Bitcoin experienced a significant price drop yesterday, falling below $88,500 to reach a seven-month low before initiating a modest recovery. Ethereum also saw a sharp decline but has since returned to the $3,000 mark. Binance Coin is hovering around $900, while Zcash (ZEC) continues its upward trend.
Bitcoin's Latest Local Low
Just over a week ago, Bitcoin faced rejection at the $107,000 level, as positive developments in the United States failed to provide the necessary bullish momentum for the asset to surpass $110,000. The subsequent ten days proved to be volatile, beginning with a sharp decline below $100,000 by last Thursday.
Bulls were unable to intervene in time, and BTC continued its downward trajectory, falling to $94,000 the following day. The cryptocurrency found some respite over the weekend, trading sideways between $94,000 and $96,000. However, on Sunday afternoon, bears reasserted control, driving the price further south to $93,000.
The start of the current business week was challenging, with Bitcoin dropping below $90,000 to chart a seven-month low. Although it experienced a bounce to $94,000 yesterday, the price was quickly rejected and pushed back below $90,000. The asset bottomed out at $88,400 (on Bitstamp), a level not seen since April 2025.
As of press time, Bitcoin has managed to recover some ground but remains below $92,000. Its market capitalization is struggling at $1.830 trillion, while its dominance over altcoins remains steady at 57%.
ZEC and ATOM Show Strong Gains
Ethereum experienced a significant downturn yesterday, losing the $3,000 and even the $2,900 levels, touching a low of $2,880. Analysts noted that the subsequent bounce presents a strong setup for further upward movement, and the asset has now returned to $3,000. Binance Coin is currently trading at $900 after a minor decline since yesterday. XRP, Tron (TRX), Dogecoin (DOGE), and Cardano (ADA) are showing slight losses.
In contrast, Solana (SOL), HYPE, Bitcoin Cash (BCH), and Chainlink (LINK) are in positive territory. Zcash (ZEC) has surged by an additional 8% to $675, while Cosmos (ATOM) has added 12% to its value, now trading above $3. The native token of Pi Network has jumped by 8-9% following positive news regarding regulatory approval.
The total cryptocurrency market capitalization, however, has decreased by approximately $20 billion in the last day, falling to $3.210 trillion on CoinGecko.
