Bitcoin has experienced a weekend correction following a rapid price surge, while select altcoins like Hyperliquid (HYPE) continue to chart new all-time highs amidst a broader market pullback.
Bitcoin Cools Off After Strong Rally
After struggling below $65,000 for weeks, Bitcoin surged following a US Treasury Department announcement. The asset jumped to $70,000 within hours and ultimately spiked to nearly $80,000 on Friday for the first time in over three months, marking a 25% increase in less than 48 hours.
Following the rapid ascent, the asset entered a correction phase. Bears initially pushed the price to $76,200, and despite a brief bounce to $79,000 on Saturday morning, Bitcoin slipped to $77,000 later that day. A further dip brought the price down to $75,500 on Sunday morning amid reports that Wintermute had taken a heavy short position.
Bitcoin has since recovered to around $76,500, with a market capitalization nearing $1.540 trillion and a dominance rate soaring to just over 58%.
Altcoin Performance and HYPE Peak
While most major altcoins sit slightly in the red on a daily scale, HYPE defied the broader market trend by surging past $82 to chart a fresh all-time high. Additional notable movers include PUMP, which rose over 17% in a 24-hour period, and ENA, which gained 8%.
In contrast, other major digital assets saw declines. Ethereum dipped below $2,400 before reclaiming the level. XRP was rejected at $1.70 and fell below $1.50, while BNB dropped below $690. Assets including CC, XLM, and SUI plummeted by over 5%, and BCH and ADA fell by nearly 3%.
Among the steepest daily losers, TRUMP plunged 33% from top to bottom after the token's team sent more coins to exchanges, while CRO and WLD each declined by over 7%.
The cumulative market capitalization of all crypto assets declined by approximately $100 billion from its local peak down to $2.650 trillion, though the metric remains up by $400 billion since Wednesday.
