Following the approval of spot Bitcoin ETFs in the United States, Bitcoin (BTC) experienced price declines during a sell-the-news event, settling around $43,000 after recent volatility. Despite this, Ethereum (ETH) stood out as a top performer, recording double-digit gains over the week.
Despite the heightened market activity triggered by the US Securities and Exchange Commission’s approval of 11 spot ETFs and subsequent product launches, Bitcoin faced challenges, including a hack and controversial statements by SEC Chair Gary Gensler. This led to increased volatility, with BTC reaching over $49,000 before retracing more than $7,000 within 36 hours.
While Bitcoin has displayed a recovery and maintained a relatively tighter range around $43,000 over the weekend, its weekly performance is down by more than 2%, resulting in a market cap of $840 billion.
In contrast, Ethereum has exhibited strength and positive momentum, rising more than 13% on a weekly scale and currently trading above $2,500. The anticipation of potential exchange-traded products for Ethereum may have contributed to this surge.
Several other cryptocurrencies, including Tron and Chainlink, have also posted similar gains over the week. Notably, Binance Coin (BNB) is the only top 10 altcoin with a minor daily decline.
The total cryptocurrency market cap has increased by $40 billion since the previous Sunday. However, it is down by more than $80 billion from the peak observed on Thursday during the ETF-related market activity.
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