As a seasoned crypto enthusiast with years of market fluctuations under my belt, it is always a rollercoaster ride observing the cryptocurrency landscape. The past week has been particularly tumultuous, with Bitcoin’s dip below $53,000 on Friday only to bounce back above $55,000 today.
Today, Bitcoin surpassed $55,000 mark for the initial time since last week’s fall, indicating a recovery of some lost ground.
Cryptocurrencies other than Bitcoin (altcoins) are showing some growth as well. Specifically, Ethereum is currently valued at over $2,300, while Binance Coin has fortified its place above the $500 mark.
BTC Above $55K
Last week, the main cryptocurrency experienced a volatile and predominantly bearish trend, falling from around $60,000 on Tuesday to a monthly low below $53,000 by Friday evening. Throughout the week, it recorded some lower highs, but the overall picture was misleading on Friday afternoon when the US revealed its jobs report.
In just a few minutes, Bitcoin (BTC) surged from $55,500 to $57,000, but this increase was temporary. Rather than continuing its upward trend, it swiftly changed direction and dropped by more than $4,000 within hours. This sudden fall resulted in significant losses, with millions of dollars worth of positions being liquidated.
On the weekend, Bitcoin started slowly regaining its footing, sparking debates over whether it had hit rock bottom and settled at approximately $54,000. The trend continued positively on Monday, with the digital currency breaking the $55,000 mark for the first time since Friday.
If a cryptocurrency is over 1% higher in value compared to the previous day, it implies that its total market capitalization has grown to approximately $1.090 trillion. Yet, it continues to face challenges when it comes to dominance against alternative cryptocurrencies, as it holds only slightly more than half (53%) of the overall market share on CoinMarketCap.
TON on the Rise
In recent weeks, Toncoin hasn’t fared well, largely because Telegram’s CEO, Pavel Durov, was arrested in France. Yet surprisingly, it has seen the highest growth among the top 20 cryptocurrencies today. It’s surged by approximately 6.4% daily and has returned to the $5 mark.
Among the standout winners from the larger altcoins, FET and AAVE have experienced significant gains. Specifically, FET has climbed a robust 5.5%, whereas AAVE has seen a remarkable increase of 9%.
These cryptocurrencies – Ethereum (ETH), Binance Coin (BNB), Dogecoin (DOGE), Tron (TRX), Cardano (ADA), Shiba Inu (SHIB), and Bitcoin Cash (BCH) – have experienced modest growth, while Chainlink (LINK), Uniswap (UNI), Avalanche (AVAX), and Near Protocol (NEAR) have gained approximately 3-4% of their value each day.
The overall value of the cryptocurrency market has surged by approximately $30 billion compared to yesterday, now standing at a staggering $2.050 trillion according to CoinGecko.
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2024-09-09 12:04