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%.