The cryptocurrency market experienced heightened volatility over the past several hours.
Bitcoin was on track to break above the psychological $80,000 level but lost momentum just before reaching it. Meanwhile, some altcoins, including MemeCore (M), managed to maintain their upward trend.
BTC Took a Step Back
The primary cryptocurrency was at the forefront of gains yesterday (April 22), briefly climbing above $79,500, the highest since late January. The resurgence was likely triggered by the extended ceasefire in the Middle East.
However, the latest reports revealed that tensions between the US and Iran remain high, while Iranian officials refused to reopen the Strait of Hormuz. BTC headed south following the disclosure and currently trades at around $77,700 (per TradingView’s data). This represents a minor 0.5% decline on a daily scale, but the asset remains well in green territory on a weekly basis.
BTC Price, Source: TradingView
Meanwhile, recent market data shows that Bitcoin positioning has climbed to its highest level in four months, showing growing confidence among investors following the revival. At the same time, it also means that the market could become more sensitive to sudden price swings due to the increased leverage exposure.
As a result of the turbulence, BTC’s market capitalization has returned to around $1.55 trillion, whereas its dominance over altcoins has risen to 58.3%.
Another Green Day for These Alts
Unlike BTC, MemeCore (M) posted a 6% daily jump, hitting a new all-time high of nearly $4.60. Its market capitalization has approached $6 billion, making it the 19th-largest cryptocurrency after surpassing Stellar (XLM).
STABLE, JST, and PENGU have also headed north, albeit charting more modest gains. The biggest losers for the day are PUMP, ENA, TRUMP, and UNI, whose prices plunged by 5-6%.
The total cryptocurrency market capitalization has retraced by 0.7% in the last 24 hours to around $2.68 trillion.
Cryptocurrency Market Overview April 23; Source: QuantifyCrypto
