Altcoins
Altcoin prices: Altcoins sparkle even as Bitcoin takes a hit
Bitcoin fell as much as 5.7% on Tuesday, on course for its biggest one-day drop in two weeks, as a wave of selling hit cryptocurrencies and other risk assets, such as actions.
The price fell 4.2% to $64,550, after falling to a two-week low of $63,555, while ether fell 4.4% to $3,355.
So far, Bitcoin still posts a 52% gain for the year, as investors have piled into U.S. exchange-traded funds backed by spot bitcoin.
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The price hit a record high of nearly $74,000 on Thursday last week, triggering some profit-taking, as well as a series of U.S. data releases suggesting the Federal Reserve may not cut interest rates. interest this year as much as previously thought.
Over the past week, bitcoin has fallen nearly 9%, marking its biggest weekly decline since last September, while ether lost 13% following an Ethereum network upgrade underlying. But performance hasn’t been as poor across the broader crypto complex. Smaller tokens, also called “altcoins“, have attracted their own flows. The solana network’s sol token gained 19% last week, while the avalanche coin avax rose 17%, according to Coingecko. “In light of bitcoin’s recent all-time high and Following correction, we expect a period of market recalibration as investors seek balance amid unprecedented inflows into Bitcoin spot ETFs,” Bitfinex exchange analysts said in a note.
Capital flows into the 10 largest Bitcoin ETFs have slowed in recent days.
According to LSEG data, $178 billion was invested in major ETFs on Monday, compared to well over $400 billion over several days last week.