After trading for a couple of days with a stable market cap, the crypto market is still swaying with static movements, while the Bitcoin price volatility remains subdued.
After a dip at the end of last week, the crypto market has maintained a balanced momentum. There have been no price spikes in major crypto tokens. On the other hand, Bitcoin is still at the center of attention with a fixed trading range since the last few days. As a result, the lower Bitcoin price volatility has impacted the overall market’s motion.
The likely next trigger for Bitcoin could be the monetary policy meeting of the US Federal Reserve. In hindsight, last week’s BTC price decline might not have occurred due to macroeconomic reasons. In fact, a sudden sell-off spree could have induced the BTC price decline. On a positive note, the dip did not cause any panic sell-offs in key crypto tokens. Most are trading below their highest trading levels, but their respective market caps are stable.
Traders have also shifted their focus to the spot Bitcoin ETFs. The ETFs have shown potential to be major drivers of a rally in the future. Inflows into these ETFs have only grown in the last one month, and don’t show any signs of slowing down.
The latest data shows the ETFs recording over $100 million in inflows on June 7.
BTC/USD 1D price chart
Bitcoin is currently trading at around $69,300 on June 10, 2024, with BTC/USD trading higher by a margin of 0.63% in the last 24 hours. Bitcoin’s market cap was trading at around $1.37 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (68,330.13), as BTC’s 24-hour volume was at around $15.35 billion. The global crypto market cap decreased by around 0.61%, trading above $2.52 trillion. BTC’s year-to-date returns are at 65.66%
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