Bitcoin Stumble Near $42.6K; Altcoins Hog Limelight
By Laxmikant Khanvilkar
Leading virtual digital assets (VDA) are witnessing price consolidation due to the short-term positioning adjustment after the recent gains that were triggered by the launch of spot bitcoin (BTC) exchange traded funds (ETF), industry observers said.
Bitcoin remained around the $42,700 mark after it failed in its attempt to recover partial losses recorded earlier this week. BTC was trading at $42,665 losing nearly 1% in the past 24-hours.
Ethereum (ETH), the second largest cryptocurrency, followed bitcoin lower. It was recently changing hands at $2,526 losing 2.4%.
Many coin followers have observed that the contrarian bets about the price of bitcoin after the ETF approval are proven right. They don’t expect to last longer.
Fidelity’s Director of Global Macro, Jurrien Timmer in a thread on X, explained “sell-the-news moment” and “time to consolidate the recent gains”.
Altcoins, on the other hand, took the centre stage with many coins reporting price gains. LINK, RNDR, SOL are some of the tokens quoting higher.
The global crypto market cap decreased 1.1% to $1.68 trillion in the last 24 hours. Simultaneously, the total crypto market volume declined 5.6% to $55.3 billion. Total volume in DeFi is currently $5.2 billion, and all stablecoins are $530.6 billion, representing 9.3% and 91.7%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 49.7%, unchanged over the day.
The IC15 index, the barometer of the top fifteen tokens, lost 1.1% to 56,002.
Meanwhile, net inflow in spot BTC ETF aggregated to $1 billion during the last three days. As many as 21,000 bitcoin (BTC), worth $894 million at the current price of $42,600 are held by these funds. BlackRock’s iShares Bitcoin Trust (IBIT) leads the way by adding 16,362 bitcoin, followed by Fidelity’s Wise Origin Bitcoin Fund (FBTC) with 12,112 bitcoin.
Simultaneously, Grayscale’s Bitcoin Trust (GBTC) has lost about 25,000 bitcoin.
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