Bitcoin's price rebounded from a nine-month low beneath $75,000 but was firmly rejected at the $79,000 resistance level, leaving the market in a cautious state. The primary cryptocurrency now trades just below $78,000, with its market capitalization at $1.560 trillion and its dominance over altcoins rising to 57.7% on CoinGecko.
The past week has been exceptionally turbulent for BTC. The downturn began last Wednesday after the asset tapped $90,000 but was stopped, coinciding with the U.S. Federal Reserve's decision to pause interest rate cuts. Geopolitical tensions in the Middle East were blamed for a substantial crash on Thursday, which saw Bitcoin slump to a multi-month low of $81,000. A brief recovery to $84,000 occurred on Friday and early Saturday, but the situation deteriorated sharply during an unusually volatile weekend session. Bitcoin crumbled from $83,000 to $76,000 on Saturday afternoon and evening, and briefly dipped under $75,000 on Monday morning—marking its lowest price since April of last year.
While Bitcoin struggles, the broader altcoin market remains largely sluggish. Ethereum (ETH) was hit very hard, dropping from over $3,000 toward $2,100. Despite a mild rebound, it continues to struggle below $2,300. Other major assets like XRP, TRON (TRX), and Stellar (XLM) are slightly in the red, while Solana (SOL), Binance Coin (BNB), Cardano (ADA), and Bitcoin Cash (BCH) have posted only insignificant or marginal gains.
Hyperliquid (HYPE) has stolen the show, dramatically outperforming the market with a 19% surge to $37. It continues to hold strong near $36, representing a nearly 17% daily increase. The only other notable gainer is CC, which posted an 8% pump to over $0.19. The total cryptocurrency market capitalization has regained $70 billion since yesterday's low and now stands above $2.7 trillion.
