BITCOIN STAGNATES BELOW $43K AFTER ETF APPROVAL 

The current week has seen a notable shift in price dynamics compared to the previous one, with Bitcoin (BTC) experiencing a period of stagnation, failing to produce significant price movements for several consecutive days.

Interestingly, the altcoin market has also remained unusually calm, with few notable fluctuations observed over the past 24 hours.

Continued Calmness for BTC

The previous week was marked by high volatility, particularly after the U.S. Securities and Exchange Commission (SEC) approved 11 spot Bitcoin ETFs. Leading up to this event and in the 48 hours that followed, the entire cryptocurrency market exhibited substantial price swings.

Bitcoin, in particular, surged to over $49,000 following the launch of these products on U.S. markets, only to experience a significant drop of over $7,000 in the subsequent 36 hours due to intensified selling pressure. After reaching a low point of $41,600, Bitcoin managed to recover some ground and maintained a price level of around $43,000 throughout the weekend.

Since then, Bitcoin has exhibited a notably different pattern, with a relatively stable price around the $43,000 mark. Presently, Bitcoin’s market capitalization remains below $840 billion, and its dominance over altcoins stands at 49.7% on CoinMarketCap (CMC).

Altcoins Display Similar Calmness

Despite their natural propensity for volatility, alternative cryptocurrencies have also shown limited activity over the past few days, including the last 24 hours. Notable cryptocurrencies such as Ripple (XRP), Cardano (ADA), Avalanche (AVAX), Dogecoin (DOGE), and Polkadot (DOT) have experienced slight declines, while Chainlink (LINK) and Polygon (MATIC) recorded a 3% drop.

In contrast, Ethereum (ETH), Binance Coin (BNB), Solana (SOL), and TRON (TRX) have registered minor gains. Among the top 36 altcoins, Aptos (APTOS) and Filecoin (FIL) posted the most significant increases, both by less than 3%. Notably, Flare (FLR) stands out as the only double-digit gainer, while RUNE and BEAM have both declined by 10%.

The total cryptocurrency market capitalization remains relatively stable, hovering below $1.7 trillion on CoinMarketCap (CMC).

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