While Bitcoin price and most of the larger cap altcoins have been stagnant since yesterday. Only Fantom (FTM) has recorded a large increase. At the time of writing, BTC is changing hands at $61,154, up 11% over the past seven days.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price consolidates amid $61,000, Fantom (FTM) spikes 14%
After several days of impressive gains and hitting multi-month highs in a row, BTC cooled down a bit but remained above $61,000. Most altcoins also stagnated unnecessarily, with the exception of Fantom (FTM), which gained 14% in a single day.
The leading crypto fell below $54,000 just four days before a flurry of news regarding the SEC approval of a Bitcoin ETF in the United States prompted a spike. BTC initially retested $58,000 – a level that was previously impossible – and continued to rise. It faced some resistance at the psychological $61,000 level but finally broke through it decisively on Friday and Saturday.
The push culminated in reaching $63,000, becoming the highest price since April. However, after a roughly 3% drop from its all-time high, the bears resumed play and pushed BTC up once again.
In the following hours, BTC lost around $3,000 in value to around $61,000 but as of now remains well above that desirable level. Its market capitalization has dropped to just $1.151 trillion and BTC Dominance over alts is above 46.2%.
“The number of Bitcoin addresses holding between 100 to 1,000 BTC has grown substantially over the past five weeks. 254 more of these whale addresses now exist compared to five weeks ago, which is a notable 1.9% increase in this short time period”, Santiment stated.
Source: Santiment
In an atypical way, most altcoins have also remained calm after the recent rally. Ethereum was fluctuating at $4,000 just days after dropping below $3,500 to no avail. It was stopped at just over $3,900 and is currently below it. Most lower- and mid-cap stocks don’t make big swings either. Fantom (FTM) is one of the very few exceptions. The token rallied more than 14% in one day and hit $2.26.
FTM/USD 4-hour chart | Source: TradingView
Ultimately, the crypto market cap has shed off $40 billion from yesterday’s high and is currently below $2.5 trillion.
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