As a seasoned crypto investor with battle scars from the 2017 bull run and the subsequent bear market, I’ve learned to navigate these volatile waters without being tossed around too much. Yesterday’s nosedive of Bitcoin was a familiar sight, but I’m used to it by now. The recovery to $58,000 is a breath of fresh air, reminding me once again why I chose this rollercoaster ride over the dull stability of traditional investments.
Yesterday’s drop in Bitcoin‘s value caused it to fall to $57,600, but it has since regained some lost ground, currently sitting at approximately $58,600.
Some digital currencies like Binance Coin (BNB), Dogecoin (DOGE), and Polkadot (DOT) continue to show a decrease in value, whereas Ripple (XRP) and Uniswap (UNI) have experienced slight increases on their price charts.
BTC Eyes $59K
Last week saw a positive trend for the leading cryptocurrency, with its value rising from approximately $54,000 on Monday to reach a high of $60,600 by Saturday. During this period, the asset experienced increased volatility, particularly on Wednesday following the US release of CPI figures for August. At that time, Bitcoin experienced a dip from $57,000 to $55,500, but quickly regained all lost ground almost instantly.
Following the high point reached on Saturday, however, Bitcoin didn’t keep up its momentum and halted approximately at $60,000 on Sunday. On Monday, a significant decline occurred which dragged it down to around $57,600 by the day before.
Bitcoin has regained some value since then and currently hovers just under $59,000. The coming days could see increased volatility, with tomorrow and Thursday in particular, as the U.S. Federal Reserve is due to convene to deliberate over, and likely reduce, interest rates within the country. While many experts predict a 25 basis point reduction, others advocate for a more substantial decrease of 75 basis points.
Currently, Bitcoin’s market capitalization remains steady at approximately $1.160 trillion, and it holds a remarkable dominance over the alternative cryptocurrencies, reaching a high point in this aspect for several years.
FTM for the Win
Yesterday, many alternative cryptocurrencies (altcoins) experienced a pullback, and most of them have not managed to rebound significantly yet. Today’s biggest losers among them include Binance Coin (BNB), Dogecoin (DOGE), The Open Network (TON), Avalanche (AVAX), Polkadot (DOT), Chainlink (LINK), and Litecoin (LTC). However, the declines for these coins are relatively small, ranging between 1% to 2%, except for DOT which has fallen by approximately 3.5%.
Contrarily, the prices of XRP and UNI have risen by 2% each. But it’s Fantom’s token, FTM, that has outperformed significantly, skyrocketing by an impressive 10%. This surge has propelled FTM to a new level above $0.55.
Today, a fresh competitor is making waves among the top 50 alternative cryptocurrencies, known as Black Agnus. Its current market capitalization exceeds $2 billion.
The total crypto market cap has remained relatively still at around $2.135 trillion on CG.
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2024-09-17 11:52