Bloomberg analyst Eric Balchunas has recently adjusted his prediction, stating that the likelihood of the SEC rejecting a Bitcoin ETF is now a mere 5%. James Seyffart, another Bloomberg reporter, suggests that only unforeseen interventions from Gary Gensler or the Biden administration could lead to a denial.
Intriguingly, despite the closure of traditional markets over the weekend, cryptocurrency trading remained active. Bitcoin’s trading pattern remained relatively stable, with a minor 2% fluctuation between $43,500 and $44,400. At the time of reporting, Bitcoin, the largest digital asset by market capitalization, was trading at around $44,500, according to data from CoinMarketCap.
On the other hand, various altcoins, including BNB, Solana, Cardano, Avalanche, Dogecoin, Polkadot, Polygon, Shiba Inu, and ICP, experienced a downturn. These altcoins recorded a decrease ranging from at least 3% to as much as 5.7% at the time of reporting.
Stacks (STX) Breaks Through the Current Market’s Downtrend
Ethereum, XRP, Tron, Chainlink Litecoin, and Bitcoin Cash are among the altcoins demonstrating the most resilience. Despite a downward trend, these altcoins have registered a decrease of less than 3% in the last 24 hours. Notably, Stacks is the only altcoin among the top 35 to exhibit a significant price surge. The price of STX has risen by 10.16% and is currently valued at $1.84.
From Saturday, Jan. 6, Bitcoin’s market dominance has seen an increase of 1.5%, hitting a high of 54% before experiencing a slight pullback this morning. This suggests that Bitcoin, the premier digital asset, is strengthening its market position in anticipation of a potential significant approval this week.
Solana was the biggest loser during the weekend, experiencing a drop of up to 13% against Bitcoin, and is currently down by approximately 3%. Solana reached its peak at $126 on Dec. 26, 2023, but has since declined by 28% over the past 13 days, trading at $91.94 at the time of writing.
