The crypto market made a turnaround on Saturday morning, with major digital assets hitting the purple patch again. Inflows into US-listed exchange-traded funds tracking Bitcoin may not have succeeded in pushing Bitcoin’s price up, but strong trading volumes signal that Bitcoin ETFs are an initial success.
If you want to gauge the early performance of Bitcoin ETFs, just look at the daily trading volumes. According to Bloomberg senior ETF analyst Eric Balchunas, nine Bitcoin ETFs excluding the Grayscale Bitcoin Trust ETF witnessed a 12% surge in trade volumes at the close of trading on Friday, CoinGape News reported.
On the price front, Bitcoin’s (BTC) price rose over 1% to $41,596 on Saturday morning after hitting a fresh 30-day low of $40,800 earlier this week. While Bitcoin’s market cap rose to $815.2 billion, trading volumes in the past 24 hours slid 9% to $24.2 billion.
Ethereum — the second largest crypto — also edged higher, climbing 0.7% to $2,478 in the past 24 hours. Ether’s market cap advanced to $298 billion. However, trading volume stood at $10.6 billion, down 10% over the last 24 hours.
Among smaller cryptocurrencies, Tether (USDT) price remained flat, BNB price was up 0.8%, but Solana (SOL) price declined 0.3%, and XRP shed nearly 1%. Cardano (ADA) gained 2.3% but Avalanche (AVAX) was down 1%.
Memecoins were trading in the green, with Dogecoin and Shiba Inu each rising by 1% and 2%, respectively. The global crypto market rose nearly 1.5% to $1.64 trillion. Meanwhile, the fear and greed index level stood at 57, indicating subdued investor sentiment.
The price of Pepe Coin declined 0.14% over the last 24 hours to $0.000001124, sending its market cap tumbling to $473.1 million. Its trading volume over the last 24 hours was down nearly 24% at $55.4 million.
Chainlink (LINK) price rallied 9.5% $16.18 over the last 24 hours. This was also reflected in its market cap, which rose to $9.1 billion. The 24-hour trading volume surged a whopping 52% to over $945 million.
The price of Arbitrum was down over 2% over the last 24 hours to $1.83. The token has crashed nearly 15% in the last seven days, with its market cap sliding to $2.3 billion. Trading volumes stood at $585.5 million, down 14% in the past 24 hours.
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