bitcoin has calmed down around $43,000 after recent volatility driven by the US Securities and Exchange Commission and the launch of 11 spot ETFs.
However, on a weekly scale, btc is in the red, unlike most cryptocurrencies, such as eth, which has soared by double digits.
btc falls in ETF approval week
After years and years of delaying and rejecting countless applications, the US securities regulator finally gave the green light to spot bitcoin ETFs on Wednesday, with the products hitting the markets a day later.
The entire development was not without some crises, including a hack and a controversial statement from SEC Chairman Gary Gensler. This resulted in increased volatility for the underlying asset, which soared to over $49,000 on Thursday after the ETFs went live and fell over seven thousand dollars in the next 36 hours.
The weekend has been much less hectic. btc recovered some of the losses and has remained in a tighter range around $43,000 for the past two days. However, the asset is down more than 2% weekly, meaning its market capitalization has fallen to $840 billion.
Its dominance over altcoins has dropped to less than 50%. The metric has lost more than 3% in the last week as it was well above 53%.
eth surpasses
While btc has declined over the week as several ETFs have been approved, ethereum has gone in the other direction, perhaps driven by hype that exchange-traded products will also launch at some point. eth has risen over 13% on a weekly basis and is currently trading above $2,500.
Tron and Chainlink have recorded similar gains on a weekly basis. Polkadot, Avalanche, Solana, Polygon, Litecoin and Dogecoin do the same. In fact, BNB is the only alternative top 10 with a smaller daily drop.
The total cryptocurrency market capitalization has increased by $40 billion since last Sunday, but is down by more than $80 billion since Thursday's peak.
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