As a seasoned analyst with years of experience navigating the tumultuous seas of the cryptocurrency market, I find myself intrigued by the current dynamics at play. Bitcoin’s (BTC) surge to $58,000 on two consecutive days only to be halted and pushed south by over a grand is reminiscent of a rollercoaster ride that I have come to expect in this space.
On two separate days, Monday and Tuesday, the value of Bitcoin surged to $58,000 each time. However, this ascent was halted and it was subsequently driven down by approximately $1,000.
Almost all other cryptocurrencies (altcoins) have experienced slight drops on a day-to-day basis, yet Internet Computer Protocol (ICP) has bucked this trend significantly by soaring by approximately 12%.
BTC’s Progress Halted
Last week’s closing of the main digital currency was turbulent, with a drop of more than $4,000 on Friday, following the release of the U.S. employment data for August and the increasing withdrawal from Bitcoin-based Exchange Traded Funds (ETFs).
As an analyst, I can report that despite the initial downturn, the bulls successfully halted the free fall just below the $50,000 mark. Fortunately, Bitcoin regained some strength over the weekend, primarily holding positions above $54,000.
On Monday, I witnessed a significant improvement in the market landscape as the asset surged to reach an unprecedented high of $58,000 over multiple days. Although the underlying causes continue to be discussed and debated, it regained that level again on Tuesday, only to fall short of maintaining that elevated position.
After being turned down, it moved downward approximately $1,500, and it currently hovers around $56,500. Its market capitalization has decreased to roughly $1.15 trillion on CoinGecko, while its control over the market has retreated slightly to 53.6%.
ICP, AAVE Defy Market Sentiment
Over the last few days, many alternative cryptocurrencies have seen some positive returns, but since yesterday, they’ve followed Bitcoin’s lead and are now in the red. Yesterday, Ethereum reached $2,400, but as we speak, it has dropped slightly to around $2,330. Similarly, BNB surpassed $520 at one point, but has since dipped to $512.
Experiencing setbacks similar or even a bit more challenging can occur with cryptocurrencies such as Solana (SOL), Dogecoin (DOGE), Ripple (XRP), Cardano (ADA), Avalanche (AVAX), and Shiba Inu (SHIB).
On the other hand, AAVE experienced a 9% increase and reached $150, while ICP showed an even greater daily leap of 12%, soaring to $8.7.
The cumulative market cap of all crypto assets has declined by $30 billion since yesterday and is down to $2.080 trillion.
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2024-09-11 11:54