Bitcoin Price Regains $54,000 Level, SUI Explodes 11% Daily (Weekend Watch)

The price of Bitcoin fell sharply on Friday, but managed to regain some ground on Saturday and has remained above $54,000 ever since.

Altcoins have also seen some minor relief gains, with ETH near $2,300 and BNB recovering $500.

BTC holds $54,000

It was another bearish week for the primary cryptocurrency, although it headed towards $60,000 on Tuesday. However, the subsequent rejection pushed it hard south, and the asset plummeted to $55,500 on Wednesday.

Another lower high followed on Thursday and bitcoin fell to $55,200 on Friday in anticipation of the US jobs report. Once it came out and showed a modest decline in unemployment rates, BTC rose by $1,500 in minutes to $57,000.

However, it was another short-lived rally that was followed by a massive fall. Within minutes, BTC dropped more than four thousand and fell to $52,800. The bulls managed to intervene at this point and started a small recovery that pushed bitcoin to just over $54,000 on Saturday.

Since then, trading action has been mostly sideways, with BTC hovering around $500 above. However, down 7% weekly means its market cap has shrunk to $1.075 trillion, and its dominance over the highs has shrunk by almost a full percentage point to 53.2% at CG .

Bitcoin/Price/Chart 09/08/2024. Source: TradingView SUI takes center stage

The highs suffered as badly as BTC last week, but most have seen smaller gains on a daily basis. ETH is slightly in the green, helping it near $2,300, while BNB is at $505 after a 2% daily gain.

SOL, DOGE, TRX and TON have posted similar gains, while ADA is up 4%. AVAX has soared 6% daily. However, the biggest gainer among the top 50 alternatives is SUI, which has soared nearly 11%. As a result, the token now hovers close to $1.

The total crypto market cap has defended the $2 trillion level (in CG) and is now about $20 billion above.

Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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