In what is expected to be a very volatile second half of the week, the price of bitcoin fell to $77,600 yesterday after being rejected above $80,000 on Monday before rebounding to $79,000 now.
Most larger-cap alternative assets are also in the green today, with ETH trading above $2,500 and XRP defending the key support level at $1.40.
BTC returns to $79,000
Bitcoin had a relatively slow previous week, during which it traded between $77,000 and $79,000. However, it briefly fell below the lower limit before the bulls stepped up their efforts on Thursday and began a massive rally. The high point came on Friday morning when BTC surpassed $82,000 for the first time since mid-May.
Although it failed, the subsequent retracement was not too violent and BTC held $81,000 for the next few hours. However, the stronger-than-expected U.S. jobs report released Friday afternoon led to a significant decline, taking bitcoin below $79,000 by the end of the day.
The cryptocurrency rebounded over the weekend and remained near $79,000. It attempted to break down the $80,000 resistance on Monday morning but was quickly rejected. It initially fell to $78,800 before declines took it to the aforementioned $76,400. Nonetheless, it responded well to this drop and surged to over $79,000 at press time.
Bitcoin’s market cap reached $1.590 trillion on CMC, while its dominance on alts reached 58.8%.
XRP defends $1.40
Ethereum is up over 1% in the past 24 hours and is once again above $2,500. SOL held the $100 support, while HYPE hit another all-time high in the last 24 hours, this time near $90. Ripple’s XRP fell below the crucial $1.40 support yesterday. However, bulls defended this level after rising 3.5% to $1.44.
ZEC continues its major rally, rising almost 10% daily to $1,240. Even more impressive gains are evident with DOT, ATOM and LIT. The VVV’s gains, however, are unrivaled. The token is up over 50% daily and is now trading at $29.
The total crypto market cap increased 0.54% daily on CMC to $2.69 trillion.
The post Ripple’s XRP Rebounds Quickly, Bitcoin (BTC) Reclaims $79,000: Market Watch appeared first on CryptoPotato.
About the Author
