Bitcoin’s price recovery that started on Friday led the asset to $88,000 earlier today, where it faced an immediate rejection and now stands two grand below it.

Most larger-cap alts have been quite sluggish on a daily basis, but ETH ($2,797.65) has remained above $2,800, and XRP ($2.05) has held above $2.00.

BTC ($85,688.00) Fails at $88K

The previous business week started on the wrong foot, and the mood persisted for days. On Monday and Tuesday, BTC was violently rejected at $96,000 and pushed south to under $90,000. Although it bounced off to $94,000 almost immediately, the bears returned quickly and initiated even more painful leg downs until the rest of the week.

After decisively losing the $90,000 support, bitcoin kept plunging and plummeted below $81,000 on Friday. This meant that the asset had lost $15,000 in the span of less than a week and tanked to a seven-month low.

After this calamity, the cryptocurrency finally saw some relief following hopeful comments about an upcoming US Fed rate cut. It bounced off to $84,000 during the weekend and climbed further on Sunday afternoon and Monday morning to $88,000.

However, that level was too strong for the asset. It was rejected there and driven down to $86,000 as of press time. Its market cap stands still at $1.715 trillion on CG, while its dominance over the alts is close to 57%.

BTCUSD. Source: TradingView

M Up, ZEC ($540.58) Down

Most larger-cap alts have failed to produce any significant moves over the past 24 hours. ETH, SOL ($128.79), ADA ($0.41), BCH ($542.58), and LINK ($12.40) are slightly in the red, while XRP, BNB ($842.62), TRX ($0.28), DOGE ($0.14), and HYPE ($31.69) are with insignificant gains.

More painful declines come from XMR ($384.76) and DOT ($2.25), while ZEC has plunged by 7% to under $540. In contrast, HBAR ($0.14) has surged by over 5%, while CC ($0.08) is up by 10%. MemeCore is the other notable gainer, following a 9% surge to over $1.90.

The total crypto market cap has lost around $30 billion in a day and is close to breaking below $3 trillion.

Cryptocurrency Market Overview Daily. Source: QuantifyCrypto

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