Although it managed to recover several grand since last Friday’s calamity, BTC has failed to decisively overcome the $87,000 resistance line.
In contrast, several altcoins have produced more impressive gains over the past day, including Pi Network’s native token, which is up by double digits weekly.
It was just over two weeks ago when the primary cryptocurrency was riding high at around $107,000. However, it quickly lost momentum, and the overall trend turned bearish with a price drop to a five-digit price territory by the end of that business week. Although it tried to rebound, it couldn’t challenge the $100,000 mark again, and the correction continued.
The culmination took place last Friday when the bears seemed in complete control. In the past of less than 24 hours, they drove BTC south hard to a seven-month low of under $81,000 (on most exchanges). After losing more than $25,000 in days, bitcoin finally bounced off and jumped to around $84,000, where it spent most of the weekend.
The recovery attempts continued on Monday and especially Tuesday when it jumped to $89,000. However, it couldn’t keep climbing and has slipped to $87,000 as of press time.
Its market cap has dropped to $1.735 trillion on CG, while its dominance over the altcoins stands still at 56.4%.
Most larger-cap alts have charted insignificant moves over the past day. On one hand, ETH, BNB, SOL, TRX, DOGE, ADA, and LINK are slightly in the green, while XRP and ZEC are with minor losses.
More impressive gains come from BCH, HYPE, XMR, and SHIB – all of which have jumped by up to 4%. ENA has surged by 6%, while TAO is up by 6.5%. Some rumors of an upcoming big update pushed Pi Network’s PI token higher today, jumping to a weekly high of over $0.25.
The total crypto market cap has remained essentially unchanged from yesterday, at around $3.075 trillion on CG.
