produced insignificant gains. Aptos and Filecoin have jumped the most but less than 3%. The total crypto market capitalization is still below $1.7 trillion at CMC.
