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Bitcoin Cash (CRYPTO: BCH) and Ethereum Classic (CRYPTO: ETC) are trading lower by 3.5% to $308.14 and 4.7% to $29.72 Thursday afternoon. Shares of several crypto-related stocks and altcoins are falling, pulling back following recent, marked strength in Bitcoin after the apex crypto pulls back from $63,000.
Bitcoin is the largest and most well-known cryptocurrency. As such, its price movements often influence the overall sentiment in the cryptocurrency market.
When Bitcoin experiences a significant drop or rise, it can trigger similar movements in other cryptocurrencies like Bitcoin Cash and Ethereum due to investors’ reactions to the broader market sentiment.
See Also: Why Crypto-Related Stock Bakkt Is Falling
Bitcoin, Bitcoin Cash and Ethereum also share some technical similarities as cryptocurrencies, including blockchain technology and consensus mechanisms.
Changes in the technical aspects of one cryptocurrency, such as upgrades or scalability issues, can impact market perceptions of other cryptocurrencies with similar technical features.
US spot Bitcoin ETFs have reached a new peak with daily inflows of $676.8 million, indicating a strong bullish trend. Major contributors include iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund.
Despite Grayscale Bitcoin Trust experiencing outflows, the overall sentiment remains positive, with total inflows nearing $7.4 billion…Read More
