Bitcoin loses momentum at $78 while hype surges 19%.
- Bitcoin encounters strong resistance in the $78 range.
- Hype rises 19% and approaches all-time high.
- ZEC registers significant increase among major cryptocurrencies.
Bitcoin's price once again struggled to maintain the recovery movement that began in recent days. After rising above US$78 overnight, the largest cryptocurrency in the market lost momentum and retreated by about US$500, keeping investors attentive to the asset's behavior in the current region.
The recent attempt at a recovery came after a series of declines that pressured BTC since last week. The asset had been rejected several times in the $82 range, especially after the approval of the CLARITY Act by the United States Senate Banking Committee.
Despite the initial surge, Bitcoin failed to sustain its gains and quickly lost the psychological support of $80. On Friday, the asset fell below $79 and continued to decline over the weekend, reaching close to $78.
The selling pressure gained momentum earlier this week. Between Monday and Tuesday, BTC fell to approximately $76, marking its lowest level in over three weeks. After a correction of over $6 in just a few days, buyers returned to the market and helped partially recover the price.
With this, Bitcoin returned to the US$77 range and again surpassed US$78 in the early hours of Wednesday. However, the cryptocurrency failed to consolidate the gains and continues to trade below that level.
Bitcoin's total market capitalization has fallen to less than US$1,56 trillion, while its dominance over other cryptocurrencies has decreased to 58,2%.
While BTC attempts to stabilize, some altcoins have registered stronger performance. Ethereum maintained limited movement and remained above US$2.100, with a slight daily depreciation.
Among the positive market highlights, HYPE led the gains among the largest cryptocurrencies. The asset surged 19% in the last 24 hours, reaching the US$58 region and nearing a new all-time high.
ZEC also attracted attention after advancing more than 13%, trading above US$660. Other cryptocurrencies such as DASH, MNT, ONDO, TAO, SUI, and NEAR followed the upward trend observed in the market.
With the recovery of altcoins, the sector's total market capitalization increased by more than US$30 billion in just one day, approaching the US$2,68 trillion mark.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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