Bitcoin Fails at $87K Again as Cardano and Altcoins Surge
Bitcoin (BTC) once again reached the $87,000 mark but faced rejection, highlighting its volatility in response to macroeconomic news. Despite escalating tensions in the Middle East, BTC surged to $87,000 on Monday morning before dropping back below $85,500. The cryptocurrency has been highly sensitive to recent developments, such as the slowing inflation data from last week and the weak US jobs report on Friday. After a brief recovery, BTC now trades close to $86,000, with a market cap of $1.720 trillion and dominance over altcoins at 59%.
In contrast, many altcoins posted notable gains over the past 24 hours. Cardano (ADA) led the charge with an impressive 11% surge to $0.27. Other significant gainers included FET, which rocketed over 15%, and VIRTUAL, up by 12%. Ethereum (ETH) surpassed the key $2,700 resistance, while XRP climbed above $1.50. NEAR reclaimed the $5 level after a 5% increase, and Dogecoin (DOGE) rose by 3.75%. Among the few exceptions were RAIN and QNT, which saw declines.
The overall cryptocurrency market capitalization increased by 1%, reaching $2.930 trillion on CoinMarketCap. This upward trend was driven by the performance of altcoins, with Cardano (ADA) and FET standing out as the top performers. The market's resilience despite geopolitical uncertainties underscores the growing interest in digital assets.