Bitcoin Rejected at $80K as Rally Cools Down, XRP and Other Alts Plummet

Bitcoin's (BTC) price surge over the past week culminated in a peak of over $81,000 on Tuesday, but it was unable to maintain its momentum and has since dropped by around $3,000. This marks a rejection at $80,000 for the primary cryptocurrency.

The rally began last Wednesday when BTC's price exploded out of the gate, pushing past $70,000 within hours and eventually reaching almost $80,000 on Friday to mark a three-month peak. However, it was inevitable that the price would correct before continuing its upward trajectory.

Since then, many larger-cap altcoins have followed a similar trend, with XRP plummeting by over 4% after being rejected at $1.50. Other notable losers include SOL, DOGE, and ZEC, which dropped by around 5%, while RAIN skyrocketed by more than 20%.

The total crypto market cap has declined by around $60 billion in a day and is now down to $2.740 trillion on CG. The current correction may be seen as a natural part of the rally, but it remains to be seen how the market will react moving forward.