As a seasoned researcher with a decade of experience in the cryptocurrency market, I’ve seen my fair share of ups and downs. Yesterday’s price crash was just another day in the volatile world of Bitcoin (BTC). The asset’s inability to hold above $60K is a reminder that even the mighty can falter, much like a rookie trader holding onto their first big investment too tightly.
Following the steep drop in Bitcoin‘s price yesterday, which dipped it to a nine-day minimum, the digital currency has regained some value but remains under the desired $60,000 threshold.
Larger alternative cryptocurrencies such as Ethereum (ETH), Cardano (ADA), and The Open Network (TON) have seen some positive price movements, whereas Stellar Lumens (STX) and Taocoina (TAO) have persisted in their decline.
BTC Stopped at $60K
Last Friday saw a significant surge in the value of the leading cryptocurrency, climbing from approximately $60,000 to over $64,000, and continued its upward trend to nearly $65,000 on Saturday morning. This upward movement was influenced by two favorable events occurring in the United States: the Federal Reserve’s announcement of plans to decrease interest rates and Robert F. Kennedy Jr.’s decision to withdraw from the 2024 presidential race and endorse Donald Trump instead.
Following a tranquil weekend, Bitcoin launched an aggressive push starting Monday morning, reaching a 3-week peak of $65,150 on Bitstamp. Yet, it couldn’t sustain this momentum and dropped back to $63,000 by Tuesday. The bears then seized the market control, triggering a significant downturn that led Bitcoin to $58,100 later on the same day.
After hitting $60,000 due to the following surge, Bitcoin was pulled back by the bears, causing it to drop close to $58,000 later in the day. Currently, it has regained over $1,000 but remains below the $60,000 mark.
In simpler terms, this indicates that the company’s total value in the stock market remains steady at approximately $1.175 trillion according to CoinGecko, but its control or lead over other cryptocurrencies has slightly decreased and currently stands at 53.6% on CoinGecko as well.
ETH Recovers 3%
Yesterday, Ethereum was significantly affected among various assets, dropping well under $2,500. Yet, it has managed to regain some strength and currently hovers around $2,550. Interestingly, the first positive day for ETH-related Exchange Traded Funds (ETFs) in terms of inflows since August 14 was observed.
As a researcher, I’ve noticed that despite the recent developments involving Telegram’s CEO, Pavel Durov, Toncoin has shown a positive trend, currently up by approximately 3.5% and hovering around $5.6. Among the larger-cap altcoins, ADA, SHIB, DOGE, BNB, TRX, and BCH are also experiencing growth.
I’m thrilled to share that it’s been an exciting day for me as a crypto investor, with DOGS taking the lead as today’s biggest gainer! This meme coin has made a significant move, climbing into the top 100 altcoins by market capitalization. In just the past 24 hours, its value has skyrocketed nearly 20%, making it a noteworthy addition to any crypto portfolio.
In contrast, STX, TAO, and FET have dumped hard in the past day, with losses of between 5-6%.
Since its lowest point yesterday, the overall value of all cryptocurrencies has increased by approximately $50 billion. However, it remains below the $2.2 trillion mark.
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2024-08-29 12:17