Bitcoin’s adventure above $70,000 didn’t last long as the asset was rejected at $71,800 and now sits over two grand below that local peak.
Most larger-cap alts are also in the red today, as ETH continues to fight for the coveted $2,000 level. ICP and PI are among the few exceptions with notable gains today.
BTC Falls Below $70K
It was a week ago when the primary cryptocurrency reached a monthly high at $74,000 after gaining $11,000 since that Saturday low of $63,000 when the strikes in the Middle East began. However, it couldn’t keep marching forward, and the subsequent retracement drove it south to $68,000 over the weekend.
As the war only intensified during the weekend, BTC dipped to $65,600 on Monday morning alongside the legacy financial markets. However, it rebounded almost immediately, especially after US President Donald Trump claimed that the war was almost over. BTC climbed toward $70,000, and even though that resistance was too strong at first, the asset managed to reclaim it yesterday.
The bulls drove it to a six-day peak of $71,800, where it was rejected and pushed south. As of now, bitcoin trades well below $70,000, with a market capitalization of $1.390 trillion on CG. Its dominance over the altcoins has also declined, and it’s now below 57%.
BTCUSD Mar 11. Source: TradingView
ICP, PI in the Green
Although ETH is down by over 2% in the past day, it still trades inches above the coveted $2,000 level. BNB is down to $640 after a minor decline, while XRP has lost the $1.40 support. LINK has declined the most from the larger-cap alts, followed by HYPE, SOL, and ADA.
More losses are evident from ZEC, TAO, SKY, and UNI, while ICP has defied the overall market trend with a notable 12% surge to $2.7 after a listing by Upbit. Pi Network’s PI token is the other impressive gainer today, as a 6% increase has driven it to almost $0.23 as of now.
The total crypto market cap has decreased by around $50 billion daily to $2.450 trillion as of press time.
Cryptocurrency Market Overview Daily Mar 11. Source: QuantifyCrypto
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