Bitcoin’s price experienced some enhanced price fluctuations in the past few days, going down to under $66,500 before jumping to just over $69,000 last night.
The altcoins are also slightly in the green on a daily scale. UNI has taken the main stage with a massive 20% surge that has driven it to over $10, while PEPE has charted another fresh peak.
PEPE New ATH, UNI Skyrockets
The most important news in the cryptocurrency industry this week came from the US Securities and Exchange Commission and affected mostly ETH. The regulator approved eight spot Ethereum ETFs on Thursday, which, alongside the hype around the news, propelled a massive rally for the underlying asset. ETH went from $3,100 on Monday to over $3,900 mid-week before it retraced slightly to its current position of $3,750.
Several other altcoins charted substantial gains during the week, and PEPE emerged as one of them. The popular meme coin exploded by another 12% in the past day and charted yet another all-time high of $0.00001538 hours ago.
Uniswap’s native token is the other mindblowing gainer today. UNI has soared by 20% and now trades close to $11. XRP, DOGE, TON, SHIB, DOT, IMX, and NEAR are also well in the green.
The total crypto market cap has recovered over $60 billion since yesterday and now sits close to $2.7 trillion on CG.
Cryptocurrency Market Overview. Source: QuantifyCrypto BTC Aims for $69K
The primary cryptocurrency’s price was also affected by the Ethereum ETF news. The asset went from $67,000 to a multi-week peak of $72,000 on Monday and Tuesday before it retraced hard in the following days.
The most substantial price decline came on Thursday, just hours before the US SEC announced its decision, and took BTC south to under $66,500. However, the asset bounced off, felt some more fluctuations in the following hours, and started heading north last night.
This culminated in a price surge to just over $69,200 amid the positive inflows toward the spot ETFs. Yet, the bears picked up the pace at this point and didn’t allow further increases. As of now, bitcoin trades just inches below $69,000.
Its market cap has increased to $1.350 trillion, while its dominance over the alts stands still at 50.2%.
Bitcoin/Price/Chart 25.05.2024. Source: TradingView
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