Bitcoin’s price ascent came to a halt yesterday at $79,500 as the asset experienced a couple of leg downs in the following hours, dumping by three grand in total.
Aside from DOGE, most larger-cap alts have also posted losses over the past day, led by ZEC, XMR, and HYPE.
BTC Rejected at $79.5K
Bitcoin slipped at the beginning of the previous business week below $75,000 before it rocketed to a multi-month peak of $79,500 a day later after the US and Iran extended the ceasefire deal. The following days were choppy and less eventful as the asset remained sideways between $77,000 and $78,500.
The weekend was also quite sluggish, even though Trump canceled the US delegation’s trip to the peace talks with Iran, and there was a reported assassination attempt during a White House event. The more profound volatility came on Monday when BTC tapped $79,500 once again for the second time in less than a week.
However, the rejection scenario repeated, and BTC quickly dumped to $77,500. It rebounded slightly to $78,250 later that day before the bears took control of the market again and drove it south to just under $76,500.
Although it has recovered some ground since then, BTC continues to struggle below $77,000 with some warnings for another decline after tomorrow’s FOMC meeting.
For now, bitcoin’s market cap remains below $1.540 trillion, while its dominance over the alts is still over 58% on CG.
BTCUSD April 28. Source: TradingView
PI Bounces
Most larger-cap alts are in the red today as well. Ethereum sits below $2,300, XRP has slipped under $1.40, while BNB fights to stay above $625. SOL, TRX, and ADA are also slightly in the red, while ZEC has plummeted by 6%, HYPE by almost 4%, and XMR by nearly 3%. Dogecoin is among the few exceptions from the larger-cap alts in the green now.
Pi Network’s native token is the top performer from the largest 50 alts, surging by over 5% to almost $0.60. The asset has defied the overall correction on a weekly scale, adding 11% since last Tuesday.
BCAP and HASH have gained the most value today, rocketing by 27% and 17%, respectively, to $106 and $0.0125.
The total crypto market cap has shed over $30 billion in a day and is below $2.650 trillion on CG now.
Cryptocurrency Market Overview April 28. Source: QuantifyCrypto
