Bitcoin Rejected at $81K as Altcoin Rally Fades

Bitcoin's week-long rally reached new heights yesterday when it briefly surpassed $81,000 for the first time since May. The largest cryptocurrency by market capitalization was halted and pushed lower in May due to a relatively small price drop of around $1,000.

The surge to over $81,000 marks a significant milestone for Bitcoin, but its rally is now facing resistance at this level. Meanwhile, other major-cap altcoins followed a similar trajectory, with Ripple's XRP experiencing a sharp decline of more than 4% and Zcash (ZEC) dropping by over 7%.

The Grayscale ETF debut appears to be driving adoption and shifting token performance across the crypto market. This phenomenon has been observed in DeFi and CEX liquidity as well, with some tokens benefiting from increased demand while others are feeling the pressure.