Despite a brief dip below $103,000, Bitcoin (BTC) has managed to hold its ground, bouncing back strongly. Yet, the altcoin market tells a different story as many experience substantial losses, with PI leading the charge with a significant price drop.
Bitcoin kicked off the week on a positive note, soaring from just under $104,000 to nearly $106,000, a multi-month high. This surge was a direct response to the trading agreement reached between the US and China. However, the digital asset could not sustain this momentum and fell around $5,000 in the hours that followed, hitting a weekly low of under $101,000.
Despite this setback, the bulls refused to let Bitcoin fall below the pivotal $100,000 mark, initiating a recovery that propelled the cryptocurrency back up to $105,000 by Thursday. The subsequent days saw a rejection and increased volatility, but Bitcoin has managed to keep within a tight range of $102,500 to $104,000. The cryptocurrency is currently hovering near the higher end of this band.
Bitcoin’s market capitalization has stayed strong at over $2.050 trillion, with its dominance over altcoins increasing by more than 0.5% daily, now standing at 60.4%.
Contrarily, several larger-cap altcoins have experienced losses over the last 24 hours. Ethereum (ETH) fell below $2,500 after a 3% daily decrease. Dogecoin (DOGE) has also seen a similar downward trend, while Shiba Inu (SHIB) and Chainlink (LINK) have both fallen by more than 4%.
The most dramatic fall, however, comes from PI, the native token of the Pi Network, which saw a massive 20% drop, now trading below $0.7. Other larger-cap altcoins also in the red include PEPE, Uniswap (UNI), Ondo (ONDO), Aave (AAVE), Near Protocol (NEAR), Aptos (APT), and others.
As a result of these downturns, the total crypto market cap has shrunk by over $70 billion in just a day, bringing it down to $3.4 trillion.
