BTC Recovers Swiftly and Eyes $79K Again, XMR Surges Above $500: Market Watch

BTC Recovers Swiftly and Eyes $79K Again, XMR Surges Above $500: Market Watch

Bitcoin began the new business week with a dip below $77,000 as geopolitical tensions in the Middle East escalated amid new attacks, but has since managed to shrug off the losses.

The same cannot be said about most larger-cap alts. ETH is still struggling at $2,500, while BNB is below $700. XRP has seemingly lost the $1.40 support. XMR is among the few exceptions.

BTC Rebounds

After gaining $15,000 in 48 hours, bitcoin was due for a correction last weekend and dropped below $75,500. However, the bulls quickly resumed control of the market and initiated a couple of major legs up as the previous business week progressed, driving the asset to $81,000 and $81,500, respectively.

This meant that BTC had reached its highest price tag in over three months. However, its attempt on Thursday was met with a sharp rejection, perhaps due to the hawkish stance taken by Fed Chair Kevin Warsh during the Friday speech at Jackson Hole, and bitcoin slumped to under $77,000.

It managed to rebound over the weekend and even climbed past $79,000. However, then came the new attacks in the Middle East, and the cryptocurrency dipped to just under $77,000 on Monday morning.

It has reacted swiftly by recovering nearly two grand ahead of another major macro week. As a result, it trades close to $79,000 once again, with its market cap jumping back to $1.580 trillion, while its dominance over the alts has rocketed to over 58.5% on CG.

XMR Pumps

Monero’s XMR is today’s top performer, having surged by almost 10% to well over $520. UNI and MNT follow suit, with increases of 6-7%. In contrast, most other large-cap alts remain in the red.

ETH is still just under $2,500, BNB has failed to reclaim $690, while XRP, despite the major ETF inflows from last week, is well below $1.40. SOL, TRX, HYPE, and DOGE are down by up to 2.5%, while RAIN has plummeted by 8.6% to $0.016. PUMP is the other big loser today, slumping by 9% to $0.0044.

The cumulative market cap of all crypto assets has recovered over $50 billion since this morning’s low and is up to $2.7 trillion on CG.

Cryptocurrency Market Overview August 31. Source: QuantifyCrypto

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Source: BTC Recovers Swiftly and Eyes $79K Again, XMR Surges Above $500: Market Watch