According to CryptoPotato, Bitcoin's brief surge above $60,000 was short-lived as the cryptocurrency dropped below this level yesterday and has remained there since. Following Bitcoin's lead, most altcoins have also experienced daily declines, with the notable exception of TRX, which has soared to over $0.16.
After last Thursday's significant correction that saw Bitcoin plummet to a multi-day low of $56,200, the cryptocurrency began to recover, trading within a tight range around $59,000 and $60,000 over the weekend. However, Monday saw another downturn as Bitcoin fell to $58,000. Bulls quickly intervened, pushing the price up to a six-day high of over $61,400 within hours. Despite this, Bitcoin failed to sustain its upward momentum and dropped below $59,000 later on, amid reports of increased BTC transfers from Mt Gox.
Despite a slight recovery from its local low, Bitcoin remains 2% down on the day and continues to struggle below $60,000. Its market capitalization has decreased to $1.175 trillion, and its dominance over altcoins has slightly declined to 53.5%.
Most altcoins have mirrored Bitcoin's downward trend. Ethereum has slipped by 2.5% and is now just under $2,600. SOL and XRP have experienced similar losses, while TON, BNB, DOGE, and BCH are also in the red on a daily scale. In contrast, Tron's native token, TRX, has surged by 12% in the past 24 hours, now sitting above $0.16. Other altcoins like AVAX, ADA, and MATIC have also posted impressive gains. However, the total cryptocurrency market cap has decreased by about $40 billion overnight, now standing at $2.2 trillion.
