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By Alex Kuptsikevich
Market picture
The cryptocurrency market is hitting new highs, bringing its capitalisation to $2.58 trillion (+2.4% in 24 hours). But today, bitcoin is one of the market's laggards, up 1.2%, as growth is concentrated in the largest altcoins.
Ethereum is up 5% in 24 hours, and BNB went up as much as 9%, about the same as Dogecoin. Cardano is up a modest 0.45%. Sentiment remains in extreme greed territory.
Ethereum is approaching the $4000 level, confidently making the second-largest contribution to market cap gains after Bitcoin. A similar overbought condition in Ethereum on a weekly timeframe was not seen until 2021. Given that this is the first such overbought condition after a prolonged bear market, be prepared for the move to continue. It's hard to see any significant resistance until $4100. However, like BTC, ETH is well positioned to test the highs of $4700 without significant corrections.
News background
BlackRock's Bitcoin ETF set a record for daily inflows of $788.3 million, while trading volume also reached a record $3.76 billion.
According to SoSovalue, the total trading volume of spot bitcoin ETFs in the US exceeded $10.4 billion, surpassing that of Microsoft shares ($8.9 billion). Total assets under management reached $53.11 billion, with BlackRock's IBIT and Fidelity's FBTC among the top 20 most actively traded ETFs.
The Arizona Senate is considering a proposal to allow cash bitcoin ETF shares to be added to state pension funds.
Bitcoin (BTC) volatility has reached its highest level since the collapse of the FTX exchange in November 2022, according to data compiled by Bloomberg.
BlockFi, a lending platform undergoing bankruptcy proceedings, has reached an agreement in principle to settle claims against FTX and Alameda for $874.5 million. The funds will be used to repay customers of the service.
Meme coins of celebrities with misspellings, such as Jeo Boden, Danold Tromp and Olen Mosk, caused a buying frenzy among Solana users. Interest in the segment came after improving market sentiment, which, in general, contributed to triple-digit price increases in a week for DOGE, SHIB, BONK, PEPE, and WIF.
About the author
Alex Kuptsikevich is a financial market professional with 16-years’ experience and a senior financial analyst at FxPro. He is the author of daily reviews on the impact of economic events with comments featured in top international and Russian media. Alex covers fundamental analysis, global markets, the foreign exchange market, gold, oil, and cryptocurrencies in his analytical pieces. As the senior financial analyst at FxPro, Alex is a guest expert in 1-tier global media such as Forbes, Coindesk, Euromoney and Morning Star.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.