Over the weekend, Bitcoin experienced some minor price fluctuations with a brief increase towards $70,000 before returning to familiar territory. Most altcoins were also sluggish, except for BNB, NEAR, FIL, FET, and a few others, which recorded notable price drops. Bitcoin dominance has been on the rise recently.
Bitcoin had a successful week last week with ETF inflows contributing to its volatility and gains. Inflows from these financial vehicles have been consistently positive for 19 days, with the last outflow occurring a month ago. This positive trend resulted in Bitcoin surging from $67,500 to over $70,000 last Monday, reaching highs of $72,000 on Friday. However, a subsequent drop to $68,400 saw over $400 million in liquidations across the market.
During the weekend, Bitcoin recovered slightly and settled around $69,000 to $69,500. An attempt to surpass $70,000 today was unsuccessful, with the asset retreating back within its previous range. Bitcoin’s market cap remains below $1.370 trillion, but its dominance over other cryptocurrencies has increased to 51.4% since Friday.
Binance Coin, which had reached a new all-time high of over $715 last week, has seen a decline in the past 24 hours, dropping by 5% to under $650. Other underperforming assets in the past day include NEAR, FIL, FET, and CRO, while larger-cap altcoins are seeing either minor gains or losses. The total crypto market cap has stayed stable at around $2.660 trillion.
Overall, Bitcoin’s price movements have been relatively subdued, with minor fluctuations and unsuccessful attempts to break out of its current range. Altcoins have also shown mixed performance, with some recording significant price drops while others remain relatively stable. The dominance of Bitcoin over the market has increased slightly, indicating a potential shift towards more stability and predictability in the coming days.
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