After plummeting to under $53,000 on Friday, bitcoin’s reaction was quite positive as it has added more than four grand since then and stands above $57,000 now.
Most altcoins have also charted some gains over the past day, with DOGE popping above $0.1 after a 7% increase.
BTC Touched $58K Briefly
As mentioned above, last week didn’t go well for the primary cryptocurrency, perhaps driven by the massive outflows from the spot Bitcoin ETFs in the States. In the span of five days, BTC went from over $59,000 to under $53,000 on Friday and registered a monthly low at that point.
However, the bulls finally stepped up at this point and didn’t allow a further breakdown toward $50,000 as Arthur Hayes had predicted. Just the opposite, bitcoin recovered some ground and stood mostly above $54,000 during the weekend.
Monday started with an increase to above $55,000, a minor retracement, and another, more impressive rally in the evening to a 5-day high of over $58,000.
Nevertheless, the asset failed to remain there and has slid by about a grand since then. Yet, its market cap has soared to $1.130 trillion, while its dominance over the alts is up by 0.4% daily to 53.7% on CG.
Bitcoin/Price/Chart 10.09.2024. Source: TradingViewDOGE on a Roll
Most altcoins have continued to post minor gains on a daily basis as well. Ethereum has risen above $2,350 after a 1.4% increase, while BNB has tapped $520 following a 2.5% surge. SOL is close to $135 after gaining 3.7%. Similar increases coe from TON, BCH, and NEAR.
Dogecoin has emerged as today’s top performer. DOGE is up by more than 6% and sits above $0.1 now.
More impressive gains come from the likes of FET (10%), KAS (7.5%), PEPe (8%), STX (7.5%), and RNDR (5%).
The total crypto market cap has added over $50 billion overnight and is now above $2.1 trillion on CG.
Cryptocurrency Market Overview. Source: QuantifyCrypto