Weekend Status Quo: Bitcoin Stable Amid $60K, ETH Maintains $4K (Market Watch)

Most of the cryptocurrency market is somewhat stagnant this weekend with bitcoin trading above $60,000 and ETH at $4,100.

Bitcoin dipped below $60,000 once again in the past 24 hours but has recovered and currently stands above it. Most altcoins are also untypically calm this weekend, with ETH sitting north of $4,000. Shiba Inu, though, charted a new all-time high hours ago.

Bitcoin Remains Above $60K

All crypto eyes in the past few weeks were on the launch of the first-ever Bitcoin Futures ETF in the United States. After years of waiting, the Securities and Exchange Commission finally allowed such a product to go live, which happened on Tuesday with record trading volumes.

The anticipation for such an event caused a massive price surge for the underlying asset. BTC went from $57,000 to above $60,000 in days and kept climbing higher. This culminated on Wednesday when it breached the previous all-time high of $65,000 and set a new one at $67,000.

Since then, though, the tides have turned to a large extent. Instead of heading further north, bitcoin has retraced and even dropped below $60,000 twice in the past 48 hours. The last one saw BTC dipping to $59,600 (on Bitstamp).

As of now, the cryptocurrency has recovered some ground and stands well above $60,000. Its market capitalization is still beneath $1.150 trillion, and the dominance over the alts is at 45% after reaching 47% just days ago.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ETH Above $4K: SHIB New ATH

Ethereum also came close to a new all-time high during the week but failed and nosedived. As a result, it dipped below $4,000. However, a 2% increase on a 24-hour scale now has driven the second-largest cryptocurrency to $4,100.

Aside from Solana, which has declined by nearly 4% since yesterday, most other larger-cap alts are untypically calm. Binance Coin and Chainlink have seen minor gains, while Cardano, Ripple, Polkadot, Dogecoin, Terra, and Avalanche are slightly in the red.

The situation with Shiba Inu is totally different. SHIB skyrocketed with more than 40% in a day and charted a new all-time high earlier today, as CryptoPotato reported.

Next in line in terms of gains is Curve DAO Token – 17%. Harmony (12%), Mina (11%), Nexo (10%), Zcash (10%), and Dash (10%) are next.

The cumulative market cap of all cryptocurrency assets has also remained at a familiar spot at just under $2.550 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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