Crypto Market Stagnates as Bitcoin Fights for $80K
Bitcoin (BTC) continued its fight for $80,000, struggling to make significant moves over the weekend. It managed to rebound from a decline on Friday's strong US jobs report but ultimately closed the day at around $80,000.
The asset had a bumpy week, surging by 25% in August and hitting a high of $82,400 before dropping to $78,600. Its market capitalization is back at $1.6 trillion on CoinMarketCap (CMC), while its dominance over altcoins has declined slightly to 59.1%. BTC's price action suggests that it may be waiting for the next major catalyst.
Other altcoins had a more eventful weekend, with some assets surging significantly in value. Arbitrum (ARB) stole the show, increasing by 42% daily to over $0.19. ZEC also saw significant gains, rising by 17% daily to nearly $1,200 for the first time in almost a decade.
The total crypto market capitalization remains at just over $2.7 trillion on CMC after a 0.8% increase since yesterday.