Crypto Market Slumps: BTC Falls Below $63K, Altcoin Gains Stall

The cryptocurrency market experienced a minor relief rally on Sunday morning after US President Trump's canceled attacks against Iran and the promise of a new deal to reopen the Strait of Hormuz. However, this momentum was short-lived, and Bitcoin (BTC) dipped below $63,000 once again, even falling to $62,200 for the second time in just a few days.

The larger-cap altcoins have joined the ride, with Ethereum (ETH) sliding below $1,850 and XRP heading towards a familiar support level. Pi Network's PI impressed over the weekend with notable gains of 5-6%, but its progress has stalled today, with the asset down over 5% to under $0.084.

MemeCore and Algorand are among the few altcoins in the green daily, while BEAT has plummeted by 24%, followed by ONDO's 6% crash. The total crypto market cap has shed around $40 billion in a day and is down to $2.220 trillion.