Bitcoin Holds Above $78,000 as Altcoin Rotation Takes Hold
Bitcoin has regained its footing above $78,000 after a brief drop to $75,972. The largest cryptocurrency had a third straight session of gains, with prices rebounding in the European morning.
Hyperliquid's token was the standout performer among major assets, surging 11% to nearly $89. Zcash added 8% to around $1,472, while Solana gained 6% to just above $106.
Total crypto market value rose 2% to about $2.66 trillion, with none of the top 40 most liquid coins finishing lower. NEAR and UNI led the gains among these assets, rising 30% and 26%, respectively.
Alex Kuptsikevich, chief market analyst at FxPro, believes traders are cautiously shifting their focus towards altcoins, but a widely watched altcoin season index remains subdued. Mitchell Askew, head of Blockware Intelligence at Blockware, suggests that Bitcoin's resilience in the face of bad news may be a hallmark of its later stages of a bottoming process.