Fantom Jumps 10% Daily, Bitcoin Struggles Under $59K Mark

After a substantial decline yesterday, Bitcoin fell to $57,600 but has since regained some value and is now trading slightly higher.

Several altcoins, including BNB, DOGE, and DOT, remain in negative territory, while XRP and UNI have made small gains.

BTC Targets $59K

The previous week was quite favorable for Bitcoin, as it surged from approximately $54,000 on Monday to a high of $60,600 on Saturday. During this period, the cryptocurrency experienced increased volatility, particularly on Wednesday when the US revealed the CPI figures for August. At that time, Bitcoin dropped from $57,000 to $55,500 but quickly regained its losses.

However, after reaching the aforementioned peak on Saturday, Bitcoin struggled to sustain its momentum, leveling off around $60,000 on Sunday. This Monday began with a significant downturn that brought it down to $57,600 yesterday.

Since then, Bitcoin has clawed back some losses and is now just below $59,000. Anticipated volatility is expected tomorrow and Thursday as the US Federal Reserve is planning to meet to discuss potential interest rate cuts. While many analysts predict a reduction of 25 basis points, some believe the rates should be decreased by 75 basis points.

Currently, BTC’s market capitalization remains at $1.160 trillion, while its dominance over altcoins is at a multi-year high.

FTM Shines Bright

Yesterday, the altcoin market also experienced some retraction, with most coins failing to recover. Today’s biggest losers include BNB, DOGE, TON, AVAX, DOT, LINK, and LTC, with their losses being modest at around 1-2%. DOT, however, has seen a more significant drop of 3.5%.

On the other hand, XRP and UNI have recorded 2% increases. Notably, Fantom’s native token is making waves with an impressive 10% surge, bringing FTM above $0.55.

Joining the ranks of the top 50 altcoins is a new contender named Black Agnus, which now boasts a market capitalization exceeding $2 billion.

The total crypto market capitalization has largely remained stable at around $2.135 trillion, according to CG.