Bitcoin Cash BCH/USD AND Classic Ethereum ETC/USD on Friday afternoon they are trading down 4.9% at $397.52 and 5% at $28.89. Shares of several altcoins are declining, retreating after strength on Thursday Bitcoin while the apex encryption retreats for the session.
Bitcoin is the largest and best-known cryptocurrency. Therefore, its price movements often influence the overall sentiment in the cryptocurrency market.
When Bitcoin experiences a significant decline or rise, it can trigger similar movements in other cryptocurrencies such as Bitcoin Cash and Ethereum due to investor reactions to broader market sentiment.
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Bitcoin, Bitcoin Cash, and Ethereum also share some technical similarities with cryptocurrencies, including blockchain technology and consensus mechanisms.
Changes in the technical aspects of a cryptocurrency, such as upgrades or scalability issues, can affect the market’s perception of other cryptocurrencies with similar technical characteristics.
What’s happening with cryptocurrencies?
Bitcoin spot exchange traded funds (ETFs) have observed a consistent pattern of net outflows over four consecutive days, totaling $93.85 million according to SoSoValue data as of March 21. This indicates cautious sentiment among investors.
Specifically, the Grayscale Bitcoin Trust (GBTC) recorded a significant single-day net outflow of $358 million, contributing to its historic net outflow of over $13.63 billion. This highlights an ongoing trend of capital withdrawal from the GBTC fund…to know more
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