The cryptocurrency market experienced renewed volatility as Bitcoin recovered from a recent price dip and privacy coin Zcash (ZEC) surged to its highest price tag in nearly a decade.
Bitcoin Recovers Above $77,000
After a stagnant period, Bitcoin broke past $65,000 and quickly climbed to nearly $80,000 by Friday, marking its first time at that level in over three months. A subsequent market correction brought the asset down to a low of $75,500 over the weekend amid a major short position built by Wintermute.
The primary cryptocurrency has since regained lost ground. After trading near $78,000 earlier in the day, Bitcoin trades above $77,500, registering a gain of over 21% since the previous Monday. Its market capitalization stands at $1.555 trillion, while its market dominance sits just below 58%.
Zcash and Altcoin Market Movements
Among alternative coins, privacy coin Zcash drew significant attention by nearing $900 yesterday for the first time in nearly a decade, settling above $830.
Larger-cap altcoins saw more modest movements, with Ethereum (ETH) rising 2% past $2,450. XRP approached $1.50, and BNB tapped $700, moving up one position in market capitalization rankings. Meanwhile, mid-cap altcoins including CC, TAO, SKY, and CRO recorded notable gains, and assets like AAVE, MNT, and MORPHO posted double-digit increases. PENGU re-entered the top 100 altcoins following a 20% daily surge.
On the losing side, assets such as ENA, PUMP, and XMR experienced declines, with ENA dropping more than 8%. Overall, the total cryptocurrency market capitalization added approximately $30 billion over a 24-hour period, reaching $2.680 trillion.
