Last week started dramatically for the crypto market with a crash that saw Bitcoin (BTC) drop from $61,000 to a low of $49,800 in just 12 hours. The panic was short-lived, however, and the digital currency has since risen again. At the time of writing, the price is hovering around $60,000.
Bitcoin’s resilience has significantly increased its dominance in the market, as many altcoins struggle to show a similar recovery. Bitcoin’s market dominance grew to 56.2%, the highest level since the peak of the bull market in 2021.
Many altcoins, including Ethereum (ETH), saw bigger losses than Bitcoin. For example, ETH dropped below $2,200, marking a loss of almost 27% in just one day. Polkadot (DOT) also saw a significant drop of 24% in the same time frame.
One project that did manage to stand out positively was XRP. After a final ruling in the lawsuit between Ripple and the Securities and Exchange Commission (SEC), the price of XRP rose by more than 14%.
Bitcoin ETFs under pressure
The crash has left a clear impact on US Bitcoin Spot exchange traded funds (ETFs), which suffered their worst week since June. The funds saw a significant capital outflow of $176 million.
The drop followed a global market crash, led by Japan’s Nikkei 225 index, which hit crypto markets hard on Monday. While the market recovered later in the week and capital was attracted back, it still ended the week with a net loss of $89.7 million.
In contrast, recently launched Ethereum ETFs closed a positive week with $104.8 million inflows, after weeks of losses.
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Source: https://newsbit.nl/bitcoin-koers-toont-veerkracht-na-crash-dominantie-stijgt-naar-hoogste-punt-in-3-jaar/
