RAIN Explodes by 20% Daily, Bitcoin Stalls Below $70K: Market Watch
Bitcoin’s price recovery attempts were once again halted at just over $70,000, and the asset now sits over a grand lower.
Most larger-cap altcoins have remained sluggish on a daily scale, aside from ZEC, which has jumped by 5.5%, and HYPE, which has dropped by over 5%.
BTC Stopped at $70K
The primary cryptocurrency’s recent price movements raised a lot of questions about the state of the market. The asset stood at $90,000 on January 28 but plunged hard in the following week or so. In fact, the culmination, at least for now, took place last Friday morning when it dropped to $60,000 for the first time in well over a year.
This meant that BTC had lost $30,000 in the span of under 200 hours. After such a calamity, it was expected that there would be some sort of rebound, which took place immediately on Friday. In a matter of less than one trading day, the cryptocurrency surged by $12,000 and tapped $72,000 by Saturday morning.
However, it couldn’t proceed further and slipped below $70,000, where it spent most of the weekend. It tried to initiate another leg up on Monday but was stopped on a couple of occasions at $71,000 and $72,000. It has declined slightly since that local peak and now sits at $69,000.
Its market cap has declined to $1.380 trillion on CG, while its dominance over the alts stands firm at 57%.
BTCUSD Feb 10. Source: TradingView
RAIN Keeps Going
Ethereum continues to fight to stay above $2,000 after a minor daily decline. TRX has slipped by a similar percentage as well. In contrast, XRP has jumped above $1.40 after a 3% increase. BNB, SOL, BCH, and ADA are also in the green, led by ZEC’s impressive 6% surge to $242.
HYPE, on the other hand, has dropped by 5.5% daily and now struggles below $30. RAIN has taken the main stage in terms of daily gains, having soared by almost 20% to well over $0.01. The other notable gainers now are NEXO, ASTER, and M.
The total crypto market cap has remained relatively still since yesterday at just over $2.420 trillion on CG.
Cryptocurrency Market Overview Daily Feb 10. Source: QuantifyCrypto
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