Injective (INJ) Jumps by 12% Daily to $30, Bitcoin (BTC) Calms at $71K (Market Watch)
The inflow of funds into spot Bitcoin ETFs has been remarkably impressive recently, but Bitcoin (BTC) has yet to break out of its current trading range of approximately $70,000 to $71,000. Altcoins have also been relatively stagnant on a daily basis, although Bitcoin Cash (BCH) has emerged as the top performer among the larger cryptocurrencies.
Over the weekend, BTC experienced a relatively uneventful trading period, recovering from a drop on Friday to reach around $67,500. However, the market picked up on Monday, and Bitcoin quickly surged to over $70,000. Initially, the rally was halted by bearish pressure, but Bitcoin pushed through and climbed to a multi-week peak of $71,767, fueled by increasing ETF inflows. Since then, however, Bitcoin has struggled to sustain its momentum, despite continued inflows into ETFs. Its current trading price stands at $71,000, with a market cap of $1.4 trillion. Bitcoin’s dominance over altcoins remains unchanged at 50.4% on CoinGecko.
Most of the larger-cap altcoins have mirrored Bitcoin’s performance in recent days, trading quietly on a daily scale. While some, like Ethereum (ETH), Binance Coin (BNB), Dogecoin (DOGE), Solana (SOL), Shiba Inu (SHIB), Avalanche (AVAX), TRON (TRX), and Polkadot (DOT), have experienced slight losses, others such as XRP, Chainlink (LINK), TON Crystal (TON), and Cardano (ADA) have made insignificant gains. The standout performer among this group is Bitcoin Cash (BCH), which has surged by 4% to reach $513. Conversely, FET and KAS have both experienced a decline of 3-4%.
Within the top 100 altcoins, a few have seen double-digit gains, including BRETT (26%), JASMY (13%), and INJ (12%). In fact, INJ has reached a price of $30 following its latest surge. However, the overall cryptocurrency market cap remains sluggish at $2.8 trillion on CoinGecko.