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Bitcoin's Recent Moves and Altcoin Updates

Martin Walker
Oct 5, 2023 at 11:58 am

Bitcoin experienced a modest upward movement in the last 24 hours but fell short of challenging the $28,000 threshold.

Major altcoins are relatively stable today, with TON losing momentum consistently. Its value slipped below $2 in another daily decline.

Can BTC Reach $28K?

The current business week kicked off on an optimistic note as bulls asserted dominance in the market for a brief period. A significant price surge on Monday morning propelled the primary cryptocurrency upwards by more than $1,500.

This peak saw BTC reaching approximately $28,600 after six weeks. However, it struggled to sustain this momentum and began losing value in the subsequent days.

Consequently, there were several consecutive drops in its price, with the most recent occurring yesterday, bringing bitcoin down to $27,200.

Nonetheless, the cryptocurrency rebounded at this juncture and avoided further decline. In fact, it gained a few hundred dollars and made a proactive move earlier today. However, this upward movement couldn't propel BTC beyond $27,900.

At present, bitcoin is trading just above $27,500. Its market capitalization has slightly increased, approaching $540 billion, and it holds a 49.5% dominance over altcoins according to CMC.

BTCUSD. Source: TradingViewBTCUSD. Source: TradingView

TWT and AAVE Show Strong Performance

Toncoin stood out as one of the top performers in the industry in recent weeks, but the situation has reversed. TON has been steadily losing value lately, and the most recent 2.5% price drop pushed it below $2. A few weeks ago, TON surged and surpassed $2.5.

Ripple and MATIC have also experienced similar albeit slightly less drastic daily price losses. ETH, SOL, DOGE, TRX, BCH, and SHIB are all slightly in the negative.

On the other hand, BNB, ADA, DOT, LTC, and LINK have seen marginal gains. Avalanche has seen a 4% surge and is now trading at $10.

The most notable gainers in daily trading are Aave (8%) and Trust Wallet Token (8%).

Overall, the total crypto market cap has remained relatively stable, hovering around $1.080 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify CryptoCryptocurrency Market Overview. Source: Quantify Crypto

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