Get 40% Off
🚀 Our AI Picked 6 Stocks that Jumped +25% in Q1. Which Picks Will Soar in Q2?Unlock full list

Bitcoin falters as Ethereum battles for $3,000

Published 23/02/2024, 11:19
Updated 23/02/2024, 11:19
© Reuters Bitcoin falters as Ethereum battles for $3,000

Proactive Investors - Benchmark cryptocurrency bitcoin (BTC) had a limp end to the week, falling more than 2% against the US dollar on Thursday before racking up additional losses this Friday.

This brings week-on-week losses for the BTC/USD pair to 1.5% following an impressive run in the opening stages of the month.

Hype surrounding the approval of spot-bitcoin exchange-traded funds may be tailing off in favour of profit taking.

Bloomberg data shows net outflows of $35 million from the bitcoin ETF space on Wednesday, marking the first instance of daily outflows since 25 January.

However, since the advent of the bitcoin ETF market in early January, total net cash inflows remain above $5.2 billion.

Over at the Ethereum (ETH) markets, the second-largest cryptocurrency surpassed $3,000 for the second in a week on Thursday after breaching the price point for the first time in nearly two years on Tuesday.

However, a bout of profit taking meant the ETH/USD pair closed flat by the end of the day, before dropping one percent against the US dollar this morning.

The pair was swapping for $2,940 at the time of writing- a 4% weekly gain.

Binance’s order book shows strong ether selling resistance at 3k, with sell orders also accruing at $3,030 and $3,050.

Barring a significant news catalyst, ether will struggle to move higher.

In the wider altcoin market, Solana (SOL), Ripple (XRP), Avalanche (AVAX) and Chainlink (LINK) are down in the high single digits weekly, while BNB and Tron (TRX) are in the green.

Global cryptocurrency market capitalisation currently stands at $1.95 trillion, with bitcoin dominance above 53%.

Read more on Proactive Investors UK


Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.