The past 24 hours have been a rollercoaster for Bitcoin and other cryptocurrencies. Bitcoin (BTC) recovered slightly and reached $88,000 earlier today, but it faced resistance and fell below that point again.
Some of the major altcoins, which are cryptocurrencies other than Bitcoin, also went slightly up in value. However, many of them are still struggling after recent price drops. Zcash (ZEC) has notably risen as the top gainer among big altcoins, and Canton (CC) from the mid-cap coins showed significant growth.
Bitcoin Stopped at $88K
Bitcoin has been moving up and down in value quite a bit lately. Last week, its price dropped from $90,000 to $85,500 before bouncing back to $90,000. Unfortunately, it fell again to $84,400, regardless of surprising US CPI numbers for November. CPI stands for Consumer Price Index, a measure of inflation that tracks the costs of goods and services. You can read more about it here.
At $84,400, Bitcoin’s bulls, which are traders hoping the price will go up, stepped in. They managed to push the price higher again. Over the weekend, Bitcoin hovered around $88,000, neither rising nor falling significantly. It tried to break through the $90,000 barrier on Monday, briefly reaching $90,400. Despite the effort, Bitcoin couldn’t stay above $90,000.
Yesterday brought another drop to $86,400, followed by another recovery attempt. This morning, Bitcoin climbed back up to $88,000 but failed to rise any higher. As of now, its price is about $87,500. Bitcoin’s total market cap, which is the value of all Bitcoin units in circulation, stays under $1.750 trillion. Its dominance, or the percentage of Bitcoin’s worth compared to all cryptocurrencies, is at 57.5%. You can read more about Bitcoin here.
Canton (CC) on the Rise
Ethereum (ETH), which is a blockchain platform for creating applications and its coin Ether, is holding above $2,900. Learn about Ethereum here. Meanwhile, Binance’s BNB cryptocurrency remains just above $840. XRP, which is the native coin of the XRP Ledger blockchain used for fast transactions, dropped below its $1.90 support. This decline could lead to further problems for XRP. Check out information about XRP Ledger here.
Other notable altcoins like Solana (SOL), Cardano (ADA), Bitcoin Cash (BCH), Chainlink (LINK), and Monero (XMR) have seen small daily increases. Zcash (ZEC), which ensures private transactions using specialized technology, is the biggest winner among the larger altcoins. It jumped over 9%, reaching almost $450. Want to know more about Zcash? Visit here.
Among mid-cap cryptocurrencies, Canton (CC) stood out. It skyrocketed by 17% in the past day, climbing above $0.10. Another coin called TAO, which might be Firo (a privacy-focused crypto), rose by 7% since yesterday. Learn about Firo here.
The total market cap of all cryptocurrencies combined has grown by about $20 billion in one day, reaching $3.040 trillion. Market cap is calculated by multiplying the price of a coin by the number of coins in circulation. More details are available here.
Summary: Bitcoin showed some recovery but failed to hold above $88,000. Many altcoins gained slightly, with Zcash (ZEC) leading among the larger ones, and Canton (CC) among the mid-cap cryptos. Overall, the total market cap has seen slight improvement.
The post originally appeared on CryptoPotato.