After several days of charting notable increases, bitcoin’s price has finally retraced by falling toward $58,000 earlier this morning.
The altcoins are also in the red on a daily scale, with the total market cap bleeding over $60 billion.
BTC Slipped Toward $58K
Bitcoin bottomed last Friday at under $53,000, and the bulls took control in the following ten days or so. Within this timeframe, the asset jumped to over $58,000 last Monday, dumped to $55,500 after the US CPI numbers came out on Wednesday but went back on the offensive, which culminated on Friday and Saturday morning.
More specifically, BTC finally broke above $60,000 on Friday evening and soared to a multi-week peak of around $60,600. It calmed during the weekend but maintained $60,000 for the most part.
However, Monday started with a price dip that drove it south by about two grand. As a result, BTC slipped to $58,100 earlier today, but so far has managed to recover most losses and trades at just over $59,000. This is expected to be a big week for all financial markets as the US Fed will have a FOMC meeting on Wednesday and Thursday, with anticipations that it will lower the key interest rates.
Bitcoin’s market cap has declined to $1.165 trillion, while its dominance over the alts has jumped to 54.3% on CG.
Bitcoin/Price/Chart 16.09.2024. Source: TradingViewSUI Defies Market Sentiment
Most altcoins mimicked BTC’s performance over the past day, meaning that they have turned red. Ethereum is down by over 3% and now sits at $2,330. SOL, DOGE, LINK, and BCH have posted similar declines, while XRP, TON, AVAX, and SHIB are down by around 2%.
Cardano’s native token has slipped by almost 5% to $0.33. In contrast, TRX has seen a minor increase of 1.5%, while SUI has defied the overall market sentiment today with a 5.5% surge. Consequently, it now trades above $1.1.
The cumulative market cap dropped by more than $80 billion earlier today but has recovered some ground and is now at $2.145 trillion.
Cryptocurrency Market Overview. Source: QuantifyCrypto