HYPE and ZEC Steal the Show, BTC Price Stopped at $78K: Market Watch

HYPE and ZEC Steal the Show, BTC Price Stopped at $78K: Market Watch

Bitcoin’s price recovery that started a couple of days ago pushed the asset to just over $78,000 before it was stopped and driven south by around $500.

Minor gains are evident from BNB, SOL, and DOGE, but, as mentioned in the title, two larger-cap alts have stolen the show.

BTC Progress Stopped at $78K

Bitcoin was rejected at $82,000 on a few occasions last week, with the last such example taking place on Thursday. At the time, the cryptocurrency had gained over $3,000 in hours after the CLARITY Act passed the US Senate Banking Committee. However, it couldn’t keep climbing and quickly lost the $80,000 psychological level.

It dived further by Friday evening to under $79,000 before the bears drove it a step lower to beneath $78,000 on Saturday. After a relatively calm Sunday, the largest digital asset fell again on Monday and Tuesday. This time, it dumped to $76,000, which became its lowest price tag in over three weeks.

After it had lost over $6,000 in several days, the bulls finally intervened and prevented another setback. BTC started a gradual recovery that drove it to over $77,000 yesterday and to just north of $78,000 earlier this morning. However, it couldn’t keep climbing and now sits below that level.

Its market capitalization is down to under $1.560 trillion, while its dominance over the alts has been reduced slightly to 58.2% on CG.

ZEC, HYPE on the Rise

Ethereum continues with its underwhelming performance, being slightly in the red daily, but it still stands above $2,100. In contrast, BNB, SOL, DOGE, BCH, and XMR are with 1-2% gains. HYPE has rocketed the most from the larger-cap alts. It’s up by 19% daily to $58, which brings it inches away from a new all-time high.

ZEC has added over 13% of value and now trades well above $660. DASH, MNT, ONDO, and TAO follow suit, while SUI and NEAR are next in terms of daily gains.

The total crypto market cap has increased by over $30 billion in a day and is close to $2.680 trillion on CG.

Cryptocurrency Market Overview May 21. Source: QuantifyCrypto

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Source: HYPE and ZEC Steal the Show, BTC Price Stopped at $78K: Market Watch