After testing the $62,000 support on a couple of occasions since August began, bitcoin has managed to weather the storm and now sits above $64,000 as markets expect a Strait of Hormuz deal to be announced today.
Most larger-cap alts have produced contracting performances over the past day. XMR, XRP, and XLM are in the red, while HYPE and ZEC have posted notable gains.
BTC Reclaims $64K
The US Federal Reserve FOMC meeting brought some intense volatility to the crypto market, as BTC slumped from $65,600 to $62,800 before the event, and then jumped back to over $65,000 a day after it. However, the predominantly bearish market sentiment prevailed, and the asset was rejected at $65,300 on Friday morning.
The subsequent rejection was quite painful, as bitcoin dropped to $62,400 within hours. Its rebound attempt on Saturday was halted at $63,200, and it fell to $62,200 on Saturday evening for the first time in about a month. A more successful recovery took place on Sunday morning after US President Donald Trump called off the planned strikes against Iran.
However, another leg down followed on Monday with a fresh dip to $62,200. The bulls finally intervened at this point and helped BTC surge to $64,000 by the end of the day. Its recovery continued in the past 24 hours as it now sits above $64,000, as reports suggested an upcoming deal for the reopening of the Strait of Hormuz.
Its market cap has neared $1.290 trillion, while its dominance over the alts has climbed to over 57% on CG.
BTCUSD Aug 5. Source: TradingView
HYPE, ZEC Jump
ETH, BNB, and SOL are slightly in the green daily, while XRP, TRX, DOGE, RAIN, ADA, XMR, and XLM are all in the red. XMR and XLM stand out as the tokens with the most substantial losses.
In contrast, ZEC and HYPE have outperformed all other larger-cap alts. Zcash has risen by over 6.5% to $520, while Hyperliquid’s token has tapped $58. PUMP is the only double-digit gainer today, soaring by 12% to $0.0025. LIT, ONDO, and PI are also in the green.
The total crypto market cap has added another $30 billion daily, and is up to $2.260 trillion on CG.
Cryptocurrency Market Overview August 5. Source: QuantifyCrypto
