Bitcoin’s sharp drop yesterday pushed the asset down to $57,600, but it managed to recover slightly and is now significantly higher.
Some altcoins such as BNB, DOGE and DOT are still in the red, while XRP and UNI have seen minor gains.
BTC Eyes $59,000
The past week has been pretty good for the major cryptocurrency, with it jumping from $54,000 on Monday to a peak of $60,600 on Saturday. The asset experienced increased volatility during this period, especially on Wednesday after the US announced consumer price index data for August. Then Bitcoin fell from $57,000 to $55,500, but almost immediately recovered all its losses.
However, after the aforementioned peak on Saturday, BTC was unable to maintain its gains and settled at around $60,000 on Sunday. This Monday started with a significant pullback that pushed the price down to yesterday’s $57,600 level.
Bitcoin has since regained some ground and is now inches below $59,000. More volatility is expected tomorrow and Thursday as the US Federal Reserve is set to meet to discuss and possibly cut interest rates in the country. While most experts expect rates to be cut by 25 basis points, some argue they should be cut by 75 basis points.
At the moment, BTC’s market capitalization is still at $1.160 trillion, while its dominance over alternative currencies is at a multi-year peak.
FTM for the win
Altcoins also recovered yesterday and most of them failed to rebound. Today’s top losers include BNB, DOGE, TON, AVAX, DOT, LINK and LTC, but their declines are quite modest, around 1-2%. However, DOT fell 3.5%.
In contrast, XRP and UNI recorded growth of 2%. However, Fantom’s native token is in a league of its own with a massive 10% growth. As a result, FTM is now above $0.55.
Today, the top 50 alternative players have a new contender in the form of Black Agnus, whose market capitalization now exceeds $2 billion.
The overall cryptocurrency market capitalization remains relatively stable at around $2.135 trillion per CG.
