Crypto Market Update: Pullback brought BTC back to $63k

By Raffaele Redi

BTC had a 4% pullback in the last 24 hours dragging cryptocurrencies’ prices down

Financial chart with various indicators and graphs                                 
BTC is dragging cryptocurrencies’ prices down – Photo: Shutterstock
                                

After having reached its all-time high during the week following the launch of the first American ETF investing in bitcoin futures contracts, the ProShares Bitcoin Strategy ETF (BITO), BTC witnessed a 4% pullback in the last 24 hours, dragging cryptocurrencies’ prices down.

Driven by profit-taking sales, bitcoin’s price was trading lower at $63,074.70 during the last 24 hours. The largest cryptocurrency for market capitalisation was down around 4.6% at 11:30 BST (UTC -1) – but was up 6.6% in the last seven days. The market cap of BTC was around $1.19tr representing around 46% of the crypto market capitalisation, while the leading crypto’s trading volume was around 10.5% lower at $43.2bn in the last 24 hours.

Meanwhile, the total crypto market capitalisation declined by around $82bn from $2.669trn to $2.587trn in the past 24 hours.

Ethereum hit by BTC flash crash

As Ethereum (ETH) gets closer to the merge or the ETH2.0 upgrade, after the recent Amphora intertop event in Greece and with the Altair beacon chain upgrade announced to start at epoch 74240 (27 October 2021, 10:56:23am UTC), the price of the digital silver fell to $4,103.78 today, in line with other major cryptos.

Though, since London Hard Fork, the network has burned around $2.4bn or ETH596, with a net reduction of 56.8%, ETH price is still well below the $4,000 resistance level with transactions fees still high.

According to BitinfoCharts.com data, ETH average transaction fee was around $32.3 today or ETH0.0079.

Ether was trading lower by 4.6% with a market capitalisation of $484.3bn. The cryptocurrency’s trading volume was around 2.8% lower at $25.2bn in the past 24 hours.

Binance Coin limited losses

Binance Coin (BNB), the third-largest cryptocurrency with a market cap of $81,8bn was trading lower by 0.8% at $491.60 with a trading volume of $3.0bn, up by 26.4% in the past 24 hours.

On the other hand, Cardano (ADA) was trading lower by 4.3% at $2.19, with a trading volume of $3.4bn, down by 4.6% in the past 24 hours. ADA market cap was standing at $71,7bn.

Top gainers and losers

Elsewhere, the likes of THORChain (RUNE) and OKB (OKB) witnessed more than 10% increases in their price in the last 24 hours, bringing RUNE price to $10.16.

On the opposite side of the coin was dYdX (DYDX), Helium (NNT) and Quantum (QTUM), all trading lower by 6%.

All prices are correct as of 11:30 BST (UTC -1).

Further reading: Australia targets position as cryptocurrencies hub by 2022

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