Past week has been a wild ride for cryptocurrencies. Prices bounced around significantly, leaving investors unsure of the market's overall direction.
CoinShares reports a $862 million crypto market inflow this week, nearly reversing outflow of $931 million. Bitcoin surged to $70,000, attracting investment and boosting Bitcoin ETF assets.
However, not all cryptocurrencies are sharing Bitcoin's success. Ethereum ($ETH ) and some altcoins bucked the trend, experiencing outflows despite the overall bullish sentiment. Solana ($SOL ), Polkadot, Cardano, Ripple, and Litecoin did see some inflows, but these paled in comparison to Bitcoin's dominance.
This focus on Bitcoin is likely due to the upcoming halving event, scheduled for April 20th. Historically, halvings have been followed by significant price increases for Bitcoin, and investors are hoping for a repeat performance. The halving will cut the mining reward in half, reducing the supply of new Bitcoin and potentially driving prices up.
Will $BTC soar again, or will the altcoins have their day? The answer may lie in how the market reacts to the upcoming halving event.
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