NEW YORK - After a notable rally on Thursday, Bitcoin experienced a setback today, declining over 3%, while Ethereum also fell, trading below the $2,000 mark. The broader cryptocurrency market reflected this downturn with a 3.47% decrease in total market capitalization, now standing at $1.39 trillion.
The leading cryptocurrency, Bitcoin, saw fluctuations within the last 24 hours, reaching a high of $37,907 and subsequently dropping to a low of $35,561. Despite the dip in value, Bitcoin's market dominance remains significant at 52.23%. The total spot trading volume for Bitcoin decreased by nearly 8% to $26.223 billion.
In contrast to the crypto market's performance, traditional markets showed mixed results. The S&P 500 edged up slightly by 0.12%, while the FTSE/JSE Top 40 in South Africa marked a minor decline of 0.19%. Indicators such as the Fear and Greed Index and the Relative Strength Index (RSI), sitting at 57.01, were reported to provide insights into market sentiment.
As digital currencies continue to attract attention from financial institutions, reports indicate that three out of four wealth managers are preparing to increase their exposure to cryptocurrencies. However, amidst these developments and despite the recent rally, investors are reminded to proceed with caution when engaging with the volatile crypto market.
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