Tron (TRX) Explodes 12% Daily, Bitcoin (BTC) Slips Below $60K (Market Watch)

Bitcoin’s adventure above $60,000 was short-lived once again, as the asset dumped below that level yesterday and has remained there ever since.

Most altcoins have followed BTC’s example by charting daily drops. In contrast, TRX has soared to over $0.16.

BTC Below $60K Again

After last Thursday’s massive correction that drove bitcoin to a multi-day low of $56,200, the cryptocurrency was mostly on the rise. It spent the weekend trading sideways in a tight range around $59,000 and $60,000.

Monday began with a downturn once again, though, as the asset slumped to $58,000. However, the bulls were quick to intercept the move and pushed BTC north. In a matter of hours, it added more than three grand of value and jumped to a 6-day high of over $61,400.

Nevertheless, it failed to maintain its run and slumped to under $59,000 later on. This came amid reports that Mt Gox has begun making more BTC transfers.

Despite recovering some ground since that local low, bitcoin is still 2% down on the day and struggles beneath $60,000. Its market capitalization has declined to $1.175 trillion, while its dominance over the alts has taken a slight hit and is down to 53.5% on CG.

Bitcoin/Price/Chart 21.08.2024. Source: TradingView

TRX on the Run

Most altcoins have followed BTC on the way down. Ethereum has slipped by 2.5% and now struggles at just under $2,600. SOL and XRP have marked similar losses. TON, BNB, DOGE, and BCH are also in the red on a daily scale.

Interestingly, the landscape around Tron’s native token is quite different. TRX has shot up by 12% in the past 24 hours and now sits above $0.16. AVAX, ADA, and MATIC have also charted impressive gains.

However, the total crypto market cap has shed about $40 billion overnight and is down to $2.2 trillion.