Bitcoin’s price dipped to $62,000 during the Asian and European trading sessions on Wednesday, following the broader decline in the cryptocurrency market as tokens gave up some of their recent gains.
At present, Bitcoin (BTC) is valued at $62,046.00, showing a slight decrease of 0.5% in the past hour and a 2.7% decline since yesterday. However, BTC’s current value is still 8.0% higher than it was a week ago.
The global crypto market cap currently stands at $2.4 trillion, with a 3.16% decrease in the past 24 hours but an impressive 102.43% increase compared to one year ago. Bitcoin’s market capitalization is $1.22 trillion, giving it a dominance of 50.86%.
Stablecoins hold a market cap of $161 billion, accounting for 6.68% of the overall crypto market cap.
Bitcoin is stabilizing above the $62,000 mark as the weekend approaches. Since surpassing $60,000 on May 3, Bitcoin’s price has been trading within a narrow range. Other cryptocurrencies, such as Solana and Ether, have also seen declines, with Solana dropping 6.5% to $146 and Ether experiencing a decline of approximately 3.63% to around $3,000.
During this cycle, Bitcoin and Ether have shown noticeable differences in their performances. Glassnode’s findings indicate weaker capital rotation compared to previous cycles and all-time highs.
Glassnode’s recent on-chain weekly report highlights a significant increase in capital accumulation among Bitcoin holders in the short term, with approximately $240 billion worth of coins moved in the last six months. On the other hand, Ether has not achieved the same level of success and has yet to surpass its 2021 all-time high.
The lack of new capital inflows into Ether may be due to its underperformance compared to Bitcoin and the increased attention and accessibility of spot Bitcoin ETFs.
The market is eagerly awaiting the SEC’s decision on the approval of Ethereum ETFs, which is expected to be announced by the end of May.
Although Ether has lagged behind Bitcoin in terms of performance, Glassnode’s analysis suggests that the overall upward trend remains strong, with minor corrections so far.
Currently, Ethereum (ETH) is valued at $3,000.09, representing a slight decrease of 0.6% in the past hour and a 2.3% decline since yesterday. However, ETH’s value has increased by 3.3% in the past week.
Glassnode notes that Bitcoin has received the majority of capital inflows, likely driven by US spot ETFs, while Ether has seen relatively weak spill-over in terms of short-term holders and speculative activity.