Filecoin (FIL) Rockets 25% to $1, Bitcoin (BTC) Maintains $77K as Big Week Begins: Market Watch
TL;DR
Filecoin (FIL) surged 25% to $1, while Bitcoin (BTC) recovered to nearly $78,000 ahead of a crucial week for the cryptocurrency market.
Key points
- Filecoin (FIL) rose 25% to $1
- Bitcoin (BTC) recovered to nearly $78,000
- Bitcoin dipped below $77,000 earlier in the week
- Ripple's XRP is targeting the $1.40 resistance
- ZEC rebounded past $1,130
Bitcoin’s price dipped below $77,000 on Sunday but has managed to recover about a grand since that local low, and now sits closer to $78,000 ahead of what is expected to be its most important week this year.
Ripple’s XRP is trying to take down the $1.40 resistance once again, while ZEC has rebounded past $1,130. BTW is today’s top performer, surging by 36%, and it’s followed by FIL.
BTC Begins Crucial Week
Bitcoin entered the previous business week on the right foot, as it tried to overcome the $80,000 mark for the third or fourth time in the past 10 days. However, the bears were once again more persistent and didn’t allow it. Instead, the cryptocurrency started to lose value gradually and dipped to $77,600 by Wednesday.
It bounced to $79,600 twice on Thursday morning, but each attempt was halted, especially after the PPI data came out. More volatility was expected on Friday with the release of the CPI data, and it didn’t disappoint. Once the number came out, bitcoin went from over $77,000 to $76,000, before it shot up to $79,800 – all within just over an hour.
It was rejected at $80,000 once again and returned to its starting point at around $77,000. The weekend was less eventful, as usual, with BTC dipping to $76,400 yesterday and this morning. However, it has bounced to almost $78,000 as of press time as it begins arguably its most important week this year, with the Fed’s decision and the voting on the CLARITY Act.
Its market cap is back at $1.560 trillion, while its dominance over the alts is up to 59% on CMC.
BTCUSD September 14. Source: TradingView
FIL, BTW on a Roll
Ethereum has rebounded to over $2,500 today, while BNB remains north of $720. Ripple’s XRP is up by more than 3%, and it’s knocking on the $1.40 door. ZEC is up to $1,140 after a 5% increase, while XMR has slipped by almost 4% to $515.
The two top gainers from the 100 largest altcoins are BTW and FIL. The former has skyrocketed by more than 32% to $0.77, while the latter has tapped the $1.00 level after a 25% surge.
The cumulative market cap of all crypto assets has increased by 1% daily to $2.650 trillion on CMC.
Cryptocurrency Market Overview September 14. Source: QuantifyCrypto
Q&A
What caused Filecoin's 25% increase to $1?
Filecoin's significant rise is attributed to market momentum and investor interest, although specific catalysts were not detailed.
How did Bitcoin perform this week compared to last week?
Bitcoin dipped below $77,000 earlier in the week but recovered to around $78,000 as it approached a pivotal week for the cryptocurrency market.
What are the key resistance levels for Ripple's XRP?
Ripple's XRP is currently attempting to break through the $1.40 resistance level, which has been a significant barrier in recent trading.
