Bitcoin’s underwhelming price performance continues as the asset slumped below $58,000 once again and has barely recovered to just over $59,000.
Most larger-cap alts are in a similar state, with ADA, NEAR, and TRX declining by more than 2% daily.
BTC Struggles to Maintain $59K
It wasn’t a good week for the primary cryptocurrency despite some promising signs at first. Recall that the asset skyrocketed last Friday from $60,000 to over $64,000 by Saturday on the heels of positive developments on US soil. Moreover, it jumped to a three-week high above $65,100 on Monday, but that’s when everything started to go wrong.
Bitcoin had shed more than seven grand of value by Wednesday as it dumped to $58,000. After an unsuccessful bounce-off that drove it to $61,200 on Thursday, the bears increased the pressure and initiated another leg down yesterday. That resulted in a decline to $57,750 (on Bitstamp), the lowest price position in about two weeks.
Although the cryptocurrency has managed to defend that level and recover more than a grand of value, it’s still 0.5% down on the day and a whopping 8% in the red since last Saturday.
Its market cap has plunged below $1.170 trillion, while its dominance stands close to 54% on CG.
Bitcoin/Price/Chart 31.08.2024. Source: TradingViewFET Defies Market Movements
Most larger-cap alts have mimicked BTC’s performance as of late. That means there’s not much action going on, but most are in the red. SOL, TON, SHIB, and AVAX are down by just over 1%, while TRX, ADA, and NEAR have declined by up to 3%.
In contrast, ETH, XRP, DOGE, and BNB have charted insignificant gains. The most substantial increases from the larger-cap alts come from LTC and UNI (around 3% each).
However, FET and AAVE have taken the spotlight, with price gains of 6-8%. FET has neared $1.2 after its daily surge, while AAVE is above $132.
The total crypto market cap, though, has seen another $15 billion gone daily and is down to $2.175 trillion on CG.
Cryptocurrency Market Overview. Source: QuantifyCrypto