- Bitcoin’s recent performance hints at potential downturn risks.
- Ether’s new exchange-traded funds (ETFs) underwhelm, affecting broader crypto market sentiment.
A Tumultuous Terrain for Top Tokens
Recent market data paints a picture of turbulence for Bitcoin, as the premier cryptocurrency potentially gears up for a short-lived downturn. Adding to the market’s unease is Ether’s lackluster performance with its recently launched futures exchange-traded funds (ETFs).
Bitcoin’s Shaky Stance
Despite surpassing stock market performance recently, Bitcoin now appears to lose ground amidst increasing buys in indices.
“The cryptocurrency’s tendency to weaken upon growth, especially its inability to make a fresh push towards the 200-day moving average, is concerning,”
expressed Alex Kuptsikevich, the senior market analyst at FxPro, in a communication to CoinDesk. Such observations lean towards a more bearish short-term prediction.
“Bitcoin currently seems more poised for a dip than a climb,”
he added, further highlighting that Ether’s underwhelming show didn’t do any favors for top-tier tokens’ confidence.
The initial optimism surrounding Ether and Bitcoin was palpable just a week ago, primarily propelled by the anticipation of six Ether ETFs launching in the U.S. The crypto community was abuzz, forecasting substantial demand for these investment instruments. However, reality begged to differ.
A meager sum of under $2 million was traded across these ETFs come Monday, leading to a week characterized by disappointing volumes. Consequently, many analysts backtracked from their bullish Ether predictions, casting their gaze towards Bitcoin instead.
This shift in sentiment reflected in the crypto market dynamics. Ether shed almost all its gains from the preceding week, while Bitcoin managed to tread above its support thresholds. The last 24 hours, post some profit-booking earlier in the week, have been relatively stagnant for the major cryptocurrencies. Bitcoin saw a 0.5% decrease, Ether’s value diminished by 1%, and both XRP and BNB Chain’s BNB remained largely static.
Amidst these standard bearers, Cardano’s ADA tokens emerged as an outlier, registering a 2.2% uptick in value. In other noteworthy movements, Toncoin (TON) experienced a robust 8.8% surge, albeit without a clear market trigger, and Avalanche’s AVAX tokens rode the momentum from the week, notching up a 4% increase.