Tron (TRX) Explodes 12% Daily, Bitcoin (BTC) Falls Below $60,000 (Market Watch)

Bitcoin’s adventure above $60,000 was short-lived once again, as the asset fell below that level yesterday and has remained there ever since.

Most altcoins have followed BTC’s lead by charting daily declines. Instead, TRX has soared to over $0.16.

BTC below $60,000 again

After last Thursday’s massive correction that took bitcoin to a multi-day low of $56,200, the cryptocurrency was mostly higher. It spent the weekend trading sideways in a tight range around $59,000 and $60,000.

Monday began with a decline once again, as the asset fell to $58,000. However, bulls quickly intercepted the move and pushed BTC north. In a matter of hours, it added more than three grand in value and jumped to a 6-day high of more than $61,400.

However, he was unable to sustain his run and was down to less than $59,000 later. This came amid reports that Mt Gox has started making more BTC transfers.

Despite recovering some ground from that local low, bitcoin is still down 2% and struggling below $60,000. Its market cap has fallen to $1.175 trillion, while its dominance over the alts has taken a slight hit, falling to 53.5% on CG.

Bitcoin/Price/Chart 08/21/2024. Source: TradingView TRX on the Run

Most altcoins have followed BTC down. Ethereum has fallen 2.5% and is now struggling below $2,600. SOL and XRP have posted similar losses. TON, BNB, DOGE and BCH are also in the red on a daily basis.

Interestingly, the landscape around Tron’s native token is quite different. TRX has shot up 12% in the last 24 hours and is now above $0.16. AVAX, ADA and MATIC have also posted impressive gains.

However, the total crypto market capitalization has lost around $40 billion overnight and is down to $2.2 trillion.

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