BTC Recovery Continues Rise Above $55,000, TON Rises 7% Daily (Market Watch)

Bitcoin continues to regain some ground and has jumped above $55,000 for the first time since Friday’s drop.

Altcoins are also slightly in the green, with ETH above $2,300 and BNB consolidating its position north of $500.

BTC above $55,000

The major cryptocurrency went through a highly volatile and mostly bearish week, falling from nearly $60,000 (Tuesday) to a monthly low of less than $53,000 late Friday. In between, it hit lower highs, but the picture showed false promise late Friday when the U.S. released its jobs report.

In a few minutes, BTC went from $55,500 to $57,000, but it was short-lived. Instead of heading further north, it quickly reversed course and plunged more than four thousand in hours, leaving millions in liquidations.

Bitcoin began its slow recovery over the weekend amid speculation that it had bottomed out, spending it around $54,000. Monday started on another positive note as the asset jumped above $55,000 for the first time since Friday.

Up more than 1% on the day means its market cap has risen to $1.09 trillion. However, his dominance over the highs still struggles at just over 53% in CG.

Bitcoin/Price/Chart 09.09.2024. Source: TradingView TON on the Rise

Toncoin has been one of the poorest in recent weeks, mostly due to the arrest of Telegram CEO Pavel Durov in France. However, the asset has gained the most of the current 20 cryptocurrencies. It has risen 6.4% daily and recovered the $5 level.

FET and AAVE are the other notable benefits of larger cap stocks. The FET has increased by 5.5%, while the AAVE has soared by 9%.

ETH, BNB, DOGE, TRX, ADA, SHIB and BCH have also seen minor increases, while LINK, UNI, AVAX and NEAR have added around 3-4% of daily value.

The total crypto market capitalization has increased by $30 billion since yesterday, reaching $2.05 trillion in CG.

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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