Bitcoin’s price surged past $87,000 in recent hours, but bears have so far proven more persistent, pushing the cryptocurrency back down toward $86,000.
Several altcoins have posted significant gains over the past day, including Ripple’s XRP, which has soared above $1.60, and Hyperliquid’s HYPE, which reached a new all-time high near $100.
Following last week’s failed advancement vote on the CLARITY Act and a subsequent rate hike by the US Federal Reserve, concerns had emerged regarding Bitcoin’s ability to sustain its August breakout. The asset had been rejected at the $80,000 mark on multiple occasions, and these developments had pushed it down to a three-week low of $75,000.
However, the cryptocurrency rebounded swiftly, reclaiming $78,000 by Friday morning. Bulls then accelerated their efforts later that day, driving the price past $80,000. This time, unlike previous instances, BTC managed to continue its upward trajectory, challenging $82,000 on Saturday.
The latest escalation in the Middle East conflict, alongside the ongoing war in Ukraine, temporarily halted Bitcoin’s progress, causing it to slip to $80,300. Nevertheless, it did not fall below $80,000. Instead, the cryptocurrency embarked on a significant rally on Monday, adding $7,000 in value and surpassing $87,000 for the first time since late January.
The ascent was met with resistance, and Bitcoin dipped to $85,000 before attempting another push. However, the same scenario repeated. As of press time, BTC has been pushed back to $86,000. Its dominance over altcoins remains at 59%, and its total market capitalization is still above $1.730 trillion, according to CoinMarketCap.
Altcoin Performance
Ethereum (ETH), Binance Coin (BNB), Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) have largely remained at yesterday’s levels. HYPE, however, broke its all-time high, setting a new record at $98. Ripple’s XRP has reclaimed the key $1.60 resistance level. Zcash (ZEC) has surged past $1,600, marking a 7% daily increase.
Even more impressive gains are evident from Bitcoin Cash (BCH) and Uniswap (UNI), both of which have benefited from a recent announcement by the CME. BCH has jumped by over 33%, while UNI is up by 16%. BitTorrent (BTT) has also seen double-digit growth, with Aave (AAVE) and Mantle (MNT) also trading well in positive territory.
The total cryptocurrency market capitalization has increased by $50 billion in the last 24 hours, reaching $2.950 trillion, according to CoinMarketCap.
