Bitcoin’s price instability continued in the past 24 hours as the asset failed at over $111,500 and slipped back down to familiar territory of around $110,000.
Most altcoins are with minor gains within the same timeframe, aside from TAO and ZEC, which have exploded by double digits, and Figure Heloc, which has skyrocketed by more than 300%.
BTC Unstable at $110K
The macro perspective received several positive news in the past ten days or so, starting from the lower-than-expected inflation numbers for September announced last Friday. Then, the US Federal Reserve cut the interest rates on Wednesday, as expected, while China and the US reached some preliminary consensus on trade frictions.
However, BTC’s price has failed to capitalize on this momentum. Just the opposite, the asset challenged $116,000 on a couple of occasions at the beginning of the business week, only to be halted there and pushed south hard. Even after the Fed’s rate reduction, BTC dumped from $112,000 to under $108,000.
The Washington-Beijing news brought some short-term relief, but BTC couldn’t pass through $115,000 on Thursday and Friday and was pushed south to around $110,000, where it currently sits. Consequently, its market capitalization remains below $2.2 trillion on CG, and its dominance over the alts is below 58%.
ZEC, TAO on the Rise
Most larger-cap alts have posted gains of up to 1% in the past 24 hours. These include ETH, XRP, BNB, DOGE, TRX, and ADA. In contrast, SOL and HYPE are slightly in the red.
More impressive price increases come from some of the recent high-fliers. Figure Haloc, for instance, has gone on a tear once again in the past day, surging by over 340% and now sits beyond $1.
TAO and ZEC followed suit with more modest double-digit price pumps of 20% and 13%, respectively. ZEC has tapped a new multi-year record of almost $450. Other notable gainers include XMR, LTC, AAVE, HBAR, ETC, WLD, and ICP.
The total crypto market cap has remained under $3.8 trillion on CG.
