Bitcoin’s price surged to $86,000 but faced resistance and is now down around $1,000 from its high. Most altcoins have also suffered a similar fate after the weekend surge, with the exception of SOL which has continued to post slow gains.
Bitcoin started the past trading week on a left-side note, as the price plunged twice to a five-month low of around $74,000. The fall was driven by rising political tensions between the United States and other countries.
However, after President Trump eased tariffs on all countries except China on Wednesday, BTC surged past $83,000, supported by better-than-expected US CPI data. Heading into the weekend, despite some volatility following new developments in the China-US Trade War, Bitcoin managed to stabilize and enter the weekend at $83,000. It then surged to an 11-day high of $86,000 before being pushed back.
BTC is currently trading around $85,000, up 12.7% on a weekly basis. Bitcoin’s market cap is now over $1.68 trillion, with a market dominance of 60.5% on CoinGecko and 63.4% on TradingView, levels last reached in 2021.
From the altcoin space, the spotlight was on Mantra (OM) as the project’s native token plunged by over 90% at one point. According to Mantra’s CEO, the drastic drop was due to major exchanges delisting OM holders.
Other major altcoins also saw small declines such as XRP, BNB, DOGE, ADA, TON and LINK, while TRX and SOL each gained around 3%. TRX is now above $0.25, while SOL is approaching $135.
ETH, on the other hand, added a little over 1% in the past 24 hours and remains above the $1,600 level. The total crypto market capitalization failed to break the $2.9 trillion barrier and has lost around $20 billion since yesterday.
