According to CryptoPotato, Bitcoin's price, which had slipped below $70,000, has managed to reclaim that level despite increasing outflows from Grayscale's BTC ETF. The cryptocurrency had fallen to $64,500 a little over a week ago following reports of the US government's plans to sell more BTC. However, it began its recovery a day later and had gained around five to six thousand dollars by the end of the business week. Despite an unsuccessful attempt to surpass $70,000 on Sunday, Bitcoin managed to reach a multi-week peak of just over $72,500 on Monday.
However, this surge was short-lived, and the asset began to lose traction on Tuesday and Wednesday. The more significant price decline occurred after the US CPI numbers for March were released, causing BTC to slump to $67,500. The bulls returned, propelling another leg up that resulted in Bitcoin jumping to $71,000. It has remained close to that level, but its market capitalization has slipped to just shy of $1.4 trillion. Its dominance over the altcoins, however, has increased to 50.6%.
Interestingly, Bitcoin's price has remained above $70,000 even though the outflows from Grayscale's GBTC fund have accelerated once again after recent stagnation. The rising BTC dominance means that most altcoins have suffered, with ETH slipping by about 2% to $3,520. TON and NEAR have declined the most from the larger-cap altcoins, but DOGE, ADA, AVAX, SHIB, BCH, and DOT are also in the red. WIF has lost the most value out of the top 100 altcoins, down by 10% and sitting below $3.5. The total crypto market cap has lost around $40 billion overnight and is down to $2.750 trillion.