After yesterday’s price crash that drove BTC south to a 9-day low, the asset has recovered some ground but still stands below the coveted $60,000 mark.
Most larger-cap alts have posted some gains, including ETH, ADA, and TON, while STX and TAO have continued their retracement.
BTC Stopped at $60K
Last Friday was a particularly positive day for the primary cryptocurrency as it soared from around $60,000 to just over $64,000 and kept going on Saturday morning to almost $65,000. This came following two bullish developments on US soil, including the Fed’s promise to start lowering the interest rates and RFK’s withdrawal from the 2024 presidential race while simultaneously endorsing Donald Trump.
After a quiet weekend, the asset went on the offensive on Monday morning as well and tapped a 3-week high at $65,150 (on Bitstamp). However, it failed to maintain its run and quickly retraced to $63,000 by Tuesday. The bears took complete control of the market later that day and initiated a massive leg down that drove bitcoin to $58,100.
The subsequent bounce-off took BTC to $60,000, but the bears’ grip tightened, and the cryptocurrency slipped to just under $58,000 later that day. As of now, it has recovered more than a grand but still stands below $60,000.
This means that its market capitalization has stalled at $1.175 trillion on CG, while its dominance over the alts has taken a slight hit and is down to 53.6% on CG.
ETH Recovers 3%
Ethereum was among the most harmed assets yesterday, dumping to way below $2,500. However, it has recovered some ground and now stands close to $2,550 as the spot ETH ETFs saw the first positive day in terms of inflows since August 14.
Toncoin, which has been hit by the developments around Telegram’s CEO, Pavel Durov, is also about 3.5% up on the day and sits close to $5.6. The other larger-cap alts in the green include ADA, SHIB, DOGE, BNB, TRX, and BCH.
DOGS is the biggest winner today. The meme coin has entered the top 100 alts by market cap after surging by almost 20% in the past 24 hours.
In contrast, STX, TAO, and FET have dumped hard in the past day, with losses of between 5-6%.
The total crypto market cap has reclaimed about $50 billion since yesterday’s low, but it is still shy of $2.2 trillion.
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