Bitcoin and other cryptocurrencies are showing mixed performance this week. Even though the United States shared better inflation numbers, Bitcoin’s price hasn’t gone higher. Instead, it stayed stuck and was rejected at $89,500 on Thursday. However, many other cryptocurrencies, known as altcoins, have seen a rise. Ethereum is close to $3,000, XRP went above $1.90, and some like ZEC, HYPE, CRO, UNI, and CC have gained value too.
Bitcoin Defends the $88K Support Level
Over the past week, Bitcoin (BTC) faced several challenges. The cryptocurrency dropped after being rejected twice at $94,500 last week. By the past weekend, Bitcoin reduced to $90,000 and stayed at that level for the next 48 hours. On Monday, the price fell further to below $85,500 as more sellers entered the market.
However, the buyers, also called bulls, tried to bring Bitcoin back up. On Tuesday, the price started improving, and by Wednesday, Bitcoin jumped to slightly over $90,000. Unfortunately, this rise was very short-lived. The price quickly dropped again to under $85,500. More fluctuations followed on Thursday when the U.S. released its monthly inflation data, which surprised many by being better than expected. After this news, Bitcoin briefly climbed to $89,500 but was again rejected and went down to $84,500—its lowest point in several months.
On Friday, Bitcoin tried one more time to recover and touched $89,500. But again, it failed to go any higher. Now, Bitcoin is trading above $88,000. This price means Bitcoin is still down by 2.5% compared to its price last week. Despite this, Bitcoin’s total market value stands strong at over $1.750 trillion. Its dominance, meaning how much of the overall cryptocurrency market Bitcoin represents, is 57.3%.
Altcoins Perform Well
While Bitcoin struggled, many altcoins—cryptocurrencies other than Bitcoin—did better. For example, Ethereum (ETH), which had fallen below $2,900 earlier, has already climbed back up and is now close to $3,000. Several other well-known coins like Binance Coin (BNB), Solana (SOL), Bitcoin Cash (BCH), and Chainlink (LINK) also experienced small gains in their prices.
Notable growth has been seen in XRP, which jumped by over 3.5%. XRP is now trading above the significant $1.90 mark. Similarly, Cardano’s ADA and Dogecoin (DOGE) have increased by 3% each.
Among the lesser-known cryptocurrencies, Zcash (ZEC) has once again jumped by double digits. Its price is now above $450. Meanwhile, cryptocurrencies like HYPE, CRO, and UNI are also up by 5%, 7%, and 9.5%, respectively. Another smaller altcoin, CC, saw an impressive rise of over 12%, now priced at $0.09.
Overall, the total market capitalization (the combined value of all cryptocurrencies) has gone up by about $50 billion. Now, the total cryptocurrency market value is at $3.080 trillion, as reported by CG. This increase shows that while Bitcoin is facing a tough time, many altcoins are helping the market grow.
Conclusion
Bitcoin is trying hard to defend its $88,000 support level, but it’s yet to make a big recovery. Meanwhile, many altcoins are performing well, bringing stability and growth to the cryptocurrency market as a whole. If you want to stay updated on cryptocurrencies and their market movements, it’s always good to check reliable news sources and market data regularly.