Markets
Injective (INJ) jumps 12% daily to $30, Bitcoin (BTC) calms to $71,000 (Market Watch)
Inflows into spot Bitcoin ETFs have been nothing short of impressive over the past few days, but BTC has failed to break out of its current trading range of around $70,000 to $71,000.
Altcoins are also quite slow on a daily basis, with BCH becoming the best performer among the largest caps.
BTC stagnates at $71,000
As reported Over the weekend, trading during this period was uneventful. BTC recovered some ground after Friday evening’s decline and stands at around $67,500.
However, the market recovered on Monday and bitcoin quickly climbed to over $70,000. This initially failed as the bears stopped the rally, but BTC was unconfined and launched another surge that propelled an impressive rally to a multi-week high of $71,767 amid inflows growing ETFs.
But since then, the asset has failed maintain its momentum, even if ETFs continue to experience substantial entries. Currently, the cryptocurrency is trading at $71,000 again, with the market cap stable at $1.4 trillion.
Its dominance over altcoins hasn’t budged either, sitting at 50.4% on CG at the time of writing.
Bitcoin/Price/Chart 06/07/2024. Source: TradingView
INJ, BRETT, JASMY on a roll
Most larger-cap alternative assets have mimicked BTC’s performance over the past few days, meaning they are now remaining silent on a daily scale. ETH, BNB, DOGE, SOL, SHIB, AVAX, TRX and DOT are slightly in the red, while XRP, LINK, TON and ADA saw insignificant gains.
Bitcoin Cash is the only notable gainer from this cohort of assets, having jumped 4% to $513. On the other hand, FET and KAS fell by 3-4%.
The top 100 alts produced a few double-digit gainers, including BRETT (26%), JASMY (13%), and INJ (12%). In fact, INJ hit $30 following today’s rally.
The total crypto market cap, however, remained sluggish, at $2.8 trillion on CG.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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Cryptocurrency Charts by TradingView.