After losing over $4,000 since the Thursday evening peak at $82,000, bitcoin has finally calmed at around $78,000 following yesterday’s multi-week low.
Most larger-cap alts are quite sluggish on a daily scale, aside from the two largest privacy coins, which have posted impressive rebounds.
It was less than 11 days ago when the primary cryptocurrency spiked to its highest price level in three months at almost $83,000. This meant that it had recovered nearly 40% since its early February low. However, it was quickly stopped there and pushed to $79,000 by that Friday. After a quiet weekend, it rose past $82,400 lat Monday, where it faced another rejection and dipped to $80,000 in the following days.
The bears took it a step further on Wednesday, driving the asset south to $78,500. Then came the positive news on the CLARITY Act in the US Senate, and BTC rocketed by several grand to $82,000 once again.
That resistance turned out to be too strong, and BTC dipped to $80,500 in hours. The situation worsened on Friday evening and Saturday when the cryptocurrency dumped to a two-week low of $77,600. It has recovered some ground since then and now stands inches above $78,000.
Nevertheless, its market cap is down to $1.560 trillion, but its dominance over the alts stands tall above 58% on CG.
As mentioned above, there’s not much action on a daily scale from the larger-cap alts. ETH, XRP, SOL, and BNB are slightly in the red, while TRX, ADA, and DOGE have marked insignificant gains.
HYPE is up by over 2% daily to $43, while XMR has gained 3% to $390, and ZEC has surged past $515 following a 4.5% increase.
Pi Network’s PI token plunged suddenly yesterday and over 8% down on a weekly scale. It has lost a crucial support at $0.165, which some analysts believe opens the door for another drop to new all-time lows. The asset is also out of the top 50 alts by market cap.
The total crypto market cap remains below $2.680 trillion on CG after losing more than $100 billion since the Thursday high.
The post Pi Network’s PI Token Suffers Another Setback as Bitcoin (BTC) Calms at $78K: Weekend Watch appeared first on CryptoPotato.
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