Bitcoin had a relatively quiet weekend but jumped to just over $65,000 on Monday morning when the bears stepped up and stopped any further increases.
TON has recovered some ground since yesterday’s massive crash, while TRX has neared $0.17 once again. The other larger-cap alts are a lot less eventful.
BTC Halted at $65K
Last Monday started with a nosedive for the primary cryptocurrency as the asset failed to conquer the coveted $60,000 level decisively and slumped by two grand. However, it bounced off in the following days and remained in a tighter range between $59,000 and $60,000 by Friday.
That’s when the landscape changed on the heels of positive developments on US soil. First, Fed Chair Jerome Powell said the time had come for the central bank to cut the interest rates. Later that day, Robert F. Kennedy withdrew his 2024 presidential campaign and publicly endorsed the self-proclaimed ‘crypto choice’ – Donald Trump.
BTC reacted with immediate gains and soared to $65,000 by Saturday morning. Although it failed to double down on this run, it spent the weekend at around $64,000.
Ahead of the upcoming eventful week, it tapped a new multi-week peak of $65,150 earlier today but was quickly stopped and pushed south to just under $64,000 as of now. This means its market cap has slipped to $1.260 trillion, but its dominance over the alts is still close to 54%.
Bitcoin/Price/Chart 26.08.2024. Source: TradingViewFET Gains 62% Weekly
After the arrest of Pavel Durov, Telegram’s CEO, in France on Saturday evening, Toncoin’s native token slumped hard by over 20% at one point due to the relationship between the two. TON has managed to recover a small portion of the losses and is above $5.6 after dropping below $5.3 yesterday.
The other larger-cap alt with an impressive increase on a daily scale is TRX. As a result, Tron’s biggest coin is up to $0.166. In contrast, ETH, BNB, XRP, ADA, BCH, and DOT are with minor losses.
FET has taken the main stage from the top 50 alts, having surged by 9% in the past day and more than 60% on a weekly basis. Other AI-related tokens, such as TAO, RNDR, and INJ, are also in the green now.
The total crypto market cap has lost some traction since yesterday and is down to $2.343 trillion on CG.
Cryptocurrency Market Overview. Source: QuantifyCrypto