Bitcoin experienced a drop in price on Friday, moving away from recent highs due to concerns about high U.S. interest rates. This decline overshadowed the approval of exchange-traded funds (ETFs) directly tracking Ether in the United States.
Despite some gains earlier in the week, Bitcoin saw a 3.2% decline in the past 24 hours, settling at $67,415.9. Crypto expert Michaël van de Poppe predicts a further slide, suggesting figures around $61,000 to $63,000 in the near future.
Bitcoin, the leading cryptocurrency, is currently in a consolidation phase, with its value hovering within a certain range. Analyst Michaël van de Poppe believes this phase could last a while, possibly pushing Bitcoin’s value to test levels between $61,000 to $63,000.
Van de Poppe’s analysis suggests a shift of funds from Bitcoin to Ethereum, contributing to Bitcoin’s prolonged stability. With the approval of all 8 spot Ethereum ETFs, investors are diversifying their crypto portfolios, favoring Ethereum and injecting significant capital.
Currently, Ethereum is trading at $3,702.11, marking a 5.42% decline in the last 24 hours. Despite this dip, ETH trading volume has surged by 68%, pushing its market cap to $445 billion.
Despite recent fluctuations, Ethereum remains strong following a surge between October 2023 and March 2024. It has seen a rise of over 35% this year and an impressive 69% increase over the past 12 months.
The dynamic between Bitcoin and Ethereum is changing due to investor preferences, reshaping the broader market landscape.