Despite the improving inflation data in the United States, bitcoin’s price has failed to capitalize and was stopped at $89,500 on Thursday.
Most altcoins have turned green today. Ethereum has neared $3,000, while XRP has bounced above the crucial $1.90 support. More gains are evident from the likes of ZEC, HYPE, CRO, UNI, and CC.
BTC Defends $88K Support
Following the two consecutive rejections at $94,500 last week, bitcoin’s price started to correct almost immediately, dropping to $90,000 over the previous weekend. Although it remained there for nearly 48 hours, the bears took control once again on Monday. As a result, BTC dumped to under $85,500.
The bulls managed to stage a recovery by Tuesday, and bitcoin even went on the run on Wednesday. It skyrocketed to just over $90,000 within minutes, but crumbled just as quickly and dropped below $85,500.
More volatility came on Thursday when the US CPI data came out better than expected. The cryptocurrency spiked to $89,500, where it was rejected again and driven to a multi-month low of $84,500.
Another recovery attempt came yesterday when BTC spiked to $89,500 again, but to no avail. It currently trades above $88,000, which is still a 2.5% decline on a weekly scale. Its market cap remains above $1.750 trillion, while its dominance over the altcoins is at 57.3%.
BTCUSD Dec 20. Source: TradingView
Alts in Green
Ethereum slumped below $2,900 earlier this week but quickly reclaimed that level and now sits close to $3,000 after a minor daily increase. Similar gains are evident from BNB, SOL, BCH, and LINK. XRP has jumped by over 3.5% and trades above $1.90. ADA and DOGE have added 3% of value as well.
ZEC has jumped by double digits once again and now sits above $450. HYPE is up by 5%, CRO by 7%, UNI by 9.5%, and CC has rocketed by over 12% to $0.09.
The cumulative market capitalization of all cryptocurrency assets has added around $50 billion overnight and is up to $3.080 trillion on CG.
Cryptocurrency Market Overview Daily Dec 20. Source: QuantifyCrypto
The post ZEC Charts Another Double-Digit Increase as BTC Defends $88K Level: Weekend Watch appeared first on CryptoPotato.