As a seasoned crypto investor with battle scars from the 2017 bull run and 2018 bear market, I’ve learned to navigate these volatile waters with patience and a steady hand. This week has been another rollercoaster ride for Bitcoin, but I remain hopeful as it manages to hold above $54,000 after a tumultuous few days.
On Friday, the value of Bitcoin dropped significantly, but it bounced back a bit on Saturday and has stayed above $54,000 ever since.
Additionally, some minor price boosts have occurred among the alternative cryptocurrencies, with Ethereum approaching $2,300 and Binance Coin regaining its position above $500.
BTC Maintains $54K
It was another bearish week for the primary cryptocurrency, even though it headed toward $60,000 on Tuesday. However, the subsequent rejection pushed it south hard, and the asset plummeted to $55,500 by Wednesday.
On Thursday, another lower peak was reached, and bitcoin dropped to $55,200 on Friday, in expectation of the upcoming U.S. jobs report. After the report showed a modest reduction in unemployment rates, BTC quickly surged by $1,500 to $57,000 within minutes.
Initially, there was a brief surge in Bitcoin’s price, but it didn’t last long and was followed by a significant plunge. Within minutes, the value of BTC dropped by over $4,000 and reached approximately $52,800. However, the bulls stepped in to halt this decline at that point, initiating a minor rebound that took Bitcoin’s price above $54,000 on Saturday.
After that point, the trading trend for BTC has primarily moved laterally, with its current value being approximately $500 higher. Despite this, it has seen a weekly decrease of 7%, which has resulted in its market capitalization dropping to around $1.075 trillion. Additionally, its dominance over the alternative cryptocurrencies (alts) has decreased by almost one percentage point, currently standing at 53.2% on CoinGecko.
SUI Takes Main Stage
In the last seven days, alternative cryptocurrencies faced the same degree of hardship as Bitcoin did, but on a daily basis, most have recorded small gains. Ethereum has edged slightly upward and is close to $2,300, while Binance Coin has risen to $505 following a 2% increase day-over-day.
Among SOL, DOGE, TRX, TON, and ADA, all have seen notable increases, but ADA only rose by 4%. On the other hand, AVAX jumped by 6% daily. However, the most significant increase comes from SUI, leaping nearly 11%, almost reaching the $1 mark.
The overall value of all cryptocurrencies has successfully held its ground at approximately $2 trillion, currently sitting around $20 billion higher than that figure on CoinMarketCap.
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2024-09-08 12:02