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Bitcoin’s price ascent came to a halt yesterday at almost $106,000, where the asset faced a violent rejection that pushed it south to under $101,000 before it staged a minor recovery.
Most altcoins have turned red today after the recent gains, led by a massive price slump from PI.
BTC Stopped at $106K
After trading sideways for about a week at around $94,000 and $96,000, bitcoin finally broke above the upper boundary last week and quickly shot above $100,000. Since that date (May 8), the cryptocurrency has remained well within six-digit territory.
Its price climb continued in the past few days, even during the calm weekend, perhaps due to the positive developments on the US-China trade front. The culmination came yesterday as both countries announced a pause in the tariffs, and BTC spiked to a new four-month peak of just under $106,000.
However, the bears finally reemerged at that point and stopped the asset’s rise. In a matter of a few hours, BTC slumped hard and dropped below $101,000 for the first time in almost a week.
Nevertheless, it has bounced off and now trades close to $103,000. Its market cap has remained at around $2.040 trillion, while its dominance over the alts has recovered some ground and is up to 59.8% on CG.
BTCUSD. Source: TradingViewAlts Back in Red
Most altcoins registered massive gains in the past week or so, and expectedly, have corrected over the past day. Some of the biggest price drops come from the meme coin space, with DOGE, SHIB, PEPE, and WIF dropping by around 10%.
PI has dumped the most from the largest 100 alts, having lost 25% of value and trading below $1.15 now.
In contrast, XRP is the only exception with minor daily gains, having tapped $2.5. Ripple’s cross-border token neared $2.7 yesterday but was rejected at that point.
The total crypto market cap has lost almost $100 billion since yesterday’s peak and is down to $3.42 trillion on CG.
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