Total market value surged, crossing the $3 trillion threshold again.
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Over the weekend, recovery trends captured attention in the cryptocurrency market. After falling below $81,000 on Friday, Bitcoin $86,660 retested the $86,000 level. While the market displayed a green picture overall, privacy-focused altcoins like Monero (XMR) and Zcash (ZEC) stood out with strong rallies.
ContentsBitcoin’s Bullish ReactionXMR and ZEC Shine Bitcoin’s Bullish Reaction
The largest cryptocurrency, Bitcoin, accelerated its decline after dropping below $100,000 last week, moving below $90,000 for the first time since April on Tuesday. A severe selling wave on the last business day of the week slashed $8,000 off the price in less than 12 hours, dragging it down to $81,000, marking a seven-month low. Whale sales and profit-taking by ETF investors were key contributors to the selling pressure.
However, buyers returned from Friday night onwards. Purchases over the weekend propelled Bitcoin above $86,000. Bitcoin’s market capitalization increased to $1.72 trillion, maintaining a 57 percent share of the total market, according to CryptoAppsy data. Analysts suggest this movement might be a short-term upward reaction, and a trend reversal could only be discussed if there is a lasting breakout above $90,000.
XMR and ZEC Shine
Ethereum $2,829 rose by 3 percent in the past 24 hours, surpassing $2,800, while XRP climbed 7 percent, crossing $2 again. Major altcoins like BNB, Solana $131, Dogecoin $0.144284, and Cardano $0.413388 are also moving towards a positive close for the day. However, the real eye-catchers in the market have been the privacy-focused altcoins.
ZEC climbed 14 percent, nearing $580, and XMR spiked 16 percent, reaching $400. Analysts highlight that the strong momentum in these two altcoins stems from investors’ shift towards more protective and anonymous solutions amid market uncertainty. Meanwhile, HYPE coin dropped by 5 percent, dipping below $32. Other significant altcoins like CRO, HBAR, MNT, TAO, and AAVE also saw double-digit gains.
The overall market value increased by $60 billion in the last 24 hours, once again surpassing the $3 trillion threshold.
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