Crypto Rally: NEAR, FIL, ICP Surge Double Digits; BTC Stalls at $84K

Bitcoin Stalls Below $84,000 as Altcoins Show Strength

Bitcoin is struggling to regain its footing following a significant downturn at the close of the previous trading week, with its latest upward movement capped at $84,000. Meanwhile, a majority of altcoins are trading in positive territory, with Ether surpassing the $2,550 mark and XRP rebounding above $1.40. Zcash has seen a 7% increase, and Hype is once again approaching the $90 level.

Earlier in the week, the primary cryptocurrency attempted to breach the significant $87,000 resistance, but was quickly pushed back to just under $85,000. A subsequent bounce reached a lower high of $86,600 before facing renewed selling pressure. This bearish sentiment intensified, leading to a more pronounced decline.

The $85,000 support level proved insufficient for Bitcoin, causing it to fall to $83,500. Following another failed attempt at recovery, the digital asset experienced a sharp drop to $80,400, a level not seen in over two weeks.

After shedding nearly $7,000 in a matter of days, Bitcoin was poised for a recovery. It rose to $83,500 on Friday, where it encountered resistance. The weekend saw trading consolidate around $83,000 before a jump to over $84,000 earlier today, occurring despite heightened geopolitical tensions in the Middle East.

However, sellers re-emerged, pushing the price back below that level. Bitcoin’s market capitalization has seen a modest recovery, reaching $1.680 trillion according to CoinMarketCap, while its dominance over altcoins has dipped to 59.35%.

Altcoins Surge Amidst Bitcoin’s Consolidation

Despite substantial net outflows from spot Ethereum ETFs last week, Ether’s price has climbed over 2% in the past 24 hours, trading above $2,550. Ripple’s native token, XRP, has also broken through the key $1.40 level, a barrier it had been contending with for days. Other cryptocurrencies showing gains include Solana, Dogecoin, Chainlink, Hype, Tron, Binance Coin, Monero, and Cardano.

Zcash has reclaimed the $1,300 mark following a 6.3% surge. NEAR Protocol continues its impressive rally with another double-digit increase, reaching $5.80. Internet Computer, Filecoin, Zerox, Algorand, and VVV are also among the notable double-digit gainers.

The total market capitalization of all crypto assets has increased by 1% to $2.830 trillion on CoinMarketCap.