Bitcoin (BTC) Price Recovered Above $56,000 as Cryptocurrency Market Shows Optimism
After falling to $53,000, Bitcoin (BTC) price recovered by rising above $56,000. Ethereum (ETH) and leading altcoins Solana (SOL), XRP, Dogecoin (DOGE), and Shiba Inu (SHIB) also experienced a similar upward move.
The cryptocurrency market had an eventful week starting July 6. After dropping to the $53,000 level, Bitcoin (BTC) price recovered some ground by rising above $56,000. A similar upward move was also observed by Ethereum (ETH) and leading altcoins Solana (SOL), XRP, Dogecoin (DOGE), and Shiba Inu (SHIB).
The total cryptocurrency market value increased by 2.79% in the last day, reaching $2.06 trillion. Total transaction volume also rose by 4.83%, reaching 109.33 billion dollars. This activity suggests that investors’ interest in cryptocurrencies remained strong despite the recent downturn, and an optimistic atmosphere has started to emerge in the market.
BTC mobility and institutional investors
Bitcoin price is currently trading at $56,369.52, showing an increase of 1.90% in the last 24 hours. Notably, institutional investors appear to be interested in buying the dip as indicated by the fresh inflow of $143.1 million into US-based spot Bitcoin ETFs.
This suggests that institutional investors are indeed following a strategy of "turning the decline into an opportunity" after Bitcoin's recent decline. However, the altcoin market outperformed Bitcoin, leading to a decrease in Bitcoin's dominance by 0.62%, bringing it down to 53.87%.
Ethereum price saw an increase of 2.12% yesterday, reaching $2,973. Despite the upcoming ETFs, Ethereum price is experiencing high volatility. Institutional investors seem to prefer Bitcoin and Solana over Ethereum for now. Solana price increased by 9.14% to $134.77. XRP price also followed the general cryptocurrency market trend, trading at $0.428 with an increase of 8.15%. Dogecoin and Shiba Inu also made significant jumps. Dogecoin price increased by 11.81% to $0.1067, and Shiba Inu increased by 14.69% to $0.00001508.
Additionally, names such as PEPE, FLOKI, and BONK gained between 9-16% in value, while WIF was among the top gainers of the day.
U-turn on Bitcoin ETFs
After the July 4 holiday, there was a strong return to spot Bitcoin ETFs. This stands in contrast to the outflows experienced after the BTC price fell below $54,000 on US Independence Day. Despite the panic in the market, recent inflows into spot Bitcoin ETFs suggest that powerful investors and big players are trying to turn the declines into opportunities. While Grayscale BTC ETF (NYSE:GBTC) experienced an outflow of $28 million, other ETFs compensated for this with strong inflows.
Fidelity Bitcoin ETF (NYSE:FBTC) took the lead with a total inflow of $117 million on Friday. Hunter Horsley, the CEO of Bitwise Asset Management, stated that his team managed to buy Bitcoins efficiently at a cost of less than half a basis point. Horsley highlighted the strong outlook for Bitcoin and how the current market decline presents a strong buying opportunity for new and existing investors.
Well-known Bitcoin critic Peter Schiff commented on the situation for Bitcoin ETF investors. Schiff suggested that these investors remained firm in their positions despite ongoing market turbulence. Schiff noted that trading activity shows that BTC ETF buyers are still holding their assets and not showing any signs of panic yet.
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