Bitcoin has calmed down around $43,000 following recent volatility sparked by the U.S. Securities and Exchange Commission and the launch of 11 spot ETFs.
However, on a weekly basis, BTC is in the red, unlike most cryptocurrencies, such as ETH, which have risen by double digits.
BTC falls in ETF approval week
After years of delays and rejections of countless applications, the U.S. Securities and Exchange Commission finally gave the green light to spot Bitcoin ETFs on Wednesday, with the products hitting the market a day later.
The entire development was not without some setbacks, including a hacker attack and a controversial statement from SEC Chairman Gary Gensler. This led to increased volatility in the underlying asset, which rose to over $49,000 on Thursday following the ETFs' launch and plunged by more than seven grand over the next 36 hours.
The weekend was significantly less eventful. BTC recouped some of the losses and remained in a tighter range around $43,000 over the past two days. Still, the asset is down more than 2% on a weekly basis, meaning its market cap has fallen to $840 billion.
Its dominance over altcoins has been reduced to below 50%. The indicator has fallen by more than 3% in the last week and was well above 53%.
BTCUSD. Source: TradingView
ETH outperforms
While BTC fell in the week that saw multiple ETF approvals, Ethereum has moved in the other direction, perhaps fueled by hype that it will eventually launch exchange-traded products as well. ETH is up more than 13% weekly and is currently trading above $2,500.
Tron and Chainlink have posted similar gains on a weekly basis. Polkadot, Avalanche, Solana, Polygon, Litecoin and Dogecoin are following suit. In fact, BNB is the only top 10 alternative with a minor daily decline.
The total crypto market cap has increased by $40 billion since last Sunday, but has fallen by more than $80 billion since Thursday's peak.
Overview of the cryptocurrency market. Source: Quantify Crypto
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Cryptocurrency charts from TradingView.
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