Bitcoin Taps $63K Amid Futures ETF Approval: Price Analysis

Bitcoin taps $63K price range amid the latest Bitcoin futures ETF developments while the crypto market cap surpassed $2.5 trillion so let’s read more in our latest Bitcoin price news and analysis today.

The latest developments in the US show that there’s a Bitcoin ETF around the corner which is why Bitcoin taps $63K a few hours ago. Most altcoins failed to follow the number one cryptocurrency and the dominance reached a near three-month high. Three days ago, the main cryptocurrency dipped below $55K after getting rejected at the $58K level and the situation changed in the next few days while BTC headed north towards a new multi-month high.

Bitcoin neared $58K a few days ago and after a few attempts, it managed to overcome this level. This price rise came amid reports that a Bitcoin Futures ETF will be launched in the US as early as next week. While the Securities and Exchange Commission is yet to publish the latest confirmation, the rumors intensified these few days which propelled another rise for BTC. This time, BTC Shot up above $60,000 and it kept on increasing which culminated a few hours ago when the asset came a few inches away from $63,000 or 3% away from its high of $65,000.

BTC retraced by a few thousand dollars but it is still above $60,000 with a market cap slightly below $1.150 trillion. Its dominance over other altcoins reached a  new three-month high at 47% as most of them fell behind. Most alternative coins lost ground against BTC but they are in a good position against the dollar. Ethereum dropped below $3500 a few days ago but now trades at almost $3900. Binance coin also increased by 3.5%, ADA by 1.5%, Dogecoin by 3.5%, and Litecoin by 4%. Polkadot won all over and had a 7.5% increase to above $43 while Solana was the only top 10 coin that had a considerable price drop with a 3% to below $160. More gains were evident from AMP, The Graph, NuCypher, ICP that helped bring the market cap to $2.5 trillion while the metric came a few inches away from charting a new all-time high.