As a seasoned analyst with over a decade of experience in the financial markets, I’ve seen my fair share of market swings, and this current crypto market is no exception. Bitcoin’s struggle to maintain $59K is reminiscent of a rollercoaster ride – exciting at first, but then the stomach-churning drops that leave you wondering if it will ever reach the peak again.
Bitcoin‘s lackluster price growth persists, with the cryptocurrency dipping below $58,000 yet again, only slightly rebounding to approximately $59,000.
In a comparable situation, many large alternative cryptocurrencies like ADA, NEAR, and TRX are experiencing daily decreases of over 2%.
BTC Struggles to Maintain $59K
Despite an optimistic start with some encouraging signals, the main cryptocurrency didn’t have a great week. It surged from approximately $60,000 last Friday to over $64,000 by Saturday, driven by positive news in the US. Furthermore, it reached a three-week peak of around $65,100 on Monday. However, things began to take a turn for the worse after that promising momentum.
By Wednesday, Bitcoin had dropped over $7,000 in value, reaching approximately $58,000. Despite a brief recovery that took it up to $61,200 on Thursday, the downward trend continued due to increased pressure from the bears, leading to another fall. This resulted in a decrease to $57,750 on Bitstamp, marking the lowest price point in around two weeks.
Despite regaining over $1,000 in value and holding its position at this level, the cryptocurrency has experienced a daily decrease of 0.5% and a significant drop of 8% since last weekend.
Its market cap has plunged below $1.170 trillion, while its dominance stands close to 54% on CG.
FET Defies Market Movements
In recent times, many major alternative cryptocurrencies have been following Bitcoin’s trend, indicating a lack of significant price movements but generally showing negative returns. For instance, coins like Solana (SOL), Telegram Open Network (TON), Shiba Inu (SHIB), and Avalanche (AVAX) have dipped by more than 1%, while Tron (TRX), Cardano (ADA), and Near Protocol (NEAR) have fallen by up to 3%.
Instead, while other cryptocurrencies like ETH, XRP, DOGE, and BNB have made minimal progress in terms of growth, the significant advancements among the larger-cap alternatives originate primarily from LTC and UNI, with approximately 3% gains for each.
As a crypto investor, I’ve noticed a significant rise in the price of two digital assets – FET and AAVE. Both have seen impressive growth of around 6-8% over the past period. FET has almost reached the $1.2 mark following its daily surge, while AAVE is currently trading above $132.
Over the past day, the cumulative value of all cryptocurrencies has dropped by approximately $15 billion, bringing the current market capitalization to about $2.175 trillion, as per CoinMarketCap.
Read More
- ACT PREDICTION. ACT cryptocurrency
- W PREDICTION. W cryptocurrency
- PENDLE PREDICTION. PENDLE cryptocurrency
- NBA 2K25 Review: NBA 2K25 review: A small step forward but not a slam dunk
- ESO Werewolf Build: The Ultimate Guide
- Mastering Destiny 2: Tips for Speedy Grandmaster Challenges
- Rainbow Six Siege directory: Quick links to our tips & guides
- KEN/USD
- Exploring Izanami’s Lore vs. Game Design in Smite: Reddit Reactions
- Overwatch Director wants to “fundamentally change” OW2 beyond new heroes and maps
2024-08-31 11:04