As a seasoned analyst with years of experience in the cryptocurrency market, I’ve seen my fair share of price swings and market dynamics. Yesterday’s Bitcoin rally to $65,000 was indeed impressive, but its subsequent retracement back to around $64,000 is not entirely surprising given the volatility inherent in this asset class. The altcoins, too, are exhibiting a similar pattern, with the exception of TON, which seems to be taking a hit due to the arrest of Telegram’s CEO, Pavel Durov.
Yesterday, after reaching a peak of $65,000, the price movements of Bitcoin stabilized, and it essentially held steady near about $64,000.
On a daily basis, most altcoins are showing relatively slow movements, with the exception of TON, whose price fluctuations were significantly influenced by recent news concerning Pavel Durov, who is the CEO of Telegram.
BTC Calms at $64K
To begin the trading week, the leading cryptocurrency faced a setback as it struggled to surpass the significant $60,000 mark. The unsuccessful attempt resulted in a two-thousand-dollar decline on Monday. However, the currency managed to recoup most of its losses by Tuesday and Wednesday, and even tried to break through the $60,000 barrier, but was unable to do so until Friday.
It was during this time that the market saw bulls dominating and instigating a strong upswing which boosted bitcoin from approximately $60,500 to $64,000. On Saturday morning, the asset continued its surge reaching $65,000. Some potential factors contributing to this significant price jump are discussed here.
Despite attempting to continue its upward trend, Bitcoin ultimately dipped approximately $1,000 in the subsequent hours. Currently, it’s having a tough time holding steady above $64,000. However, its market capitalization remains robust at over $1.260 trillion on CoinMarketCap.
The supremacy of Bitcoin compared to other cryptocurrencies appears to be waning, with its share approaching 54% yet again. Earlier in the week, this metric had dropped to 53.3%.
TON Slumps Hard
In the past day, the most significant development in social media and the crypto world originated from France. According to local news sources, Telegram’s CEO, Pavel Durov, was apprehended following his departure from a private aircraft. This arrest has led to a steep decline in TON‘s value by more than 20%, now sitting at around $5.4.
Today, many larger alternative cryptocurrencies are experiencing modest declines. Specifically, Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), Cardano (ADA), Avalanche (AVAX), Shiba Inu (SHIB), Bitcoin Cash (BCH), and Polkadot (DOT) have recorded small daily losses. However, Solana (SOL) and TRON (TRX) are seeing minimal gains.
The total crypto market cap has shed about $20 billion since yesterday and sits at just under $2.350 trillion on CG.
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2024-08-25 14:51