Bitcoin once again failed to hold above 71,000 dollars during the latest bout of market volatility linked to developments in the Middle East. The cryptocurrency is now trading slightly below the 70,000 dollar level.
Among the top 100 alternative cryptocurrencies, Hyperliquid (HYPE) and Sky are currently the strongest performers.
Bitcoin Remains Below $70K
After being rejected near the monthly high of 74,000 dollars last Wednesday, Bitcoin began a sharp decline in the days that followed. The asset traded around 68,000 dollars during the weekend but fell further to about 65,600 dollars on Monday morning as traditional financial markets reopened.
Buyers stepped in after the drop and pushed the price higher. By Tuesday, Bitcoin had rebounded by more than 5,000 dollars and briefly approached the 72,000 dollar level.
The momentum did not last long. The asset slipped back to around 69,000 dollars on Wednesday. Inflation data from the United States later matched expectations, leaving Bitcoin relatively stable but still under the 70,000 dollar mark.
A few hours later, the price briefly climbed above both 70,000 and 71,000 dollars after comments from Donald Trump suggested that there was almost nothing left to strike in Iran. The rally quickly faded and Bitcoin dropped below 70,000 dollars again, where it currently trades.
Bitcoin’s market capitalization remains just under 1.4 trillion dollars according to CoinGecko. Its market dominance over alternative cryptocurrencies is still below 57 percent.
PI, HYPE, and SKY Record Gains
Most large capitalization altcoins have posted modest daily gains. Ethereum has managed to hold above the important 2,000 dollar support level.
Hyperliquid (HYPE) has been one of the top performers, rising more than eight percent to reach a local peak near 8.50 dollars. Other notable gainers include Bittensor and Sky.
Meanwhile, Pi Network has seen a boost after a major listing announcement from Kraken, which confirmed that trading for the token will begin on March 13. The token initially showed little reaction but later gained nearly five percent in a single day and briefly reached 0.24 dollars.
The asset has also recorded strong double digit gains over the past week and month.
Overall, the total cryptocurrency market capitalization has remained relatively stable since yesterday and currently stands slightly above 2.45 trillion dollars, according to CoinGecko.#crypto#cryptonews https://t.me/coinsignalpublic https://coinsignals.net
