Pi Network's native token, PI, has emerged as a top performer among larger-cap altcoins, surging over 5% to nearly $0.60 while the broader cryptocurrency market experiences a downturn. This comes as Bitcoin (BTC) faces rejection at $79,500 and struggles below the $77,000 mark ahead of the upcoming Federal Open Market Committee (FOMC) meeting.
Bitcoin's price action turned volatile after reaching a multi-month peak of $79,500 on April 22, following the extension of the US-Iran ceasefire deal. The asset quickly dumped to $77,500 and further slipped to just under $76,500 before a slight recovery. However, BTC continues to face resistance below $77,000, with its market cap remaining under $1.540 trillion and dominance over altcoins still above 58%.
In addition to PI, which has gained 11% over the past week, other notable gainers include BCAP and HASH, which surged by 27% and 17% respectively. Conversely, most larger-cap altcoins are in the red, with ZEC plunging 6%, HYPE dropping nearly 4%, and XMR losing almost 3%. Ethereum (ETH) remains below $2,300, XRP slipped under $1.40, and BNB fights to hold above $625. Dogecoin (DOGE) is among the few exceptions, trading in the green.
The total cryptocurrency market cap has shed over $30 billion in the past day, now standing below $2.650 trillion.
