Over the weekend, recovery trends captured attention in the cryptocurrency market. After falling below $81,000 on Friday, Bitcoin retested the $86,000 level. While the market displayed a green picture overall, privacy-focused altcoins like Monero (XMR) and Zcash (ZEC) stood out with strong rallies.
Bitcoin’s Bullish Reaction
The largest cryptocurrency, Bitcoin, accelerated its decline after dropping below $100,000 last week, moving below $90,000 for the first time since April on Tuesday. A severe selling wave on the last business day of the week slashed $8,000 off the price in less than 12 hours, dragging it down to $81,000, marking a seven-month low. Whale sales and profit-taking by ETF investors were key contributors to the selling pressure.
However, buyers returned from Friday night onwards. Purchases over the weekend propelled Bitcoin above $86,000. Bitcoin’s market capitalization increased to $1.72 trillion, maintaining a 57 percent share of the total market. Analysts suggest this movement might be a short-term upward reaction, and a trend reversal could only be discussed if there is a lasting breakout above $90,000.
XMR and ZEC Shine
Ethereum rose by 3 percent in the past 24 hours, surpassing $2,800, while XRP climbed 7 percent, crossing $2 again. Major altcoins like BNB, Solana, Dogecoin, and Cardano are also moving towards a positive close for the day. However, the real eye-catchers in the market have been the privacy-focused altcoins.
ZEC climbed 14 percent, nearing $580, and XMR spiked 16 percent, reaching $400. Analysts highlight that the strong momentum in these two altcoins stems from investors’ shift towards more protective and anonymous solutions amid market uncertainty. Meanwhile, HYPE coin dropped by 5 percent, dipping below $32. Other significant altcoins like CRO, HBAR, MNT, TAO, and AAVE also saw double-digit gains.
The overall market value increased by $60 billion in the last 24 hours, once again surpassing the $3 trillion threshold.