Fantom (FTM) Explodes 10% Daily, Bitcoin (BTC) Struggles Below $59,000 (Market Watch)

Yesterday’s fall in Bitcoin pushed the asset south to $57,600, but it managed to regain some ground and is now much higher.

Some altcoins such as BNB, DOGE and DOT are still in the red, while XRP and UNI have posted minor gains.

BTC Eyes $59,000

Last week was pretty good for the major cryptocurrency as it went from around $54,000 on Monday to a high of $60,600 on Saturday. In this time frame, the asset faced increased volatility, especially on Wednesday, after the US announced the CPI figures for August. Bitcoin then fell from $57,000 to $55,500, but recovered all losses almost immediately.

After the aforementioned peak on Saturday, however, BTC failed to sustain its run and stalled around $60,000 on Sunday. This Monday started with a substantial pullback that pushed it south to $57,600 yesterday.

Bitcoin has recovered some ground since then and is now just inches below $59,000. More volatility is expected tomorrow and Thursday as the US Federal Reserve meets to discuss and likely lower interest rates in the country. While most experts anticipate rate cuts of 25 basis points, some argue they should be cut by 75 basis points.

As of now, BTC’s market cap remains at $1.160 trillion, while its dominance over the highs is at a multi-year high.

Bitcoin/Price/Chart 17.09.2024. Source: TradingView FTM for the Win

Altcoins also rallied yesterday and most have failed to bounce back. Today’s top losers include BNB, DOGE, TON, AVAX, DOT, LINK and LTC, but their declines are quite modest at around 1-2%. The DOT, however, is down 3.5%.

In contrast, XRP and UNI have recorded increases of 2%. However, Fantom’s native token is in a league of its own with a massive 10% increase. As a result, FTM is now above $0.55.

The top 50 alternatives have a new contender today in the name of Black Agnus, which now has a market cap of over $2 billion.

The total crypto market cap has remained relatively still at around $2.135 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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