Bitcoin (BTC) Rejected at $87K Again, Cardano (ADA) Soars 11%: Market Watch
Somewhat surprisingly, following the weekend developments on the Middle East front, BTC’s price soared to $87,000 once again but met the same rejection fate.
Most altcoins, though, including ADA, NEAR, DOGE, and HYPE, have posted notable gains over the past 24 hours. Some of the few exceptions are RAIN and QNT.
BTC Stopped at $87K Again
The primary cryptocurrency has been highly sensitive to macro news lately, including last week’s PCE data, which came out on Wednesday. As the reading showed slowing inflation, BTC skyrocketed from $83,000 to $85,600 within minutes before it was rejected and returned to its starting point.
After a quiet Thursday, bitcoin went on the offensive once again on Friday. The weak US jobs report helped the cryptocurrency gain additional traction and pushed it to over $87,000 for the first time in ten days. However, the bears were quick to reemerge. Within the next few hours, BTC crashed below $84,000, leaving nearly $600 million in liquidations.
It found some support over the weekend and climbed past $84,000. It continued its gradual ascent on Sunday to $85,000 before surging to $87,000 on Monday morning, despite warnings of escalating tensions in the Middle East.
The rejection scenario repeated, and BTC dumped to under $85,500 before it bounced off slightly and now sits close to $86,000. Its market cap is up to $1.720 trillion on CMC, while its dominance over the alts stands still at 59%.
ADA Flies
Ethereum has jumped to just over the key $2,700 resistance after a minor increase. XRP is above $1.50 as well, following a 1.2% daily rise. More impressive gains are evident from the likes of HYPE (3.5%) and DOGE (3.75%). NEAR has reclaimed the $5 level after a 5% daily increase. Cardano’s ADA has soared the most from this cohort of alts, jumping by almost 11% to $0.27.
Other notable gainers include SUI, CC, SHIB, ONDO, and especially ENA, which is up by 7.5%. Meanwhile, FET has rocketed by over 15%, while VIRTUAL is up by 12%.
The cumulative market capitalization of all crypto assets has gained 1% and is up to $2.930 trillion on CMC.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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