Hyperliquid continues to outperform the broader market downturn, posting another strong gain over the past 24 hours.
After falling to a new nine month low below $75,000, Bitcoin rebounded over the last day but failed to break above $79,000 and is now trading just under that level.
Aside from Hyperliquid and CC, which both recorded notable gains during the same period, most large cap altcoins remain sluggish.
Bitcoin Capped at $79K
It has been a difficult week for the leading cryptocurrency, with little indication early on of how severe conditions would become. Last Wednesday, Bitcoin briefly touched $90,000 before reversing course and beginning a steady decline after the US Federal Reserve paused interest rate cuts.
Rising geopolitical tensions in the Middle East were blamed for Thursday’s sharp sell off, which pushed Bitcoin down to a multi month low of $81,000. The price rebounded on Friday and early Saturday to $84,000 as precious metals sold off, but weakness returned over the weekend.
In an unusual move for a Saturday afternoon, Bitcoin dropped sharply from $83,000 to $76,000. Although it recovered somewhat on Sunday, it fell again on Monday morning to below $75,000, marking its lowest level since April of last year.
Bitcoin later bounced and tested the $79,000 level, where it faced resistance and is now trading below it. Its market capitalization has declined to $1.56 trillion, while its dominance over altcoins on CoinGecko has risen to 57.7 percent.
HYPE Leads the Market
Most large cap altcoins followed Bitcoin lower over the past several days. Ethereum was hit particularly hard, sliding from above $3,000 to near $2,100. While it has since rebounded, it continues to struggle below $2,300.
XRP, TRX, and XLM are slightly down, while SOL, BNB, ADA, and BCH posted modest gains. Hyperliquid once again led the market, jumping 19 percent to $37. CC also stood out, climbing 8 percent to trade above $0.19.
The total cryptocurrency market capitalization has recovered about $70 billion from yesterday’s low and now stands above $2.7 trillion on CoinGecko.
