Bitcoin is still trying to recover from the crash at the end of the previous business week, and the latest leg up was halted at $84,000.
Most altcoins are in the green, though, with ETH surging past $2,550, while XRP has rebounded to over $1.40. ZEC is up by 7%, while HYPE eyes $90 again.
BTC Eyes $84K
The primary cryptocurrency tried to take down the coveted $87,000 at the beginning of the previous business week, but it was halted in its tracks and quickly retreated to just under $85,000. It bounced off toward its initial target, but this time it posted a lower high, getting rejected at $86,600. The bears stepped up at this point, and the subsequent leg down was a lot more violent.
The $85,000 support couldn’t hold BTC, and the asset slumped to $83,500. After another unsuccessful recovery attempt, it nosedived once again; this time, the cryptocurrency slumped to $80,400 for the first time in well over two weeks.
After losing nearly $7,000 in just a few days, bitcoin was due for a more profound rebound. It rose on Friday to $83,500, where it stalled again. It spent the weekend trading sideways around $83,000 before jumping to over $84,000 earlier today, despite escalating tension in the Middle East.
Sellers intervened once again, and the cryptocurrency now trades inches below that level. Its market cap has recovered slightly to $1.680 trillion on CMC, while its dominance over the alts is down to 59.35%.
BTCUSD October 12. Source: TradingView
Alts Back in Green
Despite the substantial net outflows from the spot Ethereum ETFs last week, the underlying asset’s price has risen by over 2% daily and sits above $2,550. Ripple’s native token has risen past the key $1.40 level, which it has been fighting for days. SOL, DOGE, LINK, HYPE, TRX, BNB, XMR, and ADA are also in the green.
ZEC has reclaimed the $1,300 level after a 6.3% increase. NEAR continues its spectacular rise, with another double-digit surge to $5.80. ICP, FIL, ZRO, ALGO, and VVV complete the double-digit price gainers club.
The cumulative market cap of all crypto assets has increased by 1% to $2.830 trillion on CMC.
Cryptocurrency Market Overview October 12. Source: QuantifyCrypto
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