Altcoins
Bitcoin Jumps Over 3% Despite Selloff Events; Ethereum, Altcoin XRP Surge
Representative photograph (Photo: iStock)
Bitcoin’s price jumped more than 3% on Wednesday, hitting $65,758. It surpassed $66,000 in early Asian trading, extending its recent gains after a volatile few weeks.
BTC saw strong traction among investors due to increased flows and positive sentiments following the assassination attempt on US presidential candidate Donald Trump.
According to the CoinSwitch Markets Desk, Bitcoin spot ETFs have attracted more than $16 billion in inflows since their launch in January, with $300 million added this week alone.
Funds like BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund have seen steady investment, reflecting strong investor demand for regulated exposure to Bitcoin.
Major altcoins also benefited from BTC’s rise. Ethereum (ETH), BNB, Tether, XRP (11%), Dogecoin, Cardano, Tron, Avalanche, and Shiba Inu saw gains of up to 11% during this period. Conversely, Toncoin was among the losers, falling by more than 1%.
With altcoins also performing well, the overall sentiment in the cryptocurrency market remains bullish. Investors are closely monitoring key resistance and support levels to gauge future moves.
On Monday, lifetime net inflows into these ETFs surpassed $16 billion, with market bulls now targeting the $71,500 level. Despite Mt. Gox’s decision to move 91,755 BTC valued at $5.8 billion, BTC remained stable above the $65,000 mark, unaffected by the move.