Bitcoin has soared past $63,000, but the broader crypto market remains in the red. Major altcoins such as TON (-3.34%), SOL (-2.57%), and ETH (-0.11%) are seeing declines, reflecting cautious market sentiment.
The overall crypto market capitalization now sits at $2.31 trillion, down by 0.39%, with Bitcoin’s dominance at 53.91%, a slight dip of 0.08%.
https://twitter.com/CryptoRank_io/status/1837424500981334360?t=sskKykgGNHBfx_wDTtTiHA&s=19
Interestingly, despite Bitcoin nearing all-time highs, the Fear & Greed Index shows a reading of 54, indicating “Greed” — the same level of fear as during previous bear markets. This suggests that while enthusiasm is growing, there’s still uncertainty about the market’s future direction.
#Bitcoin is trading around all-time highs with the same level of fear as in the previous bear market. pic.twitter.com/jD93JmTrWh
— Crypto Rover (@rovercrc) September 21, 2024
Bitcoin’s dominance is showing potential signs of breaking down from a rising wedge pattern, signaling a possible shift in momentum toward altcoins. At the same time, the altcoin market cap is breaking out of a falling wedge, sparking hopes of an altseason resurgence.
Things are getting interesting! #Bitcoin dominance is showing signs of a potential breakdown from a rising wedge, while the #altcoin market cap is breaking out of a falling wedge.#AltcoinSeason is just around the corner! pic.twitter.com/aViZogkjdp
— Ali (@ali_charts) September 21, 2024
Bitcoin whales have been active, booking significant profits in the latest price surge. Over the past 96 hours, they sold more than 30,000 BTC, valued at roughly $1.86 billion, indicating that some large holders are cashing in on the recent upswing.
#Bitcoin whales booked profits in the recent price upswing, selling over 30,000 $BTC in the past 96 hours, worth around $1.86 billion! pic.twitter.com/e1DRX4vACm
— Ali (@ali_charts) September 21, 2024
Bitcoin Spot ETF Weekend Record To Monitor
On the institutional front, Bitcoin spot ETFs saw strong inflows on September 20, totaling $91.99 million. Fidelity’s ETF FBTC led with $26.12 million in net inflows, followed by Ark Invest and 21Shares’ ARKB, which brought in $21.99 million. Grayscale’s Bitcoin Mini Trust ETF BTC also saw inflows of $13.37 million, reflecting growing institutional interest in Bitcoin as it continues its upward momentum.
On September 20, the total net inflow of Bitcoin spot ETFs was $91.9965 million. Grayscale Bitcoin Mini Trust ETF BTC had a net inflow of $13.3728 million. The Bitcoin spot ETF with the largest net inflow in a single day yesterday was Fidelity ETF FBTC, with a net inflow of…
— Wu Blockchain (@WuBlockchain) September 21, 2024
As Bitcoin tests new highs, both the crypto community and institutional investors are watching closely to see whether the leading cryptocurrency can sustain its gains or if a market correction is imminent.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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