Yesterday, the Bitcoin rally hit a brick wall as it tried to topple the $106,000 mark. That was when the bears came to the rescue and sent the price crashing down below $101,000. A shaky foothold was created afterwards.
Most altcoins have turned red today after the recent gains, led by a massive price slump from PI.
BTC Stopped at $106K
Bitcoin touched the $100,000 mark on February 24th, leaving behind its sideways action between $94,000 and $96,000. After setting on blockers for an entire week, the cryptocurrency finally dashed past an upper limit on May 8th, not looking back since then and firmly establishing itself as a six-figure coin.
With the usual weekend lull suspended by talk of a possible thaw in the chilly atmosphere between the US and China, Bitcoin kept moving northwards. Those whispers began turning into roars yesterday, with tariffs on pause; Bitcoin exploded to a four-month high, nearly touching $106,000.
Just when the bulls must have thought that their tenure was set in stone, the bears awoke to revenge. Such a sudden resurgence put on the brakes to Bitcoin’s northward ascent, triggering a dizzying freefall. It was that fast: the king of crypto found itself dethroned below the $101,000 landmark, a level which had not been seen in what just felt like an eternity in this volatile world of digital currency.
Limping for a moment, Bitcoin’s now back in the ring and dusting off at a little less than $103,000! The huge champion is still holding his capacity at a massive $2.04 trillion. Even better, Bitcoin is strutting the altcoin territory with an awesome 59.8% dominance on CoinGecko.
Alts Back in Red
The altcoin party abruptly came to a halt overnight. After a week of dizzying climbs, red swept over the market. Normally seen as volatile, the meme coins are now taking the lead in their descent. DOGE, SHIB, PEPE, and WIF? All nursing double-digit losses, about 10%, reminding investors that what goes up must come down.
PI has dumped the most from the largest 100 alts, having lost 25% of value and trading below $1.15 now.
Meanwhile, XRP went on to make a rare appearance in green amid the reds. After breaking through briefly above the $2.50 mark, the cross-border payment solution attempted a run-up to $2.70 before being thrown back down, leaving investors asking themselves if this is really going to be a breakout.
This money represents a staggering $100 billion lost overnight in the crypto kingdom, according to CoinGecko. The total market cap now rests at $3.42 trillion. The party is over- for now.
Thanks for reading XRP Defies Market Correction Trend BTC Price Slips Below $103K (Market Watch)
