M is the only major exception in the green today, while WLD has plummeted hard, followed by LIT, DOT, STRK, and many others.
Bitcoin’s adverse price movements that began with the rejection at $85,000 on Wednesday continue, with the asset sliding to $80,400 earlier this morning, perhaps due to the latest Trump comments on the war against Iran.
Most altcoins have followed suit, with ETH dropping further below $2,400, and XRP seemingly losing the crucial $1.30 support. NEAR, BTW, PUMP, WLD, and DOT have slumped even more.
Will $80K Hold?
After the intense volatility experienced in the previous business week following the release of the CPI and PPI data, and BTC’s subsequent retreat to under $80,000, the cryptocurrency tried to rebound almost immediately and stood above $82,000 over the weekend. Then came a flash crash that brought it south by a grand on Saturday evening, before the bulls tried to take down the $83,000 resistance on Monday.
They failed at first, and bitcoin slipped to $81,000. A sudden uptick on Tuesday drove it to just over that line before the bulls took it a step further on Wednesday, driving BTC to a two-week peak of almost $85,000.
However, this was a short-lived rally, and the rejection was quite rapid and painful. At first, BTC tanked to under $83,000, but the bears took complete control of the market on Friday and Saturday morning, at least for now, driving bitcoin to $80,400 for the first time in about ten days.
Although BTC remains above $80,000 as of now, it’s still 1% down for the day again. Its market cap has pulled back to $1.620 trillion, but its dominance over the alts stands tall at 60% on CMC.
Alts in the Red Again
ETH is down by a similar percentage to BTC and sits well below $2,400. Ripple’s native token has dived by over 2%, and it’s now below $1.30. Recall that the asset neared $1.40 on Wednesday before the market-wide pullback. SOL is close to breaking below $100, while ZEC has tanked below $1,200.
Further losses are evident from XMR, XLM, LINK, RAIN, LTC, and NEAR. WLD is the only double-digit loser, while M has defied the broader market’s move with a 10% surge.
The total crypto market cap is down by over 1% daily to $2.7 trillion on CMC.
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