Cryptocurrency Slides Toward Vital Foundation, PI Value Plummets by 27% Daily (Rearranged Market News)
🚀 Today's crypto market took a dip from yesterday's highs as the bulls stepped back, with Bitcoin (BTC) hitting a speed bump at $104,000 and plummeting over $2,000 since then. BTC struggled to stay above the $102,000 mark after a 2% daily decline, but still maintains a bullish overall stance.
Now, let's check out the altcoins. They took a hard hit, with massive price drops across the board. Players like XRP, Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Suisei (SUI), Avalanche (AVAX), and others felt the burn.
BTC's Rollercoaster Ride
BTC had a wild ride last week when news broke that the US and China would meet over the weekend to discuss a trade deal. This sent BTC skyrocketing to reclaim the $100,000 milestone last Thursday, increasing to $104,000 over the weekend.
When the two economic powerhouses announced a 90-day tariff pause on Monday, Bitcoin leaped to a new multi-month peak of nearly $106,000. But the excitement was short-lived as the asset plummeted below $101,000 almost immediately.
The bulls managed to hold BTC within six-digit territory, with a rebound to $105,000. However, another rejection followed, leaving BTC to fight hard to stay above $102,000. So far, they're holding strong.
Altcoins Take a Dive
The altcoin space is feeling the pain after daily price drops. Ethereum (ETH) hit a roadblock above $2,700 and took a fall to $2,530, suffering a 3.2% loss. XRP, SOL, DOGE, ADA, SUI, LINK, XLM, and AVAX also witnessed steep declines of up to 8%, while AVAX took an even harder hit with an almost 9% drop.
Interestingly, PI led the downhill trend with a 27% plunge after recent ecosystem news.
The total crypto market cap has shed around $100 billion daily and now stands at $3.4 trillion. We could see more moves as the week continues.
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Ali Martinez predicts BTC is headed for a key resistance level of $101,600. A break below could send BTC back into five-digit territory.
As for the numbers, BTC's market cap on CoinGecko is down to $2.020 trillion, while its dominance over alts has increased slightly to 59.6%.
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- Despite Bitcoin's temporary setback at $104,000, it maintains a bullish overall stance, having skyrocketed to this level last week due to news of a potential trade deal between the US and China.
- Altcoins like Ethereum, XRP, Solana, Dogecoin, Cardano, Suisei, Avalanche, LINK, XLM, and others have suffered significant price drops, with some, like AVAX and PI, experiencing declines of up to 9% and 27%, respectively.
- Today, the total crypto market cap has shed around $100 billion daily, leaving it at $3.4 trillion, and Ali Martinez predicts BTC could break a key resistance level of $101,600, potentially sending it back into five-digit territory.
- To stay informed about daily crypto market action, sign up for our free daily market report, and take advantage of exciting offers like a $600 welcome offer (exclusive to our site on Binance) or a $500 free position on any coin at Bybit (limited time offer).
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