Bitcoin is gradually recovering from its recent downturn, reaching $89,000 earlier today for the first time since the significant market correction at the end of last week. Concurrently, several altcoins, including ENA, HYPE, and XRP, have demonstrated more substantial gains.
Bitcoin Eyes $90,000 Mark
Last week saw a considerable decline for Bitcoin, impacting its price significantly. The asset had already fallen below the $100,000 mark, and further downward pressure emerged early in the week. Between Monday and Tuesday, BTC dropped from over $96,000 to below $90,000, finding temporary support before rebounding to $94,000.
This recovery was short-lived, as Bitcoin resumed its downward trend, reaching new lows. By Friday afternoon, BTC had experienced a loss of over $13,000, falling below $81,000 for the first time since April. This represented a decline of approximately 35% from its all-time high recorded in early October.
Following this seven-month low, the cryptocurrency began to regain some value over the weekend, trading around $84,000. Modest gains continued over the subsequent days, culminating in a surge to $89,000 earlier today. Although it failed to hold this level and is now trading around $87,000, it remains slightly positive on a daily basis. Bitcoin's market capitalization has increased to $1.740 trillion, while its dominance over altcoins has decreased to 56.5%.
Altcoins Show Strong Performance
Ethereum briefly surpassed $2,900 earlier today before retreating slightly, despite a 3% daily increase. BNB, DOGE, HYPE, ADA, and LINK are all trading in positive territory. XRP and SOL have notably outperformed larger market cap altcoins, with XRP surging by 7% to $2.20 and SOL gaining over 5% to trade above $135.
More significant gains have been observed in KAS (22%), SUI (11%), ENA (10%), and CC (9%). RAIN has experienced an exceptional surge of over 100% following a multi-million dollar initiative.
In contrast, ZEC and BCH have seen the most significant decreases among larger altcoins, dropping by 6.3% and 4.5%, respectively. The total cryptocurrency market capitalization has risen by over $60 billion in the past day, reaching $3.075 trillion.
