Andrew Grant
Bitcoin’s price recovery took the asset to just over $112,000 hours ago, but the bears reemerged and pushed it south by almost two grand since then.
In contrast, many altcoins have posted more impressive gains over the past day, including ETH, SOL, DOGE, HYPE, and CRO.
BTC Stopped at $112K
The primary cryptocurrency was gradually losing traction last week, which culminated on Friday in a price drop to under $112,000. It was a multi-week low at the time. Then came Jerome Powell’s speech, which shot the asset higher by over five grand from bottom to top.
However, bitcoin faced immediate selling pressure at over $117,000 and returned to $115,000 during the weekend. After spending most of it trading sideways there, the bears drove it south hard on Sunday evening to under $111,000, leaving millions in longs wrecked.
Although BTC bounced initially on Monday morning, it started to lose value once again later during the day and on Tuesday morning dumped to a seven-week low of just under $109,000.
It tried to stage a quick recovery that pushed it to $112,300 (on Bitstamp). However, its progress was halted once again there, and BTC now struggles below $111,000. Its market cap has calmed at $2.2 trillion on CG, while its dominance over the alts has taken another hit and is down to 56%.
CRO on the Rise
The biggest news in the cryptocurrency industry yesterday came from the POTUS-linked Trump Media and Technology Group, which announced a major partnership with Crypto.com. It includes adding the native token to the Truth Social platform and establishing a joint venture that will accumulate almost 20% of the total supply.
Naturally, CRO’s price skyrocketed by double digits to over $0.21 and kept climbing (currently up by over 40%) as it now trades at $0.22, which is a new yearly high.
HYPE, SOL, and OKB follow suit in terms of daily gains, but are far behind with 8%, 7%, and 5%, respectively. ETH, XRP, BNB, DOGE, ADA, and LINK are also well in the green.
The total crypto market cap has recovered over $60 billion since yesterday’s low and is up to $3.930 trillion on CG.
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