Ethereum
Bitcoin (BTC) Price Recovers From Weekly Low, Ethereum (ETH) Eyes $3.8K (Weekend Watch)
After a few days of sideways trading, Bitcoin price headed south on Friday and dropped to a weekly low of around $66,600 before recovering around a thousand dollars.
Altcoins are quite slow today, with ETH gaining around 1% in value and closing around the $3,800 mark.
BTC recovers
The start of the business week was under the complete domination of the bulls as they took the leading cryptocurrency from below $69,000 to a weekly high of over $70,500. As hope began to emerge about a potential challenge to the all-time high of $73,800, the landscape changed and BTC fell by over three thousand dollars on Tuesday.
Greater volatility ensued in the following days, but bitcoin ultimately stayed in a range between $67,000 and $69,000 with a short-term attempt to defeat this last Thursday. The subsequent rejection pushed the asset south, and it fell $3,000 to $66,600 yesterday, which became its lowest price in about a week.
The bulls finally re-emerged at this point and did not allow further declines. On the contrary, BTC climbed around $1,000 and is now between $67,500 and $68,000.
Its market cap has dropped to $1.33 trillion and its alt dominance sits at 50% over CG.
Bitcoin/Price/Chart 01.06.2024. Source: TradingView
ETH targets $3.8k
As expected for the weekend, price movements declined. Ethereum is up about 1% on a daily scale and now sits near $3,800, but this move is a far cry from the volatility the asset saw last week amid the ETF news.
BNB, SOL,
In contrast, SHIB fell almost 3%, while UNI fell 6% and is on the verge of falling below $10.
The total crypto market capitalization lost around $20 billion in one day and fell to $2.660 trillion.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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