Bitcoin Fails to Recover $60,000, DOGS Enters Top 100 Alternatives After 18% Rise (Market Watch)

After yesterday’s price drop that took BTC south to a 9-day low, the asset has regained some ground, but is still below the coveted $60,000 mark.

Most of the larger-cap alternatives have posted some gains, including ETH, ADA, and TON, while STX and TAO have continued their pullback.

BTC stopped at $60,000

Last Friday was a particularly positive day for the major cryptocurrency as it went from around $60,000 to just over $64,000 and continued on Saturday morning to nearly $65,000. This followed two bullish events on US soil, including the Fed’s promise to start lowering interest rates and RFK’s withdrawal from the 2024 presidential race while endorsing Donald Trump.

After a quiet weekend, the asset also went on the offensive on Monday morning and hit a 3-week high at $65,150 (on Bitstamp). However, he was unable to sustain his run and quickly returned to $63,000 on Tuesday. The bears took complete control of the market later in the day and started a major decline that took bitcoin to $58,100.

The subsequent bounce took BTC to $60,000, but the bears’ grip tightened and the cryptocurrency fell to just under $58,000 later in the day. So far, it’s recovered over a thousand, but it’s still below $60,000.

That means its market cap has stagnated at $1.175 trillion in CG, while its dominance over the alts has taken a slight hit, dropping to 53.6% in CG.

Bitcoin/Price/Chart 08/29/2024. Source: TradingView ETH recovers 3%

Ethereum was one of the worst-hit assets yesterday, falling well below $2,500. However, it has regained some ground and is now near $2,550 as spot ETH ETFs saw their first positive day in terms of inflows since August 14th.

Toncoin, which has been affected by developments surrounding Telegram CEO Pavel Durov, is also up 3.5% on the day to near $5.6. The other major greenback alternatives include ADA, SHIB, DOGE, BNB, TRX, and BCH.

DOGS is today’s big winner. The meme coin has entered the top 100 alternatives by market cap after rising almost 20% in the last 24 hours.

In contrast, STX, TAO and FET have all poured heavily over the past day, with losses between 5-6%.

The total crypto market capitalization has recovered about $50 billion from yesterday’s low, but is still shy of $2.2 trillion.

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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