Bitcoin Recovers from Middle East Tensions to Reclaim $79K
Bitcoin has made a swift recovery from Monday's dip below $77,000. The cryptocurrency initially dropped due to geopolitical tensions in the Middle East but quickly rebounded and is now trading close to $79,000.
The market cap of BTC has jumped back to $1.580 trillion, while its dominance over altcoins has surged to over 58.5% on CoinGecko (CG). This rebound comes after a correction last weekend when Bitcoin gained $15,000 in just 48 hours but dropped below $75,500.
However, the bulls took control of the market again and pushed BTC to its highest price tag in over three months, reaching $81,000 and $81,500. The attempt on Thursday was met with a rejection, possibly due to Fed Chair Kevin Warsh's hawkish stance during his speech at Jackson Hole, causing Bitcoin to slump to under $77,000.
On the other hand, Monero (XMR) is today's top performer, surging by almost 10% to over $520. UNI and MNT follow suit with increases of 6-7%. In contrast, most large-cap altcoins remain in the red, with ETH struggling at $2,500 and XRP losing its $1.40 support.