Bitcoin’s impressive price ascent that began late on Friday drove the asset to a multi-day low of just under $70,000, where it faced some resistance.
The altcoin space is filled with notable gainers as well, with ETH surging toward $2,100, SOL going to $86, and XRP aiming at $1.45.
After dumping to $60,000 on February 6, the primary cryptocurrency bounced off to $72,000 almost immediately but couldn’t penetrate that level and was sent south toward $68,000. The following several days were quite underwhelming as BTC spent them trading sideways between $68,000 and $72,000.
The upper boundary rejected the latest attempt on February 10, and bitcoin began to lose value rapidly, going down to $66,000 on February 12 and $65,000 on Friday morning. However, the bulls managed to defend that support and actually helped BTC reverse its trajectory.
They initiated a notable leg up that drove bitcoin to $68,000 $69,000 on Friday evening. After it stalled there for some hours, the bulls pushed the asset further to almost $70,000 on Saturday morning, but that resistance is yet to fall.
For now, bitcoin’s market cap has risen to $1.390 trillion on CG, while its dominance over the altcoins has remained relatively stable at 56.7%.
Ethereum struggles mid-week as it dumped below $2,000 after the latest leg down. However, it reacted positively to this drop and now sits close to $2,100 after a 6% daily increase. XRP, which went down to $1.35 at one point, stands at $1.45 now after a similar daily increase.
Zcash is the biggest gainer from the larger-cap alts. ZEC has soared by 20% to $280, followed by HBAR (9%), BCH (8%), XLM (8%), and LINK (6%). SOL has shipped to $86 after a 7.3% daily jump.
Pi Network’s native token has finally shown some signs of revival. It’s up by 8% daily and 18% since its all-time low marked just three days ago, which prompted some analysts to speculate whether this is a sustainable recovery or just another dead-cat bounce before a new plunge.
The total crypto market cap has added roughly $100 billion in a day and is up to $2.455 trillion on CG.
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