Bitcoin experienced a surprising surge in value last week, but has since settled into a more moderate pace of trading. After reaching a high of $72,000, the cryptocurrency has dipped below $70,000. This shift comes during a period of relative calm following a weekend of sideways trading around $67,000.
In contrast, Ethereum has displayed impressive resilience, maintaining a value above $3,800. This behavior coincides with increasing anticipation for the U.S. Securities and Exchange Commission’s (SEC) decision on the approval of an Ethereum ETF. Investors have been eagerly watching the market for any developments, as the decision is expected to be announced today.
Speculation arose on Monday night that the SEC may approve a spot Ethereum ETF as early as this week. This news sparked optimism and briefly pushed Bitcoin above the $70,000 mark for the first time in over a month, approaching its six-week peak of $72,000.
However, the rally was short-lived as Bitcoin began to lose value and fell below $70,000 once again. Currently, the cryptocurrency is trading around $69,900, experiencing a loss of over 1% in dominance compared to other cryptocurrencies.
Meanwhile, Ethereum responded more strongly to the bullish sentiment. Within a few hours, its value increased by more than 20%, reflecting the positive news and anticipation surrounding the SEC’s decision. Ethereum briefly surpassed $3,850 and is now facing resistance at $4,120.
As of the time of publication on Thursday, May 23, 2024, the price of ETH was quoted at $3,878.45, showing a 4% increase in the last 24 hours.
In addition to Bitcoin and Ethereum, other altcoins have shown varying movements. TON and NEAR experienced gains, while SOL, BNB, ADA, DOGE, AVAX, XRP, and SHIB recorded declines.
Another notable development is the continued upward trajectory of PEPE, reaching new all-time highs. Despite these fluctuations, the total market capitalization of cryptocurrencies has remained relatively stable, sitting just below $2.73 trillion.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries the risk of financial loss.
Editor’s Choice: Crypto markets experience significant growth today, with BTC breaking $70,000 and ETH soaring to $3,450. Bitcoin reaches $68,000, and other highlights include SOL, BEAM, and INJ.