Bitcoin Struggles Below $59K, Fantom (FTM) Surges 10%
Bitcoin faced a significant drop yesterday, falling to $57,600, but managed to bounce back slightly and is now hovering just below $59,000. While some altcoins like BNB, DOGE, and DOT are still in the red, others such as XRP and UNI have seen minor gains. However, it is Fantom’s native token, FTM, that has stolen the spotlight with an impressive surge of 10%, pushing its value above $0.55.
Bitcoin’s Recent Performance
Last week was quite eventful for Bitcoin, as it experienced a rollercoaster ride from around $54,000 on Monday to a peak of $60,600 on Saturday. The cryptocurrency faced increased volatility, especially after the US announced the CPI numbers for August, causing a dip from $57,000 to $55,500. However, Bitcoin quickly recovered all losses. Despite reaching a peak of $60,600 on Saturday, Bitcoin failed to sustain its momentum and stalled around $60,000 on Sunday. This Monday, it experienced a significant retracement, dropping to $57,600.
Future Outlook for Bitcoin
Bitcoin’s market cap currently stands at $1.160 trillion, with its dominance over the altcoins reaching a multi-year high. More volatility is expected in the coming days, particularly with the US Federal Reserve meeting to discuss potential interest rate cuts. While most experts anticipate a 25 basis point cut, some argue for a more significant reduction of 75 basis points.
Altcoin Market Movements
While most altcoins retraced yesterday, today’s top losers include BNB, DOGE, TON, AVAX, DOT, LINK, and LTC, with declines ranging from 1-3.5%. In contrast, XRP and UNI have seen modest gains of 2%. Fantom’s FTM token has outperformed the market with a remarkable surge of 10%, propelling its value above $0.55. Another standout performer is Black Agnus, with a market cap surpassing $2 billion.
Market Overview
The total cryptocurrency market cap has remained relatively stable at around $2.135 trillion on CG. It is essential for investors to conduct their research before making any investment decisions, as the market continues to exhibit volatility. As always, caution and due diligence are advised in navigating the ever-changing landscape of cryptocurrencies.