Most altcoins with large market capitalization have posted some gains, including ETH, ADA, and TON, while STX and TAO continue to experience price corrections.
Last Friday was a very positive day for the major cryptocurrency as it surged from around $60,000 to more than $64,000 and continued to rise on Saturday morning almost hitting the $65,000 price level. This comes after two bullish developments in the US, including the Fed's promise to start lowering interest rates and RFK's withdrawal from the 2024 presidential race.
After a quiet weekend, the asset bounced back on Monday morning and hit a 3-week high of $65,150 (on Bitstamp). However, it failed to sustain its gains and immediately fell from the $63,000 level on Tuesday. The sell-off completely took over the market for the day and started a massive fall that took bitcoin to $58,100.
The subsequent recovery took BTC to $60,000, but the grip of the selling momentum grew stronger, and the cryptocurrency eventually succumbed to slipping below $58,000 on the same day. To date, it has recovered more than a thousand dollars but is still at $60,000.
This means that BTC's market cap has stalled at $1.175 trillion in CG, while BTC's dominance over altcoins has suffered slightly and dropped to 53.6% in CG.
Ethereum was among the most affected assets yesterday, falling below $2,500. However, it has recovered slightly and is now near $2,550 as the spot ETH ETF saw its first positive day in terms of inflows since August 14.
Toncoin, which has been affected by developments surrounding Telegram CEO Pavel Durov, is also up around 3.5% today and is close to $5.6. Other large market cap altcoins that are in the green zone include ADA, SHIB, DOGE, BNB, TRX, and BCH.
DOGS is the biggest surge leader today. This meme token has entered the list of top 100 altcoins by market capitalization after jumping nearly 20% in the last 24 hours.
On the other hand, STX, TAO, and FET experienced major declines, with losses between 5-6%.
Total crypto market capitalization has recovered about $50 billion since yesterday's lows, but it's still less than $2.2 trillion.