Cryptos Reverse Course After Strong Rally

Cryptocurrencies declined more than a percent in the past 24 hours after a strong rally triggered by hopes of an imminent SEC approval for a Bitcoin Spot ETF. Bitcoin dropped close to 2 percent in the past 24 hours.

Overall crypto market capitalization is currently at $1.58 trillion, versus $1.60 trillion a day earlier.

Bitcoin traded between $44,265.77 and $42,880.65 in the past 24 hours. It is currently trading at $43,270.20, with weekly gains falling to 14.2 percent and year-to-date gains dropping to 161 percent. Bitcoin’s price movement comes amidst reports that famed crypto Bull Cathies Wood of Ark Invest has again sold shares of Grayscale Bitcoin Investment Trust (GBTC).

Ether shed more than half a percent in the past 24 hours as it traded at $2,247.59. Weekly gains are close to 10 percent whereas year-to-date exceed 87 percent. Ether is now changing hands at $2,247.59, after ranging between $2,284.21 and $2,225.05 in the past 24 hours.

BNB (BNB) edged down 0.03 percent in the past 24 hours to trade at $230.59. With weekly gains of only 0.89 percent, Binance’s BNB coin has apparently missed out the recent ETF frenzy-led rally in the cryptocurrency market. BNB’s year-to-date losses are still in excess of 6 percent as it grapples with the fallout of the recent guilty plea to U.S. authorities and the massive $4.3 billion penalty.

5th ranked XRP (XRP) withstood the bearish sentiment, gaining 1.4 percent in the past 24 hours to trade at $0.6325. Weekly gains are 4.7 percent, whereas year-to-date gains exceed 86 percent.

6th ranked Solana (SOL) also traded firm in the past 24 hours. At its current price of $63.92, SOL has added more than 1 percent in the past 24 hours, 5.7 percent in the past week and 542 percent in the year 2023.

8th ranked Cardano (ADA) slipped 1.9 percent in the past 24 hours but is holding on to weekly gains of 16 percent and year-to-date gains of 77 percent.

9th ranked Dogecoin (DOGE) is the biggest laggard among the top-10 cryptocurrencies, shedding 7.5 percent in the past 24 hours. Nevertheless, the meme coin is holding on to weekly gains of 15.9 percent and year-to-date gains of 35 percent.

10th ranked Avalanche (AVAX) extended gains with an overnight addition of more than a percent. AVAX’s weekly gains exceed 26 percent. The cryptocurrency has rallied 143 percent in 2023.

11th ranked TRON (TRX) extended losses with an overnight decline of 1.6 percent. Though TRX has shed half a percent in the past week, it is still holding on to gains of close to 90 percent in 2023.

Despite overnight losses of close to 5 percent, Chainlink (LINK) has recorded weekly gains of 1.8 percent and year-to-date gains of 17 percent.

55th ranked ORDI (ORDI) gained more than 25 percent in the past 24 hours. ORDI has surged more than 192 percent in the past week while year-to-date gains exceed 124 percent. ORDI is also the biggest gainer among the top 100 cryptocurrencies on a weekly basis.

76th ranked BitTorrent (New) (BTT) tumbled more than 17 percent followed by 87th ranked Pepe (PEPE) that lost close to 10 percent.

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