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Monday, February 26, 2024

Post-ETF Approval Stagnation Continues as Bitcoin Price Fails to Overcome $43K (Market Watch)

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This week has gone entirely differently compared to the previous one in terms of price movements, as BTC has failed to produce any major moves for several days straight now.

The altcoins are also untypically calm, with very few notable fluctuations over the past day.

BTC’s Calmness Continues

Last week was highly volatile as the US Securities and Exchange Commission greenlighted 11 spot Bitcoin ETFs on Wednesday. In the days leading to the event, as well as the 48 hours after it, the entire crypto market was displaying massive price fluctuations.

Bitcoin, for one, soared to over $49,000 last Thursday when the products reached the US markets but dumped by more than seven grand in the next 36 hours amid enhanced sell-offs. After marking a low of $41,600, the asset recovered some ground and entered the weekend at around $43,000.

The landscape has been completely different since then. BTC calmed at around that level and has moved only by around $500 in each direction since the weekend. As of now, the primary digital asset remains below $43,000, with its market cap under $840 billion and its dominance over the altcoins at 49.7% on CMC.

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BTCUSD. Source: TradingView

Alts Are Quiet Too

Although they are more volatile by nature, the alternative coins have also been quite sluggish in the past several days, as well as the last 24 hours. Ripple, Cardano, Avalanche, Dogecoin, and Polkadot are slightly in the red. Chainlink and Polygon have declined by 3%.

ETH, BNB, SOL, and TRX have charted insignificant gains. Aptos and Filecoin have jumped the most from the top 36 alts, by less than 3%, though.

Flare is the only double-digit gainer, while RUNE and BEAM have slumped by 10%.

The total crypto market cap remains still at under $1.7 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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