Bitcoin Price Surges Above $49,000 But Drops Suddenly

itcoin's price surged above $49,000 on Thursday, riding high on the waves of optimism generated by the U.S. Securities and Exchange Commission's (SEC) green light for the spot Bitcoin Exchange Traded Fund (ETF). This represented the cryptocurrency's loftiest peak since December 2021. However, the exuberance was short-lived as a swift downturn followed, leaving investors disillusioned.
The premier cryptocurrency soared to $49,103 on Thursday, scaling heights unseen in approximately 26 months. Yet, in yesterday's trading, it experienced a precipitous drop, tumbling to $41,500.
Bitcoin, commanding the highest transaction volume, currently maintains a horizontal trajectory in today's market activities. As of 11:57, it is trading at $42,981, reflecting a marginal 0.05% decline. Over the last 7 days, this titan of the cryptocurrency realm has witnessed a 0.45% depreciation, with its market capitalization settling at $842 billion.
Ethereum, holding the position of the second-largest cryptocurrency by trading volume, is currently hovering around $2,551, showcasing a modest 0.07% uptick compared to its previous day's closure. Ethereum has charted an impressive ascent of nearly 14% in the past 7 days.
On the global stage, the collective market capitalization of cryptocurrencies underwent a marginal contraction of around 0.03% in the last 24 hours, receding to $1.69 trillion. The volatile nature of cryptocurrencies underscores the need for investors to remain vigilant, as market dynamics can be significantly influenced by ongoing news and regulatory developments.