Bitcoin's price climbed to $87,000 once again following weekend developments in the Middle East, but met the same rejection fate as previous attempts. The primary cryptocurrency has shown high sensitivity to macro news recently, including last week's PCE data that showed slowing inflation.
Following the PCE data release, Bitcoin initially surged from $83,000 to $85,600 before returning to its starting point. After a quiet Thursday, the asset gained traction following a weak US jobs report on Friday, pushing past $87,000 for the first time in ten days. Bears quickly reemerged, causing BTC to crash below $84,000 within hours and leaving nearly $600 million in liquidations.
Bitcoin found support over the weekend, climbing past $84,000 and continuing a gradual ascent to $85,000 on Sunday, followed by a surge to $87,000 on Monday morning. The asset was subsequently rejected again, dumping to under $85,500 before bouncing back slightly to trade near $86,000. Its market capitalization stands at $1.720 trillion, and its market dominance remains at 59%.
Altcoins Post Gains Led by Cardano
Most altcoins posted notable gains over the 24-hour period. Ethereum moved just above the $2,700 resistance level following a minor increase, while XRP held above $1.50 after a 1.2% daily rise. Other movers included HYPE up 3.5%, DOGE up 3.75%, and NEAR reclaiming the $5 level with a 5% daily increase.
Cardano's ADA led the major altcoin cohort with an 11% surge to $0.27. Additional notable gainers included SUI, SHIB, ONDO, and ENA, which rose 7.5%. FET and VIRTUAL recorded larger increases, jumping over 15% and 12% respectively, while RAIN and QNT were among the few exceptions to the upward trend.
The cumulative market capitalization of all crypto assets increased by 1% over the period, reaching $2.930 trillion.
