Bitcoin is holding strong around the $88,000 mark as ZEC achieves another impressive double-digit rise. But there’s more to the story—other cryptocurrencies like CC and UNI are also making significant gains this weekend.
Despite recent data showing a drop in inflation in the United States, bitcoin's price has struggled to maintain momentum and was capped at $89,500 last Thursday. However, altcoins have seen a positive shift today, with Ethereum hovering near the $3,000 threshold and XRP bouncing back above the important $1.90 support level. Notable surges are also observed in cryptocurrencies such as ZEC, HYPE, CRO, UNI, and CC.
Bitcoin and Its Support Level
After facing two rejections at the $94,500 mark last week, bitcoin's price began to correct itself, falling to $90,000 over the previous weekend. Although it held steady at that level for almost 48 hours, bearish pressure took over again on Monday, causing BTC to drop below $85,500.
Fortunately, the bulls mounted a comeback by Tuesday, and on Wednesday, bitcoin experienced a surge that pushed it just over $90,000 within minutes. Yet, this rally was short-lived, with the price quickly retreating below $85,500 once more.
Thursday brought additional volatility when the U.S. Consumer Price Index (CPI) data was released, showing better-than-expected results. This news initially drove the cryptocurrency to $89,500, but it faced rejection once again, leading to another decline to a multi-month low of $84,500.
Another attempt at recovery occurred yesterday, where BTC surged to $89,500 yet again, but ultimately failed to sustain this level. Currently, bitcoin is trading above $88,000, reflecting a 2.5% reduction over the past week. The market capitalization remains robust at over $1.750 trillion, with bitcoin's dominance standing at 57.3%.
Altcoins Making Strides
Ethereum had dipped below $2,900 earlier this week but swiftly regained that position and is now inching closer to $3,000 following a slight daily uptick. Similar upward trends are apparent in other cryptocurrencies including BNB, SOL, BCH, and LINK. XRP has seen an increase of more than 3.5%, trading comfortably above $1.90, while ADA and DOGE have both gained around 3%.
ZEC has once again achieved a remarkable double-digit increase, now surpassing $450. In addition, HYPE has risen by 5%, CRO by 7%, UNI by 9.5%, and CC has soared over 12%, reaching $0.09.
The total market capitalization for all cryptocurrencies has risen by approximately $50 billion overnight, bringing it up to around $3.080 trillion according to CoinGecko.
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