BTC Price Stabilizes Above $64K as Altcoin Volatility Continues

Bitcoin's price has stabilized above $64,000 after a tumultuous few weeks. The cryptocurrency had dipped as low as $62,800 in early August following the US Federal Reserve FOMC meeting, but rebounded to over $65,000 within days. However, it was rejected at $65,300 and dropped to $62,400 before recovering to its current price.

The larger-cap altcoins have largely underperformed Bitcoin, with XMR and XLM experiencing the most significant losses. In contrast, ZEC and HYPE have posted notable gains, with Zcash rising by over 6.5% to $520 and Hyperliquid's token reaching $58.

The Strait of Hormuz deal is expected to be announced today, which may have contributed to Bitcoin's recent price stability. The total crypto market cap has added another $30 billion daily and is up to $2.260 trillion on CG.