As a seasoned researcher with years of experience tracking the volatile world of cryptocurrencies, I can confidently say that Monday’s brief dip was just another day in the rollercoaster ride that is Bitcoin’s price action. The fact that it managed to break above $60,000 and $61,000 to chart a three-week peak yesterday speaks volumes about its resilience and potential.
Following a minor dip on Monday, Bitcoin took an aggressive stance the day before yesterday, surpassing both $60,000 and $61,000 to reach its highest point in over three weeks.
The cryptocurrency market could experience heightened fluctuation over the next two days, given that the U.S. Federal Reserve will convene for discussions about potentially lowering their main interest rates.
BTC Sits Above $60K
At the end of last week, the main cryptocurrency saw a strong surge, pushing its price from around $58,000 to nearly $61,000 on both Friday and Saturday morning. As anticipated, it cooled down over the weekend, but remained predominantly above $60,000.
On Monday, the scenery shifted unfavorably as the asset plummeted more than two thousand dollars within hours and settled at $57,500. Yet, on Tuesday afternoon, the bulls regained control by sparking a significant surge that propelled bitcoin to reach a three-week high of $61,300.
Despite dropping by more than $1,000 from its recent high, Bitcoin has gained around 2.5% today and is currently trading above $60,000. Further price swings may occur later today as the US Federal Reserve conducts its first FOMC meeting in two months.
As an analyst, I’m reminded of the statement made by Federal Reserve Chairman Jerome Powell a month ago, suggesting that the central bank may soon begin reducing interest rates. This potential move could significantly influence the broader cryptocurrency market.
SUI, TAO, IMX on the Run
On a daily basis, many large-market alternative coins appear to be moving slowly. Ethereum (ETH), Dogecoin (DOGE), Binance Coin (BNB), and Tron (TRX) show small gains, while Solana (SOL), Ripple (XRP), Avalanche (AVAX), Toncoin (TON), Shiba Inu (SHIB), Chainlink (LINK), and Bitcoin Cash (BCH) have minimal losses.
The mid-cap alternatives are experiencing quite a bit of excitement lately. Specifically, SUI, TAO, and IMX have seen significant daily increases ranging from 6% to 8%. This surge has driven the prices of SUI up to around $1.20, TAO near $320, and IMX above $1.35.
Overnight, the combined value of all cryptocurrencies increased by approximately $30 billion, now standing at roughly $2.17 trillion on CoinMarketCap.
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2024-09-18 11:56