Bitcoin Price Reclaims $54K Level, SUI Explodes 11% Daily (Weekend Watch)

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Bitcoin’s price tumbled hard on Friday but managed to recover some ground on Saturday and has maintained above $54,000 since then.

The altcoins have also seen some minor relief increases, with ETH standing close to $2,300 and BNB reclaiming $500.

BTC Maintains $54K

It was another bearish week for the primary cryptocurrency, even though it headed toward $60,000 on Tuesday. However, the subsequent rejection pushed it south hard, and the asset plummeted to $55,500 by Wednesday.

Another lower high followed on Thursday, and bitcoin slipped to $55,200 on Friday in anticipation of the US jobs report. Once that came out and showed a modest decrease in the unemployment rates, BTC spiked by $1,500 in minutes to $57,000.

However, that was another short-lived rally that was followed by a massive drop. In a matter of minutes, BTC dumped by more than four grand and fell to $52,800. The bulls managed to intervene at this point and began a minor recovery that pushed bitcoin to just over $54,000 on Saturday.

Since then, the trading action has been mostly sideways, and BTC stands about $500 above it. Being 7% down weekly, though, means that its market cap has slumped to $1.075 trillion, and its dominance over the alts has declined by almost a whole percentage to 53.2% on CG.

Bitcoin/Price/Chart 08.09.2024. Source: TradingView

SUI Takes Main Stage

The alts suffered just as badly as BTC in the past week, but most have posted minor gains on a daily scale. ETH is slightly in the green, which has helped it near $2,300, while BNB is up to $505 after a 2% daily increase.

SOL, DOGE, TRX, and TON have posted similar gains, while ADA is up by 4%. AVAX has soared by 6% daily. However, the biggest gainer from the top 50 alts is SUI, which has skyrocketed by almost 11%. As a result, the token now stands close to $1.

The total crypto market cap has defended the $2 trillion level (on CG) and is now about $20 billion above it.