Bitcoin Falls Below $85,500 After Another Rejection at $87,000
Bitcoin's price plummeted below $85,500 on Monday, marking another rejection at the $87,000 mark. The digital asset had briefly touched $87,000 on Friday, but fell back to below $84,000 within hours. It recovered over the weekend, reaching $85,000 on Sunday, but failed to sustain the momentum. Cardano's ADA, however, saw a significant surge, climbing nearly 11% over 24 hours to reach $0.27.
The total crypto market capitalization increased 1% to $2.930 trillion, with Bitcoin's market capitalization standing at $1.720 trillion and its dominance at 59%. Other major assets, such as Ether (ETH), XRP, and NEAR, also saw gains, with Ether trading just above $2,700 and NEAR reclaiming $5. Dogecoin (DOGE) and HYPE also rose, with DOGE increasing by 3.75% and HYPE adding 3.5%.
FET and VIRTUAL also made notable gains, with FET increasing by more than 15% and VIRTUAL rising 12%. The current market dynamics suggest that investors are cautious, with some assets experiencing significant volatility.