Bitcoin continued its slow rise as the asset hit $111,800 earlier today before being pushed down by almost a thousand dollars. While most altcoins remained sluggish on a daily scale, AVAX and BCH posted impressive gains of around 5% each.
After a price surge on August 22nd when BTC soared from below $112,000 to over $117,000 in a matter of minutes during Jerome Powell’s speech, the cryptocurrency failed to maintain momentum and traded in a bearish pattern.
After missing several key support levels along the way, bitcoin prices fell at the start of the current trading week to just over $107,000. This was the lowest level in about two months.
Buyers finally emerged late Monday. Instead, BTC began to recover slightly and returned to $110,000 yesterday. Today, BTC price rose slightly to almost $112,000, before facing pressure and being pushed down to the current level of $111,000.
The market cap has increased to over $2.210 trillion on CG, while altcoin dominance remains strong at 56.5%.
On the other hand, Ethereum’s recent rally stalled at $4,500, despite significant accumulation from corporates and big-cap investors. However, the asset failed to continue its rise and is currently struggling to stay above $4,300. On a daily basis, BNB, TRX, LINK, and HYPE also fell slightly.
In addition, SOL jumped 3% and is currently around $210. DOGE, ADA, and SUI only recorded minor gains. The day was led by Avalanche and Bitcoin Cash, as both gained about 5% in value to $25 and $600 respectively. MemeCore was once again the top performer, jumping 14% daily to $0.95.
Total crypto market cap remains above $3.9 trillion on CG after posting small daily gains.
