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

Bitcoin’s nosedive from yesterday pushed the asset south to $57,600 but it managed to recover some ground and now stands a grand higher.

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

BTC Eyes $59K

Last week went quite well for the primary cryptocurrency as it jumped from around $54,000 on Monday to a peak of $60,600 on Saturday. Within this timeframe, the asset faced enhanced volatility, especially on Wednesday, after the US announced the CPI numbers for August. Back then, bitcoin dumped from $57,000 to $55,500 but recovered all losses almost immediately.

After the aforementioned peak on Saturday, though, BTC failed to maintain its run and stalled at around $60,000 on Sunday. This Monday began with a substantial retracement that pushed it south to $57,600 yesterday.

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

As of now, BTC’s market cap stands still at $1.160 trillion, while its dominance over the alts is at a multi-year peak of its own.

Bitcoin/Price/Chart 17.09.2024. Source: TradingView

FTM for the Win

The altcoins retraced yesterday as well, and most have failed to bounce-off. Today’s top losers include BNB, DOGE, TON, AVAX, DOT, LINK, and LTC, but their declines are quite modest around 1-2%. DOT, though, has dropped by 3.5%.

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

The top 50 alts 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 on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto