After several days of trading sideways and mostly losing value, BTC’s price went on the offensive in the past 12 hours or so and even neared $60,000.
The altcoins are also slightly in the green today, with more impressive gains coming from the likes of BNB, SOL, XRP, and DOGE.
BTC Taps $59K
The past week didn’t go well for the primary cryptocurrency, even though it started quite positively, with a surge to just over $65,100. However, the bears came out of the woods and didn’t allow any further increases.
Just the opposite, bitcoin started to lose ground fast and had dumped to $58,000 by Wednesday. After another unsuccessful breakout stopped at $61,000, the asset retraced even further. This culminated in a price drop to under $57,200 recorded yesterday, which became its lowest level in about two weeks. Perhaps the most probable reason behind these declines was the outflows from the spot Bitcoin ETFs.
The bulls finally stepped up at this point. They initiated a leg-up that pushed the cryptocurrency to just under $60,000 earlier today. Nevertheless, it failed to overcome that level and the subsequent rejection has driven it south by about a grand.
Its market cap has increased slightly to $1.160 trillion, but its dominance over the alts is down to 53.9% on CG.
Bitcoin/Price/Chart 03.09.2024. Source: TradingView WIF in the Zone
Most altcoins have charted some gains in the past 24 hours after the recent declines. ETH has jumped to over $2,500 after a 1.5% daily increase, while BNB is the top performer from the larger caps. Binance Coin has soared by 4.5% and now trades close to $535.
SOL, XRP, and DOGE are also up by over 2%, while TRX is among the few larger-cap alts in the red.
SUI has soared by 6% to $0.8, but even more impressive gains come from the likes of OM, WIF, and FLOW. All of those have charted double-digit increases, with OM and WIF soaring by 12%.
The total crypto market cap has recovered about $50 billion daily and is up to $2.160 trillion on CG.
Cryptocurrency Market Overview. Source: QuantifyCrypto
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