As an analyst with over two decades of experience in the financial markets, I must say that the recent price action of Bitcoin and the altcoins has been nothing short of exhilarating. Monday started off with a bang for Bitcoin, reaching a four-week peak at $64,800 before being halted and pushed south by nearly two grand. This is reminiscent of a rollercoaster ride that I took years ago, where I was thrilled to reach the top but had my heart in my throat on the way down!
On Monday, Bitcoin experienced a promising beginning, reaching a four-week high of $64,800, only to be halted and subsequently moved downward.
On a daily basis, it seems that the more established altcoins are showing relatively slow growth. However, some medium and smaller-sized altcoins have demonstrated significant increases in their charts.
BTC Halted at $65K
Over the past week, Bitcoin experienced some significant events. Initially, its price dropped from around $60,000 to below $58,000 on Monday. However, things took an interesting turn mid-week when the United States Federal Reserve declared a reduction in interest rates for the first time in over four years, amounting to 0.5%.
After experiencing typical cryptocurrency fluctuations, it launched an attack and increased more than $4,000 by Friday morning, reaching a peak of approximately $64,000. However, it initially failed to hold this position and spent the weekend trading steadily near $63,000.
On this past Monday, things took a turn compared to the preceding one. The bulls made an effort to push bitcoin higher, reaching a peak of approximately $65,000 over the past four weeks. Yet, this upward momentum was halted, and the asset experienced a significant drop of nearly $2,000 in value afterwards.
As an analyst, I find myself anticipating a busy week ahead across all sectors of the market, and there are several reasons for this expectation.
Currently, Bitcoin’s market value surpasses a staggering $1.250 trillion, and it commands a 54% control in the crypto market, as per CoinGecko.
Alts With Massive Gains
Today, many bigger alternative cryptocurrencies (altcoins) are relatively stable, with minor gains for Ethereum (ETH), Binance Coin (BNB), Chainlink (LINK), Avalanche (AVAX), and Tron (TRX). On the other hand, smaller losses are seen in Solana (SOL), Ripple (XRP), and Shiba Inu (SHIB). However, it’s the mid and lower-cap altcoins that have experienced some notable growth.
Bittensor’s own currency is leading the charge with a substantial 15.5% increase today. Furthermore, TAO has experienced an impressive 80% rise over the past week and is currently trading at approximately $550. Besides Bittensor, IMX, RENDER, AAVE, WLD, and NEAR are also notable performers in terms of daily growth.
IMX also finds a spot in the top performers on a weekly scale, with a 45% surge, followed by SUI (40%) and APT (30%).
The overall value of the cryptocurrency market has increased by approximately $20 billion compared to yesterday, currently standing at $2.320 trillion according to CoinGecko.
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2024-09-23 12:04