On the day Spot Bitcoin ETFs began trading, the BTC price had reached $49,000 but then sharply retreated to $38,500. Following this, the selling pressure from Grayscale had decreased, which contributed to a bullish market environment for cryptocurrencies that had been ongoing for days. Today, the Bitcoin price has surpassed the $47,000 level just moments ago.
Current Bitcoin Status
As of this writing, Bitcoin has seen an increase of over 5%, pushing the price to $47,145. After hitting a low of $38,500 on January 23, BTC has started to rise again today.
While all this was happening, Bitcoin’s 24-hour market volume also saw a noticeable increase, with a 21% rise leaving the $30 billion level behind. In terms of market capitalization, it seems to have sustained above the critical $900 billion level, surpassing $925 billion with an increase of over 5%.
Latest Situation in Altcoins
The rise in Bitcoin has reflected on altcoins as well, with Ethereum (ETH), Bitcoin’s closest follower, also seeing an increase. As of the time of writing, ETH has risen over 3%, reaching the $2,500 level.
In terms of market capitalization, SOL saw a 4% increase, surpassing the $105 level, while BNB left the $324 level behind with an increase of over 2%, joining the upward trend.
Lastly, one of the most talked-about altcoins in the market, XRP, also saw a 2% increase, with the price reaching $0.525 after the rise. XRP has been in the spotlight for investors due to recent troubling events.
After the approval of ETFs led to a market downturn, it seems that a recovery is taking place, possibly influenced by the easing of sales and perhaps the effect of airdrops. How far this rise can go is already a matter of curiosity among investors.
Famous analyst Michael van de Poppe had indicated in recent days that the BTC price could rise to between $48,000 and $51,000 before the halving.
