Positive Outlook in Crypto Market Following ETF Launch
Release: 2024/01/12 17:04 Reading: 276
You can also read this news on COINTURK NEWS: Positive Outlook in Crypto Market Following ETF Launch
After the ETF launch in the crypto market yesterday, a positive outlook emerged on Friday. The rise, led by Bitcoin, also affected altcoins. Data provided by CoinGlass indicates the market’s volatile nature. More than $230 million in trades were liquidated within 24 hours, and the liquidation of just $43.2 million in Bitcoin long positions alone reflected the seriousness of the event. This occurred despite the launch of a spot Bitcoin ETF exceeding $1.5 billion in the US.
Current Status of Bitcoin and Altcoins
The price of Bitcoin (BTC), the pioneer of cryptocurrencies, fell by 0.84% in the last 24 hours, dropping below the $46,000 level to $45,982, while the market capitalization rose above $900 billion. The trading volume dropped by approximately 17% in 24 hours, falling to $43.2 billion.
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Ethereum, considered the king of altcoins, showed a trend opposite to Bitcoin, with an increase of over 1% in the last 24 hours. Following the rise, the price climbed to $2,615. At the time of writing, ETH had a market value of $313.8 billion. However, its trading volume saw a decline of over 36% in the last 24 hours, falling to $19.2 billion.
Tether (USDT) experienced an unusual drop to $0.99, meaning it temporarily lost its $1 peg. Another leading altcoin, BNB, saw an increase of over 2%, rising to $312.75, while Solana dropped back below $100.
XRP, which has been in the spotlight for years due to its tumultuous periods, showed an increase of 0.19% in the last 24 hours, finding buyers at $0.59. Avalanche (AVAX) increased by 0.8% to $38.
Pepe Coin’s price experienced a drop of over 6% in the last 24 hours, trading at $0.000001345. Its market value fell to $561 million. The trading volume also saw a significant drop of over 14% in the last 24 hours, falling to $208 million.
Amidst the significant price fluctuations, the global crypto market saw an approximate increase of 0.6%, reaching a level of $1.76 trillion. On the other hand, the Fear and Greed Index is at 73, indicating investors’ enthusiasm for cryptocurrencies.
Today’s Best Performing Altcoins
SUI saw an increase of more than 18% in the last 24 hours, pleasing its investors. As of writing, SUI’s trading price rose to $1.10, while its market value reached $1.19 billion. The 24-hour trading volume also saw a notable increase, with a 162% rise to $889.2 million.
Meanwhile, APT also experienced a price increase. With an increase of more than 9% in the last 24 hours, APT rose to $9.93, pushing its market value above $3 billion. The trading volumes in the last 24 hours reflect the growing interest in the altcoin, with an increase of over 22%.
The post first appeared on COINTURK NEWS: Positive Outlook in Crypto Market Following ETF Launch
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