As a seasoned crypto investor with over five years of experience, I can confidently say that this market never ceases to surprise me.
Following several days of significant rises, Bitcoin‘s value has now retreated, dipping towards approximately $58,000 earlier this morning.
On a day-to-day basis, altcoins are also experiencing losses, causing a drop of approximately $60 billion in the total market capitalization.
BTC Slipped Toward $58K
Last week, Bitcoin experienced a significant drop below $53,000 on Friday, but in the subsequent ten days or so, the bulls managed to take charge. This surge saw the cryptocurrency rise above $58,000 by last Monday, only to dip to around $55,500 following the release of US CPI figures on Wednesday. However, Bitcoin quickly regained its momentum, leading to a strong increase in price that peaked on Friday and Saturday morning.
On Friday night, Bitcoin successfully surpassed the $60,000 mark and reached an approximate high of $60,600 over the course of several weeks. It stabilized slightly over the weekend, yet it predominantly held above the $60,000 level.
Initially, Bitcoin began the week with a drop in value, losing approximately $2,000. Consequently, BTC fell to around $58,100 earlier today, yet it has since recouped most of its losses and is currently trading above $59,000. The upcoming days are significant for the financial markets, as the US Federal Reserve is scheduled to hold a FOMC meeting on both Wednesday and Thursday. It’s predicted that they may lower key interest rates during this gathering.
The total value of Bitcoins in the market has dropped to approximately $1.165 trillion, yet its control over other alternative cryptocurrencies (alts) has climbed to a substantial 54.3%, according to CoinGecko.
SUI Defies Market Sentiment
In the past day, many altcoins followed Bitcoin’s lead in terms of price movement, resulting in a drop for most. For instance, Ethereum has fallen by more than 3%, currently trading at $2,330. Similarly, SOL, DOGE, LINK, and BCH have experienced comparable declines. Meanwhile, XRP, TON, AVAX, and SHIB are also down approximately 2%.
cardano‘s built-in currency dropped approximately 5% to reach $0.33. On the other hand, TRX experienced a slight rise of 1.5%, while SUI bucked the general market trend today with a 5.5% jump. As a result, it currently trades above $1.1.
Earlier today, the total market capitalization plummeted over $80 billion, but it’s since rebounded slightly and currently stands at approximately $2.145 trillion.
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2024-09-16 11:36