Bitcoin (BTC) Price Recovers From a Weekly Low, Ethereum (ETH) Eyes $3.8K (Weekend Watch)


After a few days of sideways trading, bitcoin’s price headed south on Friday and slipped to a weekly low of around $66,600 before it recovered approximately a grand.

The altcoins are quite sluggish today, with ETH gaining about 1% of value and closing down on the $3,800 mark.

BTC Recovers

The start of the business week went under the total domination of the bulls as they drove the primary cryptocurrency from under $69,000 to a weekly high of over $70,500. As hope started to emerge about a potential challenge to the all-time high of $73,800, though, the landscape changed and BTC slumped by more than three grand by Tuesday.

More volatility ensued in the following days, but bitcoin ultimately remained in a range between $67,000 and $69,000 with a short-lived attempt to overcome the latter on Thursday. The subsequent rejection pushed the asset south hard, and it fell by $3,000 to $66,600 yesterday, which became its lowest price tag in about a week.

The bulls finally reemerged at this point and didn’t allow any further declines. Just the opposite, BTC spiked by roughly $1,000 and now sits between $67,500 and $68,000.

Its market capitalization has slipped to $1.330 trillion, and its dominance over the alts sits tight at 50% on CG.

Bitcoin/Price/Chart 01.06.2024. Source: TradingView

ETH Aims at $3.8K

Somewhat expectedly for the weekend, the price actions have diminished. Ethereum is up by around 1% on a daily scale and now sits close to $3,800, but this movement is far from the volatile ride that the asset went through last week amid the ETF news.

BNB, SOL, XRP, ADA, and DOT are with insignificant gains, while LINK and PEPE have increased by around 3-4% in a day.

In contrast, SHIB slumped by almost 3%, while UNI slumped by 6% and is close to breaking below $10.

The total crypto market cap has seen about $20 billion gone in a day and is down to $2.660 trillion.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
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Cryptocurrency charts by TradingView.



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