Pi Network’s PI Token Surges Amid Altcoin Correction, Bitcoin Stalls
Bitcoin Struggles to Surpass $120,000 Amidst altcoin Declines
Bitcoin Faces Resistance at $120K
Bitcoin’s recent efforts to break through the $120,000 barrier have once again been thwarted, leading to a sharp decline of nearly $4,000 before a modest recovery. Following its peak above $123,000 last Monday, Bitcoin has struggled to regain its upward momentum, with market activity shifting towards altcoins. Over the past week, the cryptocurrency entered a consolidation phase, hovering around $118,000 after experiencing a series of retracements.
At the beginning of this week, Bitcoin made another attempt to breach the $120,000 resistance but was met with selling pressure, dropping to just above $116,000. Currently, it has regained some ground and is trading around $118,000. Its market capitalization remains stable at approximately $2.35 trillion, with Bitcoin holding a dominance of over 59% in the cryptocurrency market.
Altcoins Experience Significant Losses
In contrast to Bitcoin’s recent fluctuations, many larger-cap altcoins have seen a downturn after enjoying substantial gains earlier this week. Ethereum reached a multi-month high near $3,800 but has since fallen back to below $3,700, reflecting a daily decline of 4.5%. XRP, which was on the verge of hitting a new all-time high, is currently priced at $3.45. Other cryptocurrencies such as ADA, DOGE, TRX, SUI, and AVAX have also recorded similar losses.
The most significant declines have been observed in tokens like HYPE, XLM, HBAR, LTC, LINK, and AAVE. However, Solana has bucked the trend, briefly touching $200 earlier today. Notably, the Pi Network’s native token has surged over 6% to reach $0.477, along with KAS, which is also performing well.
The overall cryptocurrency market capitalization has decreased by approximately $60 billion since yesterday, now resting below the $4 trillion mark.
This article provides a comprehensive overview of the current state of Bitcoin and the altcoin market, highlighting recent price movements and market dynamics.
