Crypto Recap: BTC at $26K

Martin Walker
Sep 3, 2023 at 12:15 pm

Bitcoin Stabilizes at the $26,000 Mark

Bitcoin experienced a period of stability around the $26,000 mark after weeks of mostly sideways trading. However, this tranquility was shattered by a significant legal victory for Grayscale against the SEC. This victory was related to the transformation of GBTC into a spot Bitcoin ETF.

In response to this legal win, Bitcoin quickly surged, breaking through the $26,000 resistance. Within a few hours, its value increased by over $2,000, reaching a multi-week high above $28,000.

Unfortunately, this bullish momentum was short-lived as Bitcoin retraced by $1,000 within the next 24 hours. The situation worsened on Thursday and Friday when Bitcoin's value dropped by more than $1,500 once again, hitting an 11-week low of $25,350 on several exchanges.

Nevertheless, it managed to recover some of its losses and is currently trading just shy of $26,000 again, with a market capitalization stabilizing at $505 billion. Bitcoin's dominance over other cryptocurrencies stands at 48.4%.

BTCUSD. Source: TradingViewBTCUSD. Source: TradingView  

TON, IOTA, and XDC Experience Significant Weekly Gains

In the altcoin realm, many coins followed a similar pattern of surges and declines, eventually settling down in the past 24 hours. While ETH, XRP, ADA, DOGE, TRX, DOT, MATIC, and LTC recorded modest gains, BNB, SOL, and SHIB showed slight losses.

Among the larger-cap tokens, Uniswap's native token saw the most significant increase, rising by 3%.

TONCOIN experienced the most significant daily drop at -5%, but it still managed to achieve a remarkable 25% gain over the past week. This performance makes it the top performer over a seven-day period, followed by IOTA (13%) and XDC (12%).

The total cryptocurrency market capitalization has remained relatively stable, staying below $1.050 trillion on CoinMarketCap.

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

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