In the latest twist of the crypto market, Bitcoin (BTC) showcased a remarkable rally, briefly surpassing the $69,000 mark before facing a strong rejection. This surge was a part of a broader recovery attempt after a challenging week that saw Bitcoin’s value dip to a 10-day low around $64,500. Despite the setback, Bitcoin managed to claw back, pushing its market cap up by approximately $20 billion to $1.325 trillion. However, not all cryptocurrencies shared in Bitcoin’s brief moment of glory, with most of the larger-cap altcoins like Solana (SOL), Dogecoin (DOGE), Avalanche (AVAX), and Chainlink (LINK) experiencing declines. SOL led the downturn with a significant 8% drop.
On the brighter side, Bitcoin Cash (BCH) and Toncoin (TON) bucked the trend by posting minor gains. Among the top performers were Pendle (PEN) leading the way at 9%, while the popular meme coin WIF took a 15% hit, dropping to $3.3. Jupiter (JUP), Ethena (ENA) and Wormhole (W) all posted double digit losses. Despite these mixed performances, the total crypto market cap saw an uptick, rising by around $10 billion to $1.635 trillion.
The rally in Bitcoin’s price was attributed to a combination of bullish signals from the U.S. Federal Reserve and positive unemployment data, alongside a broader risk-asset rally. This optimism was further fueled by the anticipation of short liquidations and a notable increase in spot market buying. However, significant resistance at the $69,000 level, a previous all-time high, remains a key focus for traders.
In other news, the crypto space continues to buzz with activity, from the memecoin frenzy reaching new heights to Solana’s network facing challenges with a record 75% transaction failure rate. Despite these issues, the enthusiasm for memecoins remains undiminished, with traders achieving staggering returns, highlighting the volatile yet lucrative nature of the crypto market.
