Bitcoin’s price skyrocketed by several grand in an instant on Wednesday, only to be rejected and pushed south hard just as quickly.
Most larger-cap altcoins continue to lose value, with ETH dropping to $2,850 and XRP slipping beneath $1.90. HYPE’s substantial correction has only intensified.
BTC Pumps and Dumps
Even though the US Federal Reserve reduced the key interest rates last week by another 25 bps, bitcoin’s price has been mostly on the decline. It spiked to $94,500 before and after the decision was announced, but was quickly rejected and slipped to $89,500 a day later.
It managed to rebound to $90,000 during the weekend, where it spent most of it trading sideways aside from a brief deviation on Sunday afternoon. However, Monday brought more pain for the bulls as BTC dumped by nearly five grand in just over an hour to $85,500.
It tried to recover some ground in the following days but was stopped at $88,000. Then came the aforementioned pump-and-dump on Wednesday. In what turned out to be a bull trap, BTC jumped by several grand to just over $90,000, when it was rejected and driven south to under $85,500 again.
It has since bounced to the current $87,300, but its market cap still struggles below $1.750 trillion. Its dominance over the alts, though, has shot up by 0.7% daily to 57.6% on CG.
Alts in the Red
As evidenced by the growing bitcoin dominance, most altcoins have posted notable losses over the past 24 hours. ETH is down to $2,850 after a 2% decline, while XRP has lost the $1.90 support. BNB, SOL, DOGE, ADA, and LINK have dropped by up to 3.5%.
Hyperliquid’s native token continues its massive descent, losing almost 10% of value in the past 24 hours alone. HYPE is down by over 40% in the last month and now struggles below $25.
Even bigger daily losses come from LEO (-28%) and PUMP (-12%). In contrast, NIGHT and CC have gained around 7-8% daily.
The total crypto market cap has defended the $3 trillion level despite a brief slip below it yesterday.
The post Bitcoin Rejected at $90K Again, HYPE Plunges by Another 10%: Market Watch appeared first on CryptoPotato.