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Bitcoin’s price slipped to and under $70,000 yesterday, but the asset has reclaimed that level despite the growing outflows from Grayscale’s $BTC ETF.
Most altcoins are slightly in the red today, led by losses from $TON, $NEAR, ARB, FIL, APT, and $WIF.
$BTC Back to $71K
It was just a little over a week ago when the price of primary cryptocurrency tumbled hard amid reports that the US government plans to sell more $BTC. The asset had fallen to $64,500 at the time.
However, it began its recovery a day later, and despite the initial resistance, Bitcoin had gained around five to six grand by the end of the business week and stood at approximately $69,000 during the weekend.
It registered an unsuccessful attempt to overcome $70,000 on Sunday, but that level fell on Monday when the cryptocurrency skyrocketed to a multi-week peak of just over $72,500.
Nevertheless, that was short-lived, and the asset started to lose traction on Tuesday and Wednesday. The more intense price decline came after the US CPI numbers for March when $BTC slumped to $67,500.
The bulls returned and propelled another leg up that resulted in Bitcoin jumping to $71,000. It has remained close to that level as of now as well, but its market capitalization has slipped to just shy of $1.4 trillion. Its dominance over the alts, though, is up to 50.6% on CG.
Interestingly, $BTC’s price has remained above $70,000 even though the outflows from Grayscale’s GBTC fund have accelerated once again after the recent stagnation.
$WIF Keeps Dropping
The rising $BTC dominance means that most alts have suffered today, which is indeed the case. ETH has slipped by about 2% and is down to $3,520. $TON and $NEAR have declined the most from the larger-cap alts, but DOGE, ADA, AVAX, SHIB, BCH, and DOT are also in the red.
$WIF has lost the most value out of the top 100 alts. The popular meme coin is down by 10% and sits below $3.5. Recall that it had soared past $4 just a few days ago.
The total crypto market cap has lost around $40 billion overnight and is down to $2.750 trillion.
