Andrew Grant
Bitcoin’s price nosedived yesterday to just under $86,000, but the asset bounced off and has recovered more than a grand since then.
Most altcoins are in the red on a daily scale, including XRP, SOL, and DOGE. PI have finally charted some minor gains.
BTC Bounces
It was precisely a week ago when BTC’s price shot up above $87,500 on the heels of the Fed’s latest meeting and Ripple’s lawsuit conclusion. However, the cryptocurrency couldn’t maintain its run and quickly slumped to $83,000.
It bounced off and stood primarily around $84,000 during the weekend. It finally made a move on Sunday evening that continued on Monday. At the time, the largest digital asset spiked to $88,800 for the first time in just over two weeks.
The predominantly bearish momentum took its toll on this rally, and BTC failed to continue upward. The rejection was particularly violent on Wednesday as bitcoin dropped beneath $86,000 after a price decline of almost three grand.
Nevertheless, it defended that level and quickly rose back above it. Moreover, it now trades at around $87,500, which is over a grand and a half higher than yesterday’s low. Its market cap has slid to $1.735 trillion on CG, but its dominance over the alts has increased slightly to 58.6%.
SUI Rises 9%
Most altcoins charted some gains over the past few days but have turned red now. Ethereum is down by over 1.5% and is close to breaking below $2,000 once again. XRP has slipped beneath $2.4 after a nearly 4% daily drop. SOL, DOGE, and ADA have marked similar losses, while SHIB has plunged by 7%.
In contrast, BNB and TRX are up by around 1-2%. TON and TUI have emerged as today’s top performers, having surged by 7% and 9%, respectively. As a result, the former trades close to $3.9, while the latter has neared $2.8.
The total crypto market cap has lost over $35 billion since yesterday and is down to $2.965 trillion on CG.
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Cryptocurrency charts by TradingView.
