Bitcoin’s gradual price recovery continued as the asset jumped past $110,000 for the first time since Friday, when it faced a violent rejection at that threshold. This resurgence indicates the resilience of Bitcoin amid a challenging market environment, leading many investors to reassess their positions.
While Bitcoin finds its footing, most altcoins have struggled to gain traction. Notably, CRO continues its substantial correction following an astonishing rally. This divergence between Bitcoin’s recovery and altcoins’ difficulties highlights the ongoing challenges within the broader cryptocurrency market.
BTC Eyes $111K
It’s been a turbulent few weeks for the primary cryptocurrency. Bitcoin reached a peak of over $124,000 on August 14, only to experience a downturn that saw it lose more than $12,000 in value by August 22. A temporary rally to $117,500 was triggered by Jerome Powell’s speech at Jackson Hole, yet it proved short-lived. The price subsequently dipped below $109,000 for the first time since early July.
The bear market sentiment persisted, pushing Bitcoin to a two-month low of just over $107,000 at the beginning of the current business week. However, bulls reemerged at this critical juncture, preventing a plunge toward the $100,000 mark. As of now, Bitcoin has bounced back past $109,000, reaching approximately $110,500. Its market capitalization is now nearing the $2.2 trillion milestone, cementing its dominance over altcoins, which remains steady above 56%.
New Top 100 Rep
In contrast to Bitcoin’s performance, the altcoin market continues to face headwinds. Ethereum has slipped below $4,400 after a 1.8% daily decline, while XRP trades at $2.8 following a minor dip. DOGE has decreased by over 2.5%, now sitting at $0.213. Other notable cryptocurrencies, including BNB, TRX, ADA, LINK, HYPE, and SUI, are also in the red.
CRO specifically has lost another 4-5% of its value in the past 24 hours, marking a dramatic decline of over 30% since its peak at $0.38 last week. Conversely, ENA has surged by 8%, reaching $0.7 in value.
Interestingly, MemeCore has made its way into the top 100 altcoins by market capitalization after experiencing a notable 30% daily surge, pushing its price beyond $0.82.
The total cryptocurrency market cap has seen a significant increase of around $30 billion since yesterday, reaching just over $3.9 trillion, indicating a shift in sentiment among crypto investors.
The post MemeCore (M) Enters Top 100 Alts With 30% Surge as BTC Reclaims $110K: Market Watch appeared first on CryptoPotato.
