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Bitcoin bulls fail to clutch all-time high, Toncoin rallies

Published 09/04/2024, 10:05 pm
Updated 09/04/2024, 10:30 pm
Bitcoin bulls fail to clutch all-time high, Toncoin rallies

Bitcoin (BTC) was rejected at the $72,800 mark on Monday after a bullish sprint stumbled $1,000 shy of its all-time high.

It was a solid trading session overall, with the world’s largest cryptocurrency adding 3.3% against the US dollar, though today’s trading session has seen the BTC/USD pair fall around 1.3%.

At the time of writing, bitcoin was swapping for $70,700.

Despite the near-term retraction, gold’s recent ATH has sparked hopes that bitcoin can reclaim the ATH last seen in mid-March, with the upcoming Halving seen as a potential catalyst.

Bitcoin exchange-traded funds saw a bit of a rout on Monday, with $224 million in cash outflows, according to Farside Investors’ bitcoin ETF tracker.

These bitcoin ETFs have been a major tailwind for the cryptocurrency in 2024, adding more than $12 billion to the market since US regulators approved them in January.

Year to date, bitcoin remains 67% higher and 8% up week on week.

Bitcoin has seen a strong rally in 2024 – Source: tradingview.com

Ethereum (ETH), the world’s second-largest cryptocurrency, enjoyed a 7% rally on Monday to hit a three-week high. The ETH/USD pair is currently swapping for $3,633 after dipping slightly in early Tuesday trades.

In the broader altcoin space, Toncoin has leapt 37% higher week on week after the blockchain reportedly saw a 300% monthly increase in active wallets.

Binance’s BNB token, Ripple (XRP), Dogecoin (DOGE) and Cardano (ADA) have all added mid single digits to their token prices over the past seven days.

Global cryptocurrency market capitalisation currently stands at $2,66 trillion, with bitcoin dominance at 52.4%.

Read more on Proactive Investors AU


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