BITCOIN DIPS UNDER $43K AS TONCOIN JUMPS 10%

BNB, LINK, and TON lead the larger-cap altcoins in gains over the last 24 hours. Following a period of ETF-triggered volatility last week, Bitcoin has recently calmed but dipped below $42,000 on Sunday evening.

Most altcoins have mirrored Bitcoin’s slight losses, with SOL struggling under $100 and ETH dropping to just above $2,500.

Bitcoin Drops Below $42K

Bitcoin experienced significant volatility last week amid ETF-related events. From a cyberattack on the SEC to Gary Gensler’s contentious remarks and the eventual approval and launch of 11 ETFs in the US market, the focus was on Bitcoin.

Bitcoin’s price surged to over $49,000 on Thursday – the day the ETFs launched – marking a high not seen in nearly two years. However, it soon plummeted, shedding over $7,000 in just over a day. The reasons for this drop can be explored here.

After hitting a 2024 low of under $41,600, Bitcoin rebounded and stabilized around $43,000, except for brief dips under $42,000 over the weekend.

Currently, Bitcoin is trading below $43,000, with a market capitalization struggling at $835 billion. Its dominance over altcoins has significantly weakened in the past week, now below 50% on CoinMarketCap.

BTCUSD. Source: TradingView

Toncoin Outperforms

Following Bitcoin’s decline, most altcoins have experienced minor losses. Ethereum, Cardano, Avalanche, Dogecoin, and Polygon are all down by approximately 1.5%. SOL and TRX have seen more significant drops of 2.5% each, with SOL hovering at $95 and TRX falling to $0.11.

In contrast, Binance Coin and Chainlink have each risen by about 4%. BNB is now trading above $315, while LINK is above $15.

Toncoin has shown the most impressive growth among larger-cap altcoins, up by 10% and currently priced at $2.3. INJ and APT have also seen gains.

The total crypto market capitalization has decreased by roughly $10 billion since yesterday, now at $1.680 trillion according to CoinMarketCap.

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