HYPE Soars as Bitcoin Takes a Breather

Bitcoin's (BTC) rapid ascent reached a peak last week when it touched almost $80,000 for the first time in over three months. The asset skyrocketed by 25% in under 48 hours after the US Treasury Department announcement that triggered a market surge.

However, this explosive growth was bound to be followed by a correction, and on Sunday morning, Bitcoin dipped to $75,500 amid reports that Wintermute had gone heavily short. Despite recovering around a grand since then, it still sits at around $76,500.

HYPE, on the other hand, continues to defy expectations and has charted a fresh all-time high of over $82, surpassing most other crypto assets in its performance. In contrast, many altcoins are down on a daily scale, with Ethereum dipping below $2,400 before reclaiming that level.

The largest cryptocurrency's market cap is close to $1.540 trillion, and its dominance has soared to just over 58%. The cumulative market cap of all crypto assets has declined by approximately $100 billion from the local peak but remains up by $400 billion since Wednesday.