As a seasoned crypto investor with battle-tested nerves and a knack for navigating market turbulence, I’ve learned to appreciate the rollercoaster ride that is cryptocurrency trading. Last week was no exception as Bitcoin (BTC) made a valiant attempt to breach the $65,000 mark only to be halted by the bears this Monday morning.
Over the weekend, Bitcoin saw a relatively calm period. However, come Monday morning, it surged past $65,000, a rise that occurred as the bears intensified their efforts to halt any additional growth.
Yesterday’s significant drop for TON appears to have been partially offset, while Tron (TRX) is approaching the $0.17 mark once more. As for the larger altcoins, their activities are relatively subdued compared to these two.
BTC Halted at $65K
On Monday, the main cryptocurrency experienced a steep drop as it couldn’t hold above the significant $60,000 mark and fell about $2,000. But in the subsequent days, it recovered slightly and stayed within a narrower band between $59,000 and $60,000 by Friday.
Changes occurred in the landscape following some favorable events on U.S. territory. Initially, Federal Reserve Chair Jerome Powell announced that it was appropriate for the central bank to reduce interest rates. Later on the same day, Robert F. Kennedy decided to withdraw his 2024 presidential bid and publicly supported Donald Trump, who has identified himself as a supporter of cryptocurrencies.
On Saturday morning, Bitcoin swiftly increased and reached a high of approximately $65,000. While it didn’t manage to further multiply this rise, it maintained its position around $64,000 throughout the weekend.
Before the eventful week begins, it hit a fresh high for several weeks at $65,150 earlier today, but soon got halted and moved downwards to around $64,000 as we speak. Consequently, its market capitalization has dropped to approximately $1.26 trillion. However, its supremacy over the alternative cryptocurrencies remains at nearly 54%.
FET Gains 62% Weekly
As a researcher reporting on recent events, I’d rephrase the statement as follows: On Saturday evening, the arrest of Pavel Durov, Telegram’s CEO, in France had an immediate impact on Toncoin‘s native token. At one point, it plummeted by more than 20%. However, TON has since regained some ground, currently trading above $5.6 after dipping below $5.3 the previous day.
Among the larger-cap altcoins, it’s TRX that has experienced a significant day-to-day growth. Consequently, the primary Tron coin has risen to $0.166. On the other hand, Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), Cardano (ADA), Bitcoin Cash (BCH), and Polkadot (DOT) are all experiencing modest declines.
In recent developments, FET has gained prominence among the top 50 alternative cryptocurrencies, with an increase of approximately 9% within the last day and over 60% in the past week. Meanwhile, other artificial intelligence-focused tokens like TAO, RNDR, and INJ are currently also experiencing gains.
As a market analyst, I’ve noticed a slight dip in the total crypto market capitalization compared to yesterday. Currently, it stands at approximately $2.343 trillion according to CoinMarketCap.
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2024-08-26 11:50