Bitcoin experienced a downturn against the US dollar during the second half of Tuesday’s trading.
Earlier in the day, the prominent cryptocurrency had soared to a high of $71,500, riding on the momentum of substantial gains over the previous two days, but then it faced selling pressure in the market.
The BTC/USD pair remains relatively stagnant today, showing a marginal increase of about 0.1% to hover around the $70,000 threshold.
The leading #cryptocurrency reached a peak of $71,714 during the day, bolstered by significant gains over the past two days, but later encountered selling pressure in the market. The #Bitcoin price is $69,324.76, a change of -1.47% over the past 24 hours as of 2:19 p.m. https://t.co/OJL0dVUQ6x pic.twitter.com/qpaVMt9Reb
— Share_Talk ™ (@Share_Talk) March 27, 2024
On the exchange-traded fund (ETF) side, there seems to be a resurgence of activity, with a significant $418 million in net cash inflows recorded yesterday, as per Farside’s ETF tracker data.
Before Monday, there had been a continuous five-day streak of net outflows from the ETF market, raising doubts about whether the strong start in January was just a temporary surge.
However, year to date, these ETFs have recorded approximately $11.7 billion in net cash inflows. This robust performance has played a part in Bitcoin’s impressive 65% increase this year.
Bitcoin has seen a 9.6% increase over the week, while Ethereum (ETH), the second-largest cryptocurrency, has gained 6.8%.
Among other alternative cryptocurrencies, Dogecoin (DOGE) has taken the lead with a surge of nearly 40% over the week. BNB, Solana (SOL), and Ripple (XRP) have also experienced growth, each rising by mid-single-digit percentages.
The total market capitalization of cryptocurrencies globally is now valued at $2.64 trillion, with Bitcoin accounting for 52.2% of this total.
The Bitcoin price is $69,704.70, a change of 0.23% over the past 24 hours as of 2:36 p.m.
