After an impressive run over the last week, Bitcoin is down today. As a result, altcoins took an even bigger hit by coming down at their weekly low.
On Monday, Bitcoin was closing in on the $60,000 mark, the highest it has ever been since April. However, yesterday it dropped down 3.2%, and currently, it is trading at $56,099 at the time of writing.
Over the past weeks, Bitcoin has been doing pretty well. According to some analysts, the Bitcoins’ great performance resulted from an imminent Bitcoin futures ETF approval. Previously, SEC took their sweet time to approve Bitcoin ETF. Still, now there are chances of its approval next week, as the industry experts say.
The crypto industry longed for ETF for years to allow traditional investors to buy shares that track Bitcoin’s price. There will be no need for them to hold the asset themselves.
Today’s correction in Bitcoin’s price has led to a hit for big altcoins, some worse than others. Dogecoin is the tenth-largest digital asset and doing well for the past week. However, it took a beating, pushing it nearly 4% down in the last day and 7.6% in the past week. This viral meme coin is trading at $0.23 at the time of writing.
Solana, the biggest competitor of Ether, also had a rough day. In the past week, it was down 9% and hit a low price of $141. However, it recovered quickly and trading at $149.53 at the time of writing. Last year, it was trading for $2.58, gaining a 5,791% gain to date.