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Bitcoin price slipped 1.4% to $101,844 after ETF outflows and less enthusiasm from investors.
Other cryptocurrencies, such as XRP, Dogecoin, and Ethereum, have also posted small gains, showing some resilience in the face of Bitcoin's pullback.
Real-world assets and NFT tokens gained momentum today, showing that bullishness was selective in certain categories of cryptocurrencies.
Crypto prices today showed mixed performance as Bitcoin slipped below the $102,000 mark. While Bitcoin faced pressure from ETF outflows, some altcoins such as XRP, Dogecoin, and Ethereum showed resilience at press time. Investors would be paying attention to sectoral rotation and ETF activities for indications of the further course that this volatile market would take.
Here’s what happened in the crypto market today based on CoinMarketCap data.
Bitcoin price was down 1.40% to trade at $101,844.83, slipping below the psychological $103,000 level. BTC remains strong as the leading cryptocurrency above the $2 trillion market capitalization, with over a $72 billion volume of trade in a day.
Ethereum price gained 0.63% and changed hands at $3,469.29, demonstrating strength amidst stability in ETH's market cap, which stood at $418 billion. The second-largest cryptocurrency by market capitalization registered $36.5 billion in 24-hour trading volume, indicating healthy market activity.
XRP price surged 2.80% to $2.46, one of the day's strongest gains among major tokens with a market cap of $147.9 billion. Dogecoin added 1.59% to $0.1740, extending gains with $1.98 billion in volume traded. BNB inched 0.06% higher to $960.20 and remained the fifth-largest crypto, with a market cap of $132.2 billion.
On the other hand, Solana fell 0.73% to $153.94, although the trading volume of the asset was robust at $6.17 billion. TRON shed 1.32% to fall to $0.2955, rounding out the top ten with a $27.9 billion valuation. Cardano slipped 0.14% to $0.5587, trading relatively flat with a $20 billion market cap.
Also Read: Crypto Prices Today: Bitcoin Price Falls 1.89% to $103,274 as Ethereum Drops Below $3,500
Stablecoins Tether (USDT) and USD Coin (USDC) were steady, pegged at $0.9997, respectively, while USDT had an enormous market cap of $183.9 billion.
Crypto prices were pressured today, largely due to substantial outflows from Bitcoin and Ethereum exchange-traded funds. US spot Bitcoin ETFs had outflows of $278.1 million, breaking a two-day run of positive flows. Fidelity's FBTC led the outflows with $132.9 million pulled out; Ark's ARKB had outflows of $85.2 million. BlackRock's IBIT and Grayscale's GBTC also saw outflows.
Ethereum spot ETFs saw $184 million in total outflows. BlackRock's ETHA topped the list with $91 million withdrawn, while Grayscale's ETHE lost $49 million. These large-scale withdrawals underscore how investor sentiment toward crypto fund products is cooling after recent rallies.
Meanwhile, some crypto sectors defied the overall price weakness in Bitcoin. RWA tokens increased by 2.05%, with Sky surging 9.01% and Keeta up 5.32%. Tokens related to NFTs also increased by 2.01%, driven by Zora's 19.5% surge.
PayFi sector led gainers with 1.51% on the back of an explosive 61.7% rally in Telcoin. Meme coins and Layer 1 protocols recorded minor losses overall, though performances were strong for particular assets such as Zcash and Giggle Fund.
In major crypto news, Cathie Wood's Ark Invest snapped up $30.5 million worth of shares in Circle Internet Group after the stock plummeted 12.2% in post-earnings action. Despite reporting decent quarterly results, the stock dipped to 86.30 dollars, triggering Ark to add positions across three exchange-traded funds. The ARK Innovation ETF purchased 245,830 shares, while ARKW and ARKF added smaller positions. Circle, the issuer of the USDC stablecoin, continues to be a significant holding in Ark's portfolio.
Metaplanet CEO Simon Gerovich sought to quell some concerns about the Japan-listed company's turn into a Bitcoin treasury firm, saying that any changes have been strictly according to corporate governance. In all, five shareholder meetings in two years approved changes to articles of association, expansions of shares to be issued for the purpose of purchasing Bitcoin, and the issuance of preferred stocks. It was the existing management that took all such decisions, said Gerovich, adding, ‘Corporate governance forms the basis of all decisions at Metaplanet.’
Also Read: Crypto News Today: Visa’s Stablecoin Payout Pilot, JPMorgan’s Deposit Token Launch, Solana ETF Surge, Chainlink ETF Progress
Crypto prices today are reflective of a market in consolidation mode after recent gains. Bitcoin’s dip below $102K reflects short-term corrections rather than a structural downturn. Analysts expect volatility to persist amid continued ETF outflows, but sectoral strength in RWA, NFT, and PayFi tokens suggests that the next crypto growth leg could be driven by selective bullishness.
1. What led to Bitcoin dropping under $102,000 today?
Today, Bitcoin is down primarily due to outflows of more than $278 million from US spot Bitcoin ETFs. Following a recent peak, many traders chose to book profits reflecting caution from short-term investors in the face of solid long-term fundamentals.
2. What cryptocurrencies are up today?
The top three performing cryptocurrencies today were XRP and Ethereum. XRP finished up 2.80% to $2.46. Ethereum is up 0.63%. Meanwhile, Dogecoin is up 1.59% showing some enthusiasm for select altcoins regardless of the Bitcoin down move.
3. Why did the crypto ETF have a flow out this week?
After the recent rally, many institutional traders locked in some profits, causing redemptions before the calendar month ended from leading ETFs such as Fidelity's FBTC and Ark's ARKB. As a result, we believe the redemptions generated slight pressure on Bitcoin and Ethereum.
4. How did altcoin sectors perform today compared to Bitcoin?
Overall, altcoin sectors continue to be mixed, yet many continue to outperform BTC. Real-world asset tokens are up 2.05%. NFT tokens are up 2.01%. PayFi tokens are up 1.51%. This demonstrates a very active sector rotation around crypto today.
5. Is this a good time for investing in crypto?
We believe there is still a lot of short-term volatility in the market; however, some long-term traders may view this as a consolidation period, not a price down move. Traders should conduct their own due diligence, follow ETF flows, and apply risk management.
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