Bitcoin recovered to trade near $79,000 on Monday after dipping below $77,000 during the morning session amid escalating geopolitical tensions in the Middle East following new attacks in the region.
BTC Rebound After Volatile Week
The recovery comes after a turbulent stretch for the largest cryptocurrency. BTC had reached $81,500 in the prior business week, marking its highest level in over three months, before a sharp rejection on Thursday coincided with a hawkish stance from Fed Chair Kevin Warsh during his Friday speech at Jackson Hole.
Bitcoin then slid below $75,500 over the subsequent weekend before bulls pushed it back past $79,000. The Monday dip tied to Middle East developments was quickly reversed, with BTC gaining nearly $2,000 on the day.
As of the latest data, Bitcoin's market cap stood at approximately $1.580 trillion, and its dominance over the broader altcoin market exceeded 58.5% on CoinGecko.
Monero Outperforms, Most Large-Cap Alts Struggle
XMR was the top performer among major cryptocurrencies, surging almost 10% to trade well above $520. UNI and MNT followed with gains of 6% to 7%.
However, most other large-cap altcoins remained under pressure. ETH continued to trade just under $2,500, while BNB failed to reclaim the $690 level. XRP remained below $1.40 despite reported major ETF inflows the previous week. SOL, TRX, HYPE, and DOGE were each down by up to 2.5%.
On the losing side, PUMP fell 9% to $0.0044, and RAIN dropped 8.6% to $0.016. POL and TRUMP also posted significant losses over the 24-hour period.
Broader Market Recap
The cumulative market capitalization of all crypto assets recovered more than $50 billion since Monday morning's low to reach approximately $2.7 trillion, according to CoinGecko data.
