23/05 Market Update: Bitcoin Cools Off, Ethereum Holds Strong Amid ETF Speculation


Today in the crypto world, Bitcoin’s price has settled down after a recent surge, now trading below $70,000. Over the weekend, Bitcoin hovered around $67,000, but news about a potential SEC approval for a spot Ethereum ETF pushed it up to nearly $72,000 on Monday. However, it couldn’t maintain this peak and has gradually dropped since then.

Ethereum has been a standout, jumping over 20% to hit a multi-week high of $3,950. This spike is largely due to the anticipation surrounding the SEC’s decision on an Ethereum ETF. As of now, Ethereum’s price is showing some signs of weakness on rumors that the ETF may not be approved. It has just dipped to $3,750 for just an 0.8% gain on the day.

Other large-cap altcoins had mixed performances. SOL is down 6% and AVAX down 5%. Meanwhile, the meme coin PEPE continues to impress, reaching new all-time highs frequently, including today. while Bonk is also performing well at a 5.7% gain. DOGE and WIF however are down at 5% and 10% respectively. RNDR is notably down 10% after a spike correlated with NVDA earnings which is up 10% on the day.

The total crypto market cap has stayed relatively stable, just under $2.730 trillion. Bitcoin’s market dominance has slipped slightly, now at 50.3%, with its market cap down to $1.370 trillion.

In summary, while Bitcoin has cooled off after its recent highs, Ethereum is holding strong amid ETF speculation, and PEPE keeps climbing. The broader market remains steady, with a mix of gains and losses among major altcoins.