Bitcoin Plummets Before Rebound as QNT and NIGHT Defy Market Correction
The cryptocurrency market is in turmoil after a wild ride for Bitcoin (BTC) this week. Despite a softer-than-expected US jobs report, which should be bullish for risk-on assets, BTC's price surge was halted and it plummeted to under $84,000 before rebounding to $84,500.
The larger-cap altcoin field is deep in the red today, with Ethereum (ETH) losing its $2,700 support once again and XRP slipping below $1.50. However, Quant (QNT) and NIGHT are bucking the trend, with QNT surging 13% to over $260 and NIGHT rising by a similar percentage.
BTC's price action was halted at $85,000 on several occasions this week, but it finally broke through the upper boundary of its tight trading range at $85,000 after the Wednesday PCE data release. However, the breakout was short-lived and BTC plummeted toward its starting point before rebounding.
The total crypto market cap is down by almost 2% in the past 24 hours, sitting at $2.880 trillion on CoinMarketCap (CMC). Meanwhile, QNT's market cap has increased significantly, with its dominance over the alts up to 59% on CMC.