Today, Bitcoin showed an increase, reaching $111,800, but then its price slightly corrected. At the same time, altcoins like Avalanche and Bitcoin Cash also delivered impressive results.
Bitcoin's Rise to $111K
Following the price explosion on August 22, when Bitcoin skyrocketed from under $112,000 to over $117,000 in minutes, the asset struggled to maintain its momentum and began to decline.
Bitcoin's price fell to just over $107,000, marking its lowest level in about two months at the beginning of the current business week. However, bulls stepped in on Monday evening, allowing BTC to recover some ground and return to $110,000. On Wednesday morning, it climbed slightly again to almost $112,000 but faced pressure, dropping to the current $111,000.
Bitcoin's market capitalization has risen to just over $2.210 trillion, while its dominance over altcoins stands at 56.5%.
Positive Changes for BCH and AVAX
While Ethereum has stagnated around $4,500, other altcoins like BNB, TRX, LINK, and HYPE have seen slight declines. In contrast, both Avalanche and Bitcoin Cash have emerged as market favorites, rising around 5% to $25 and $600, respectively. MemeCore also showcased excellent results, soaring 14% daily to $0.95.
Overall Picture of the Crypto Market
Overall, the total crypto market capitalization remains above $3.9 trillion, with a minor daily increase. It is important to note that many major cryptocurrencies are under pressure; however, there are some exceptions that demonstrate positive results.
In conclusion, the crypto market continues to fluctuate, with Bitcoin on the path to recovery and some altcoins showing significant growth under the current conditions.
