After intense price volatility at the start of the business week, bitcoin has calmed in the past few days and has remained sideways at around $84,000.
Although the same can be said about many larger-cap alts, some of the mid-caps have produced impressive gains, such as ENA, CC, SUI, and PUMP.
BTC Calms at $84K
The primary cryptocurrency was stopped at $82,000 last Saturday after the US and Iran resumed strikes against each other. Bitcoin slipped to $80,300 on Sunday but managed to remain above the key $80,000 support. The bulls took complete control of the market on Monday, initiating a $7,000 leg up that pushed the asset to its highest price level since late January at $87,000.
Bitcoin was stopped there at first and quickly retreated to $84,000. It went on the offensive once again a day later, but the $87,300 barrier was too strong. This rejection was a lot more severe, as BTC dropped to $84,000 by Wednesday and to $83,000 on Thursday morning.
Nevertheless, that support held and BTC rebounded to $85,000 on Friday. It was stopped there again and has remained sideways at around $84,000 ever since, but the pressure could intensify soon. Its market capitalization has calmed at $1.680 trillion on CMC, but its dominance over the alts has slipped to 58.6%.
These Alts Dominate
In a market in which some altcoins have been stealing the spotlight, Ethena’s ENA has risen to the top today with a massive 24% surge. Perhaps the most probable reason is the Binance partnership announced yesterday. CC, SUI, and PUMP have rocketed by double digits among the mid-cap alts, followed by AERO and STX.
Meanwhile, ZEC has retreated by over 4% in the past 24 hours and now sits at $1,525. XMR is down to $553 after a 2.6% decline. XRP, HYPE, ETH, and BNB are also slightly in the red, while SOL, LINK, and UNI have posted some gains.
The cumulative market capitalization of all crypto assets has remained essentially at the same level as yesterday, at $2.880 trillion on CMC.
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