Bitcoin Fights for $80K as Altcoins Shine in Weekend Watch
The crypto market is experiencing a mixed weekend, with Bitcoin struggling to reach $80,000. Despite its sluggish performance, other altcoins are showing significant gains. Zcash has surged by 17% daily and is nearing $1,200 for the first time in nearly a decade.
Arbitrum's native token ARB has stolen the show with a massive 42% surge to over $0.19. The total crypto market cap remains at just over $2.7 trillion after a 0.8% increase since yesterday.
Bitcoin had a bumpy month of August, closing in the green for the first time in a bear market. It surged by over 25% for the month but was rejected on Tuesday and driven south to under $76,500. The bulls returned in full force, initiating a major leg up that drove the asset to $82,400, its highest price tag since mid-May.
The strong US jobs report from Friday led to a major decline, as Bitcoin slipped by three grand as the odds for the Fed to hike the rates skyrocketed. Nevertheless, BTC managed to rebound from the drop to $78,600 and jumped to around $80,000, where it spent most of the weekend.