As with most previous weekends, this one is also quite sluggish for bitcoin, which continues to fight for $80,000 without making any major moves.
The same cannot be said for some altcoins, though. ZEC, for example, has skyrocketed by 17% daily, while ARB has stolen the show with a massive 42% surge.
BTC Fights for $80K
The primary cryptocurrency closed August (on Monday) in the green for the first time in a bear market, surging by over 25% for the month. This came even after its early Monday retracement from $79,000 to $77,000 as the US and Iran resumed the strikes against each other.
Bitcoin rebounded to $79,000 rather quickly, but it was rejected on Tuesday and driven south to under $76,500 by Wednesday. That’s when the bulls returned in full force, initiating a major leg up that drove the asset to $82,400. This became BTC’s highest price tag since mid-May.
However, the strong US jobs report from Friday led to a major decline, as bitcoin slipped by three grand as the odds for the Fed to hike the rates skyrocketed. Nevertheless, BTC managed to rebound from the drop to $78,600 and jumped to around $80,000, where it spent most of the weekend, even though the amount of bearish news that should push it south has risen significantly in the past week.
Its market capitalization is back at $1.6 trillion on CMC, while its dominance over the alts has declined slightly to 59.1%.
BTCUSD September 6. Source: TradingView
ZEC, ARB on a Roll
Ethereum has neared $2,500 again after a 1.75% increase daily. BNB, which touched $770 yesterday, is below $760 now, while XRP has defended the $1.40 support. SOL is well above $100 once again, and similar gains are evident from the likes of HYPE, DOGE, RAIN, XMR, LINK, and ADA.
Uniswap’s UNI has jumped to $7 after a 10% increase, while ZEC is close to $1,200 for the first time in almost a decade following a major 17% jump. Arbitrum’s native token has stolen the show, surging by 42% to over $0.19.
The total crypto market cap remains at just over $2.7 trillion on CMC after a 0.8% increase since yesterday.
Cryptocurrency Market Overview September 6. Source: QuantifyCrypto
The post Arbitrum (ARB) Rockets by 42% Daily, Bitcoin (BTC) Fights for $80K: Weekend Watch appeared first on CryptoPotato.