Injective (INJ) Jumps by 12% Daily to $30, Bitcoin (BTC) Calms at $71K (Market Watch)


The inflows into the spot Bitcoin ETFs have been nothing short of impressive in the past several days, but BTC has failed to make a major move out of its current trading range of around $70,000 to $71,000.

The altcoins are also quite sluggish on a daily basis, with BCH emerging as the top performer from the larger caps.

BTC Stalls at $71K

As reported over the weekend, the trading action during that period was quite uneventful. BTC had recovered some ground following the late Friday drop and stood at around $67,500.

However, the market picked up on Monday, and bitcoin quickly pumped to over $70,000. It failed there at first as the bears stopped the rally, but BTC was not confined and initiated another leg up that propelled an impressive rally to a multi-week peak of $71,767 amid the growing ETF inflows.

Since then, though, the asset has failed to maintain its run, even though the ETFs continue to experience substantial inflows. As of now, the cryptocurrency trades at $71,000 once again, with its market cap standing still at $1.4 trillion.

Its dominance over the altcoins has not moved either, sitting at 50.4% on CG at the time of this writing.

Bitcoin/Price/Chart 07.06.2024. Source: TradingView

INJ, BRETT, JASMY on a Roll

Most of the larger-cap alts have mimicked BTC’s performance in the past few days, meaning that they sit quietly on a daily scale now, too. ETH, BNB, DOGE, SOL, SHIB, AVAX, TRX, and DOT are slightly in the red, while XRP, LINK, TON, and ADA have charted insignificant gains.

Bitcoin Cash is the only notable gainer from this cohort of assets, having jumped by 4% to $513. In contrast, FET and KAS have dropped by 3-4%.

The top 100 alts have produced a few double-digit gainers, including BRETT (26%), JASMY (13%), and INJ (12%). In fact, INJ has tapped $30 following today’s surge.

The total crypto market cap, however, has remained sluggish at $2.8 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
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Cryptocurrency charts by TradingView.



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