Bitcoin is holding steady above the $70,000 mark as it gears up for one of the most significant events in its lifetime—the Bitcoin halving. Set to occur in just eight days from today, April 11th, the halving will see the rate at which new bitcoins are minted cut in half, reducing the supply and potentially providing a boost to the price.
Over the past 24 hours, Bitcoin has risen 2.11% to trade at $70,767.68 as of writing. Its seven-day performance is even more impressive, with a gain of 7.83%. Bitcoin’s market dominance remains firm, commanding a $1.39 trillion market cap and accounting for over 60% of the total cryptocurrency market cap of $2.64T.
Crypto Market Heatmap: COIN360
Bitcoin’s fundamentals appear as strong as ever. Its circulating supply stands at 19,679,381 BTC, just slightly away from its total supply of 21 million coins. Bear in mind the upcoming halving. This scarcity, coupled with increasing institutional adoption and retail interest, continues to underpin Bitcoin’s value proposition as a store of value.
Ethereum Tetests a Breakout, Awaits Spot ETF Decision
Ethereum, the second-largest crypto after BTC, is also making waves in the market. Trading at $3,570.38, a 1.12% daily increase as of writing, ETH has exhibited remarkable strength over the past week, rising nearly 8%. Technical analysis suggests that Ethereum may be gearing up for a continuation of its bullish trend. After breaking out from a descending triangle pattern on April 8th, ETH briefly retested the former resistance level as support before pushing higher once again. The asset’s Relative Strength Index (RSI) on the daily timeframe currently sits at 53, leaving room for further upside before overbought conditions are reached.
ETHUSD Daily Chart: TradingView
However, the potential approval of a spot Ethereum ETF by the U.S. Securities and Exchange Commission (SEC) could be the real catalyst for Ether’s next leg up. With a decision expected by May 23rd, the crypto community is holding its breath. While the investment firm Van Eck has dampened expectations of an imminent approval, many remain hopeful that the SEC will greenlight the product, providing institutional investors with greater access to the Ethereum ecosystem.
🚨 #CryptoAlert: VanEck’s CEO Jan van Eck doubts a May SEC approval for Ethereum ETF. Silence from SEC on ETH spot ETFs suggests an unclear path ahead. “No feedback post-S1,” he says, highlighting the importance of documentation. #EthereumETF #MarketWatch 🌐💼📈 pic.twitter.com/znamGxAt4m
— Drm Jeremy (@drm_jeremy) April 10, 2024
Altcoin Landscape: BNB, Solana, and Toncoin Rally
The altcoin market is also witnessing considerable action, with several prominent cryptocurrencies posting notable gains. BNB, the native token of the Binance exchange, has surged 4.35% over the past 24 hours, solidifying its position as the fourth-largest cryptocurrency by market cap. Solana (SOL), the high-performance blockchain, is trading at $174.20, up 1.2% on the day and boasting a market capitalization of over $77 billion.
Dogecoin (DOGE), the meme-inspired cryptocurrency that has captured the imagination of retail traders, is up over 7% on the day and over 11.32% over the past week. With a market cap of over $29 billion, Dogecoin continues to defy expectations and maintain its position among the top 10 cryptocurrencies.
Meanwhile, Toncoin (TON) has emerged as one of the standout performers, flipping Cardano (ADA) to become the ninth-largest cryptocurrency by market cap. TON has surged an astonishing 50.26% over the past seven days, trading at $7.48 at the time of writing. Cardano, on the other hand, has seen a more muted performance, with its ADA token up 2.82% for the week.
JUST IN: Toncoin flips Cardano to become 9th-largest crypto by market cap. pic.twitter.com/d7Bzoq72H3
— Financial Index (@financial_index) April 9, 2024
In the Crypto space, all eyes remain fixed on the upcoming Bitcoin halving event and its potential impact on the broader market dynamics. With institutional interest growing and regulatory clarity gradually emerging, the stage appears set for another exciting chapter in the world of digital assets.
