Cryptocurrency Market Overview: Bitcoin (BTC) Price Slips Despite Notable ETF Inflows
- Barbara StreisandOriginal
- 2024-10-26 19:04:22904browse
The crypto market is under pressure today, as the total market capitalization dropped by 1.80% to $2.27 trillion. The fall comes in view of the ongoing geopolitical tensions between Israel and Iran.
Cryptocurrency Market Loses Steam Amid Israel-Iran Tensions, BTC ETF Inflows Rise
The cryptocurrency market faced a downturn on Monday, with a 1.80% decrease in total market capitalization to $2.27 trillion. This decline comes against the backdrop of heightened geopolitical tensions between Israel and Iran, impacting market sentiment and leading to a shift in trading activity.
24-Hour Trading Volume Surges as Fear & Greed Index Remains Neutral
24-hour trading volume saw a substantial surge of 45.29%, reaching $105.1 billion, indicating a heightened level of buying and selling activity in the market. The Fear & Greed Index remained at a neutral 50, reflecting an atmosphere of uncertainty among traders.
Bitcoin’s dominance in the market increased by 0.47%, reaching 58.31%, suggesting a greater degree of control by BTC over the overall cryptocurrency market. In contrast, the Altcoin Season Index remained at 30, indicating a lack of strong momentum for altcoins in the upcoming period.
BTC Price Drops Despite ETF Inflows, 24-Hour Trading Volume Hints at Active Trades
Bitcoin (BTC) price encountered a setback, declining 1.26% to $66,862.02. This occurred despite significant ETF inflows, with a net inflow of $401.842 million observed over the past 24 hours. This continued institutional interest bodes well for BTC's long-term performance.
24-hour BTC trading volume saw a surge of 41.91%, hinting at a wave of active trades. However, this failed to propel BTC above critical levels, and traders may be hesitant to make decisive moves as BTC's sideways trend continues.
Top Altcoins Face Challenges Amid Market Downturn
Ethereum (ETH), the leading altcoin, saw its price decline by 1.47% to $2,456.03 as ETF outflows reached $19.20 million. Another market favorite, Solana (SOL), took a more pronounced hit, down 4.28% to $166.05. XRP also dropped 2.59%, now priced at $0.5126. This broad altcoin dip signals cautious sentiment and likely temporary price resistance in response to the overall market trend.
A few tokens managed gains, with Mantra rising by 2.28% to $1.29, followed by Tether Gold up 0.18%, now priced at $2,751.31. However, top losers painted a different picture, with Celestia plummeting 10.96% to $5.27, and MEW and Wormhole dropping 9.61% and 9.37%, respectively.
As the market watches for more stability, all eyes are on BTC's performance and institutional inflows to gauge possible recovery signals. Investors remain on the lookout, ready to navigate these mixed signals amid a volatile landscape.
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