Bitcoin Maintains $77K Mark as XRP and Zcash Rally Fades
Bitcoin held above $77,000 on Monday, maintaining its 22% weekly gain. The altcoin surge that broke Bitcoin past $69,000 last week has cooled down.
XRP and Zcash were among the standout altcoins last week, with XRP up 48% on the week at $1.48 and Zcash near $838 after a 70% weekly surge. However, they have steadied rather than extending their gains.
The rally was driven by several factors, including a U.S. Treasury bond buyback expansion to $4 billion, a White House meeting backing crypto, and Trump's support for the CLARITY Act ahead of its September vote. The Grayscale spot Zcash ETF filing also powered ZEC's run.
Capital rotated down the risk curve into higher-beta alts as the move built. Now, attention turns to Jackson Hole, where Fed Chair Kevin Warsh will debut at the annual symposium and discuss his tone on rates.