The ETF hype seems to be over for the primary cryptocurrency, which continues to display little to no actual price movements and has stalled below $43,000.
Most alternative coins have had slight declines over the past 24 hours, as the market seems to have calmed following last week’s massive volatility.
BTC’s Post-ETF Calmness
Everything and everyone in the crypto industry was focused on the ETF approvals in the US from the securities regulator. While they indeed came on Wednesday, and 11 products reached the US markets on Thursday, there was some drama with hacked SEC accounts on Tuesday and controversial comments made by chair Gary Gensler.
This all resulted in a lot of volatility for BTC and the rest of the crypto market. Bitcoin, for one, soared past $49,000 for the first time since April 2022 on Thursday, moments after the ETFs went live for trading. Hours later, though, the asset slumped by three grand, and the landscape worsened on Friday with another massive decline to under $42,000, which only solidified those who believed the ETF approvals would be a sell-the-news event.
Since then, though, BTC has been quite sluggish. It recovered some ground to $43,000 and has failed to produce any major moves in either direction. As of now, the asset still remains under that level, with its market cap below $840 billion and its dominance over the alts struggling beneath 50%.
Most alternative coins mimicked BTC’s volatile performance last week and have similarly calmed over the past several days. The daily landscape today shows minor declines for most again.
BNB, XRP, ADA, AVAX, DOGE, DOT, TRX, TON, and MATIC are all slightly in the red. ETH and SOL have charted insignificant gains.
Chainlink has jumped the most from the larger-cap alts. LINK is up by more than 5% and trades above $16 amid reports that the portions of the asset stored on exchanges have been on the decline recently.
The total crypto market cap has remained at essentially the same spot as yesterday – just under $1.7 trillion on CMC.
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Cryptocurrency charts by TradingView.