Bitcoin Rejected at $87K Again While Cardano Surges 11
Bitcoin (BTC) briefly reached $87,000 on Monday, only to face another rejection. This pattern mirrors recent behavior, where the cryptocurrency surged to similar highs before falling back. The price movements have been highly sensitive to macroeconomic news, including last week’s PCE data and Friday’s weak US jobs report. Despite a brief climb over the weekend, BTC dropped below $85,500 before stabilizing near $86,000.
Meanwhile, altcoins have shown more resilience, with Cardano (ADA) leading the gains. ADA surged by nearly 11% to $0.27, while other notable performers include Fetch.ai (FET) with a 15% rise and Virtual eSports (VIRTUAL) up by 12%. Ethereum (ETH) also broke past the $2,700 resistance, and Dogecoin (DOGE) saw a 3.75% increase. The overall cryptocurrency market capitalization has grown by 1%, reaching $2.930 trillion.
The cumulative market cap of all crypto assets is now $2.930 trillion, with BTC’s dominance still at 59%. The rejection at $87,000 left nearly $600 million in liquidations, highlighting the volatility in the market. Despite the recent gains in altcoins, some exceptions include RAIN and QNT, which saw declines. The market remains highly reactive to geopolitical and economic developments, particularly in the Middle East.