FET Defies Market Sentiment with 6% Rise, BTC Struggles at $59,000 (Weekend Watch)

Bitcoin’s underwhelming price performance continues as the asset fell back below $58,000 and has barely recovered to just above $59,000.

Most of the larger-cap alternatives are in a similar state, with ADA, NEAR, and TRX all down more than 2% daily.

BTC struggles to hold $59,000

It was not a good week for the major cryptocurrency despite some promising signs early on. We remember that the asset shot up last Friday from $60,000 to more than $64,000 on Saturday after the positive evolution on American soil. It also jumped to a three-week high above $65,100 on Monday, but that’s when it all started to go wrong.

On Wednesday, Bitcoin had lost more than seven thousand in value as it fell to $58,000. After an unsuccessful bounce that took it to $61,200 on Thursday, the bears increased the pressure and started another downward leg yesterday. This led to a decline to $57,750 (on Bitstamp), the lowest price position in about two weeks.

Although the cryptocurrency has managed to defend this level and recover more than a large value, it is still down 0.5% on the day and 8% in the red since last Saturday.

Its market capitalization has fallen below $1.170 trillion, while its dominance stands at about 54% in CG.

Bitcoin/Price/Chart 08/31/2024. Source: TradingView FET defies market moves

Most of the larger cap alternatives have mimicked BTC’s performance lately. This means there isn’t much action, but most of it is in the red. SOL, TON, SHIB, and AVAX are down a little over 1%, while TRX, ADA, and NEAR are down as much as 3%.

In contrast, ETH, XRP, DOGE and BNB have posted negligible gains. The most substantial increases among the larger-cap alternatives came from LTC and UNI (around 3% each).

However, FET and AAVE have taken the spotlight, with price gains of 6-8%. FET is close to $1.2 after its daily increase, while AAVE is above $132.

However, the total crypto market cap has seen another $15 billion lost daily and is down to $2.175 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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