Bitcoin’s mindblowing weekly rally drove the asset to a new all-time high of $90,000 but it failed to overcome that level and has retraced by several grand since then.
While most altcoins have lost some traction, PNUT has entered the top 100 assets by market cap after soaring by 200% in the past day alone.
BTC Fails at $90K
It was a wild seven-day trading period for bitcoin. It all started last Wednesday morning when Trump took a substantial lead in the US presidential elections. As his victory was solidified, the cryptocurrency broke its March all-time high of $73,737 and surged past $75,000.
More volatility ensued, primarily driven by the bulls, as the asset skyrocketed to $80,000 during the weekend. Monday began with an even more impressive surge that put bitcoin close to $90,000. It failed to challenge that level at first but tapped it twice yesterday.
However, it couldn’t breach it, at least for now, and the rejections pushed it south by up to five grand at one point despite the significant inflows to the spot Bitcoin ETFs in the US.
As of now, BTC trades at around $87,500. Its market cap has slipped below $1.740 trillion on CG, but its dominance over the alts has shot up to over 57%.
Welcome to Top 100, PNUT
Starting with the biggest gainer today – PNUT – it’s safe to say that the recently deceased squirrel has made the headlines in the crypto industry. The meme coin has skyrocketed by four digits since its launch and is up by 220% in the past 24 hours alone. As such, it has entered the top 100 alts by market cap as its own is up to $1.3 billion.
In contrast, most other altcoins have started to lose momentum. Ethereum has dumped by 6% in the past 24 hours and now struggles to remain above $3,150. SOL, BNB, and TON have posted similar declines, while AVAX, ADA, DOGE, SHIB, and AVAX are down by up to 14%.
TRX and SUI are the only exceptions from the larger-cap alts that are actually in the green today.
The total crypto market cap has declined by over $100 billion since yesterday’s all-time high of more than $3.1 trillion.
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Jordan Lyanchev
https://cryptopotato.com/peanut-the-squirrel-pnut-enters-top-100-after-massive-rally-bitcoin-btc-fails-at-90k-market-watch/
2024-11-13 09:59:30
