After last week's increased volatility has resulted in many big jumps and drops, bitcoin price has entered a rallying phase, staying in the range between $68,000 and $69,000.
Ethereum resumed its rise after the approval of the ETH spot ETF in the United States, and it has reached the $3,900 level again.
Major cryptocurrencies were among the biggest beneficiaries of last week's positive rumors about the possible approval of an Ethereum spot ETF by the US SEC. This asset jumped by five thousand US dollars last Monday and reached a weekly peak of almost $72,000.
However, it began to retreat in the following days and plunged several hours before US regulators actually approved the eight financial products. At the same time, BTC fell to the $66,250 level before a rally intercepted the move and halted the fall.
BTC bounced back and rose to $69,500 on Saturday but failed to continue higher and conquer the $70,000 level again. In fact, it has fallen below that level and spent the last 36-48 hours in a range around $68,000 – $69,000.
A small drop on the daily scale means that the market value of bitcoin has declined to $1.350 trillion. Bitcoin's dominance over altcoins has declined and dropped below 50% for the first time in months.
On the other hand, PEPE has been the biggest beneficiary on a weekly scale and this popular meme coin managed to double its gains in the last 24 hours. A 13% jump since yesterday has pushed PEPE to a new all-time high of over $0.000017.
FLOKI and BONK also showed good improvement, each with a gain of around 13%. While most large-cap altcoins have been relatively slow, Ethereum has taken center stage with a 3.5% surge. As a result, the second largest cryptocurrency is currently trading well above $3,900.
On the other hand, DOGE, XRP, TRX, AVAX, NEAR, and BCH are slightly in the red. The total crypto market capitalization has maintained its position since yesterday at more than $2.7 trillion in CG.
