Tron (TRX) Surges 12% While Bitcoin (BTC) Falls Below $60K

In today’s crypto market, TRX, AVAX, and MATIC stand out as a few of the positive performers, while Bitcoin and most other altcoins are seeing declines.

Bitcoin Dips Below $60K Again

Bitcoin’s brief journey above the $60,000 mark was cut short once more. The digital currency slipped below this critical level yesterday and has struggled to recover since.

Most altcoins have mirrored Bitcoin’s downward trend, posting daily losses. However, Tron (TRX) defied the odds, surging to over $0.16.

Bitcoin’s Struggle Continues

Following a sharp correction last Thursday that saw Bitcoin fall to a multi-day low of $56,200, the leading cryptocurrency had been showing signs of recovery. Over the weekend, it traded within a narrow range, hovering between $59,000 and $60,000.

However, Monday brought renewed bearish pressure, driving Bitcoin down to $58,000. Bulls briefly regained control, propelling the price back up by over $3,000 to a six-day high of more than $61,400.

Despite this rebound, Bitcoin failed to sustain the upward momentum, falling back below $59,000 later in the day. This decline coincided with reports that Mt. Gox had resumed transferring Bitcoin.

Bitcoin has since recovered slightly from its local low but remains 2% down on the day, continuing to struggle below the $60,000 mark. Its market capitalization has dropped to $1.175 trillion, and its dominance over the altcoin market has decreased slightly to 53.5%, according to CoinGecko.

TRX on the Rise

While most altcoins have followed Bitcoin’s downward trajectory, Ethereum has slipped by 2.5% and is now hovering just below $2,600. Similar losses have been seen with SOL and XRP. TON, BNB, DOGE, and BCH have also posted daily declines.

However, the scenario for Tron’s native token, TRX, is markedly different. TRX has surged by 12% over the past 24 hours, currently trading above $0.16. AVAX, ADA, and MATIC have also recorded notable gains, bucking the overall market trend.