Bitcoin’s strong rally toward the $78,000 level lost momentum quickly after the asset faced a sharp rejection that erased roughly $3,000 from its value within hours.
While most major altcoins posted weak performances, RAIN emerged as the market’s biggest winner after an explosive rally pushed the token to a new all time high.
Bitcoin Rally Reversed at $78K
After climbing above $82,000 earlier this month, Bitcoin entered a prolonged correction phase that intensified in recent days.
The leading cryptocurrency first slipped below the $80,000 mark on May 16 before sellers increased pressure, eventually dragging BTC below $74,500 on May 23. That level marked Bitcoin’s lowest price point in more than a month.
The market rebounded shortly afterward following comments from Donald Trump suggesting that the United States and Iran were moving closer to a lasting peace agreement. Bitcoin reacted positively and surged to around $77,500 before briefly retracing.
Momentum continued yesterday as BTC climbed back to the $78,000 level for the first time in several days.
However, sentiment shifted again after reports indicated that tensions and strikes involving the US and Iran had resumed rather than eased. Bitcoin quickly dropped to $76,000 before sliding further to nearly $75,200 earlier today.
The decline also came amid reports of a massive sale linked to BlackRock’s IBIT ETF, which analysts believe may have contributed to the sudden market weakness.
Despite the volatility, Bitcoin has managed a modest recovery and is currently trading close to $76,000 again. Its market capitalization has fallen to approximately $1.52 trillion, while its dominance over the altcoin market remains around 58%.
RAIN Leads Altcoin Market With Massive Rally
RAIN delivered the strongest performance among the top 100 cryptocurrencies by market capitalization, surging more than 44% and reaching a fresh all time high near $0.012.
Other notable gainers included ICP and UB, which posted gains of around 15% and 10% respectively, although both lagged far behind RAIN’s explosive move.
On the downside, NEAR recorded one of the steepest losses among major altcoins after dropping more than 8%. ZEC also declined by roughly 6%, while CC, ONDO, and WLFI remained deep in negative territory for the day.
Ethereum fell below the $2,100 level, while XRP continued to struggle beneath $1.35.
Meanwhile, HYPE moved closer to its own all time high after gaining around 4% over the past 24 hours.
The total cryptocurrency market capitalization has managed to hold above the $2.6 trillion level and currently sits roughly $20 billion higher.#crypto#cryptonewshttps://coinsignals.net https://t.me/coinsignalpublic
