BTC’s Recovery Continues With a Rise Above $55K, TON Shoots Up 7% Daily (Market Watch)

Bitcoin continues to reclaim some ground and has jumped above $55,000 for the first time since the Friday crash today.

The altcoins are also slightly in the green, with ETH standing above $2,300 and BNB solidifying its position north of $500.

BTC Above $55K

The primary cryptocurrency went through a highly volatile and mostly bearish week as it dropped from nearly $60,000 (on Tuesday) to a monthly low of under $53,000 by Friday evening. In between, it registered a few lower highs, but the landscape showed a false promise on Friday afternoon when the US released its jobs report.

Within minutes, BTC jumped from $55,500 to $57,000, but that was short-lived. Instead of heading further north, it quickly reversed its trajectory and plummeted by over four grand in hours, leaving millions in liquidations.

Bitcoin began its sluggish recovery during the weekend amid speculations about whether it had found it bottom, spending it at around $54,000. Monday started on another positive note as the asset jumped above $55,000 for the first time since Friday.

Being more than 1% up on the day means that its market cap has increased to $1.090 trillion. However, its dominance over the alts still struggles at just over 53% on CG.

Bitcoin/Price/Chart 09.09.2024. Source: TradingView

TON on the Rise

Toncoin has been among the poorest performers in the past several weeks, mostly due to the arrest of Telegram’s CEO – Pavel Durov – in France. However, the asset has gained the most from the top 20 cryptocurrencies today. It’s up by 6.4% daily and has reclaimed the $5 level.

FET and AAVE are the other notable gainers from the larger-cap alts. FET is up by 5.5%, while AAVE has soared by 9%.

ETH, BNB, DOGE, TRX, ADA, SHIB, and BCH have also charted minor increases, while LINK, UNI, AVAX, and NEAR have added around 3-4% of value daily.

The total crypto market cap has jumped by $30 billion since yesterday and is up to $2.050 trillion on CG.