Crypto Market Cap Flirts With $3T Mark as Bitcoin Was Stopped at $88K: Market Watch

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M is today’s top gainer, while ZEC has lost some of its momentum.

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Summarize with AI

Bitcoin’s price recovery that started on Friday led the asset to $88,000 earlier today, where it faced an immediate rejection and now stands two grand below it.

Most larger-cap alts have been quite sluggish on a daily basis, but ETH has remained above $2,800, and XRP has held above $2.00.

BTC Fails at $88K

The previous business week started on the wrong foot, and the mood persisted for days. On Monday and Tuesday, BTC was violently rejected at $96,000 and pushed south to under $90,000. Although it bounced off to $94,000 almost immediately, the bears returned quickly and initiated even more painful leg downs until the rest of the week.

After decisively losing the $90,000 support, bitcoin kept plunging and plummeted below $81,000 on Friday. This meant that the asset had lost $15,000 in the span of less than a week and tanked to a seven-month low.

After this calamity, the cryptocurrency finally saw some relief following hopeful comments about an upcoming US Fed rate cut. It bounced off to $84,000 during the weekend and climbed further on Sunday afternoon and Monday morning to $88,000.

However, that level was too strong for the asset. It was rejected there and driven down to $86,000 as of press time. Its market cap stands still at $1.715 trillion on CG, while its dominance over the alts is close to 57%.

BTCUSD. Source: TradingView

M Up, ZEC Down

Most larger-cap alts have failed to produce any significant moves over the past 24 hours. ETH, SOL, ADA, BCH, and LINK are slightly in the red, while XRP, BNB, TRX, DOGE, and HYPE are with insignificant gains.

More painful declines come from XMR and DOT, while ZEC has plunged by 7% to under $540. In contrast, HBAR has surged by over 5%, while CC is up by 10%. MemeCore is the other notable gainer, following a 9% surge to over $1.90.

The total crypto market cap has lost around $30 billion in a day and is close to breaking below $3 trillion.

Cryptocurrency Market Overview Daily. Source: QuantifyCrypto

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Cryptocurrency charts by TradingView.

Source: https://cryptopotato.com/crypto-market-cap-flirts-with-3t-mark-as-bitcoin-was-stopped-at-88k-market-watch/