After the ETF approval and the trading going live, Bitcoin pumped to $48,000 but Bitcoin Stabilizes at $46,000. While BCH and FTT experienced a huge double-digit surge. The market expects a massive altcoin season looking at the current situation and is optimistic about the massive bull run in 2024.
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Bitcoin stabilized at $46K while BCH and FTT observed double-digit surges
Bitcoin has settled below the $46,000 mark, contrasting with the remarkable surge observed in Bitcoin Cash (BCH). The inaugural trading day for 11 spot Bitcoin ETFs on US stock markets was marked by substantial price fluctuations, reaching a multi-year high followed by a significant decline.
Altcoins, except BCH and FTT, are currently experiencing a slight downturn on a daily scale. BTC’s recent rollercoaster ride began with controversial recognition and approval from the US Securities and Exchange Commission for nearly a dozen ETFs tracking its performance.
Despite the approvals, SEC Chairman Gary Gensler’s negative comments on the asset contributed to increased volatility. BTC witnessed significant price swings, reaching over $49,000 before a rapid decline of over $3,000 on the first trading day for these ETFs.
Trading Volume in a Day
Although trading volumes surpassed $4 billion within a day, BTC has now stabilized at around $46,000. Its market capitalization remains just above $900 billion, with a dominance over altcoins slightly exceeding 51% on CoinMarketCap.
In contrast to most altcoins that mirrored BTC’s volatility, Ethereum, Binance Coin, Solana, XRP, Cardano, Avalanche, Dogecoin, and Polkadot are experiencing minor losses on a daily scale
BCH, Litecoin and FTT surge
Bitcoin Cash and Litecoin have demonstrated resilience against these market movements. BCH has surged by more than 11%, reaching $285, while LTC has seen a 5% increase, trading close to $75.
FTX Token (FTT) stands out as the top performer among the top 100 altcoins, experiencing a remarkable 19% surge and trading above $3. The overall cryptocurrency market cap has decreased by approximately $20 billion overnight, currently standing at $1.760 trillion.
Conclusion
To conclude, After the ETF approval trading went live, Bitcoin pumped and stabilized at $46,000 but the altcoins like BCH, Litecoin, and FTT tokens surged in double digits. The market anticipates a massive alt season now and is optimistic related to the 2024 bull run. A close eye should be kept on the market and the prices due to the high volatility.
Note: It’s a research based article not a financial advice.
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