Bitcoin (BTC) Rejected at $80K, Ripple’s XRP Plunges Hard as Rally Cools: Market Watch

Bitcoin’s rally that began a week ago culminated yesterday with a surge to over $81,000 for the first time since May, when the asset was halted and driven south by a few grand.

Most larger-cap alts followed a similar trajectory, with XRP slumping by over 4%, while ZEC dumped by more than 7% after the debut of Grayscale’s ETF.

BTC Stopped at $81K

The primary cryptocurrency exploded out of the gate last Wednesday. It stood below $65,000 for weeks before the bulls took over. At first, they pushed it to $70,000 within hours. After a brief retracement, BTC skyrocketed again and surged to almost $80,000 on Friday to mark a three-month peak.

This meant that it had gained over $15,000 in less than 48 hours. As such, it was almost inevitable to correct before the bulls could step on the gas pedal once again. This took place during the weekend when BTC slipped to $75,000. The next leg up started on Monday and culminated on Tuesday.

As reported yesterday, bitcoin surged past $81,000 for the first time in 15 weeks amid these macro factors. However, it couldn’t keep climbing and has dropped by roughly $3,000 since that local peak.

Nevertheless, it remains up by more than 22% on a weekly scale, while its market dominance sits inches below 58% and its market cap is at $1.575 trillion on CG.

XRP, SOL, DOGE Rejected

Ethereum failed at $2,500 once again and is now down to $2,450 after a 1.3% daily decline. BNB is below $700 once again, while Ripple’s XRP was rejected at $1.50 and now trades at $1.42 after a major 4.5% daily decline. SOL touched $100 yesterday, but it’s well below that level now.

Even more painful declines come from DOGE (-5%), ADA (-5%), XLM (-5%), and CC (-6%). ZEC has dropped the most from the larger-cap alts despite Grayscale’s ETF launch, and is under $790 now.

In contrast, RAIN has skyrocketed by more than 20% and now trades above $0.0175.

The total crypto market cap has declined by around $60 billion in a day and is down to $2.740 trillion on CG.

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