Ethereum
Cryptocurrency Market Is Booming Today: Ethereum ETF, Bitcoin, Memecoins
Over the past ten days, an average daily inflow of $200 million has been recorded in the Bitcoin Spot ETF, on Friday the line recorded $385 million, and on Tuesday it exceeded $530 million.
Despite the increase in inflows into BTC ETFs, Ethereum Spot ETF Approval News The total cryptocurrency market cap is down 1.32% today. The TOTAL is hovering around $2.4 trillion over the last 3 days.
This is expected to be a direct impact of the Ethereum ETF approval, where traders are HODLing to react after the ETF inflow report.
A large-scale launch of an ETH spot ETF could trigger a strong market rally above $2.4T. If bullish sentiments are invalidated, it could lead to a market cap surge to the $2.3T area.
Bitcoin Price today is making waves, retesting resistance at $68,000 and returning to a price of $66,755 at press time.
Altcoins lead the 24-hour gainers list with coins like ENS, STRK, ETC, and MEW, and some of the biggest gainers like Huobi (HT), MAGA, and HOPR seeing gains of over 50%.
Memecoin market capitalization also saw a 4.5% decline to $55.7 billion.
Bitcoin at $70,000 is on the cards.
Bitcoin Price The action over the last 4 days has shown a clear direction towards the $70,000 area affiliated with the Spot ETF inflow.
BTC price, which is currently at $66,755, is finding support that will allow it to break above the critical resistance at $68,500. Currently, Bitcoin needs to control the bears and focus on price increases to accumulate rebound power.
In the BTC/USDT chart, the Awesome Oscillator reveals positive moments around the asset in the short term.
We also applied the Alligator indicator, which indicates the direction of the trend and shows the open mouth structure, meaning that traders are always entering positions.
The widening wedge channel pattern is again holding resistance at $70,000.
Bitcoin is expected to break above $68,500 and enter the $70,000 zone within the trading cycles.
Memecoins are shutting down for a while
Memecoin performance is often proportional to Bitcoin’s direction. In today’s sessions, top memecons DOGE, SHIB, PEPE, FLOKI, BRETT, and WIF are neutralized and falling.
MOG posted the biggest loss, falling nearly 10% after hitting its all-time high of $0.00000243 yesterday.
The overall cryptocurrency market is in Hold mode today, with some assets facing turbulence. It is best to hold and monitor market movements towards Ethereum ETF approval and other dynamics.
Read also : Top 10 Cryptocurrencies Trading in the Red Zone: Will Solana (SOL) Price Reverse the Trend and Reclaim $180?