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Pi Network’s PI Token Suffers Another Setback as Bitcoin (BTC) Calms at $78K: Weekend Watch

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After losing over $4,000 since the Thursday evening peak at $82,000, bitcoin has finally calmed at around $78,000 following yesterday’s multi-week low.

Most larger-cap alts are quite sluggish on a daily scale, aside from the two largest privacy coins, which have posted impressive rebounds.

BTC Settles at $78K

It was less than 11 days ago when the primary cryptocurrency spiked to its highest price level in three months at almost $83,000. This meant that it had recovered nearly 40% since its early February low. However, it was quickly stopped there and pushed to $79,000 by that Friday. After a quiet weekend, it rose past $82,400 lat Monday, where it faced another rejection and dipped to $80,000 in the following days.

The bears took it a step further on Wednesday, driving the asset south to $78,500. Then came the positive news on the CLARITY Act in the US Senate, and BTC rocketed by several grand to $82,000 once again.

That resistance turned out to be too strong, and BTC dipped to $80,500 in hours. The situation worsened on Friday evening and Saturday when the cryptocurrency dumped to a two-week low of $77,600. It has recovered some ground since then and now stands inches above $78,000.

Nevertheless, its market cap is down to $1.560 trillion, but its dominance over the alts stands tall above 58% on CG.

BTCUSD May 17. Source: TradingView
BTCUSD May 17. Source: TradingView

PI Out of Top 50

As mentioned above, there’s not much action on a daily scale from the larger-cap alts. ETH, XRP, SOL, and BNB are slightly in the red, while TRX, ADA, and DOGE have marked insignificant gains.

HYPE is up by over 2% daily to $43, while XMR has gained 3% to $390, and ZEC has surged past $515 following a 4.5% increase.

Pi Network’s PI token plunged suddenly yesterday and over 8% down on a weekly scale. It has lost a crucial support at $0.165, which some analysts believe opens the door for another drop to new all-time lows. The asset is also out of the top 50 alts by market cap.

The total crypto market cap remains below $2.680 trillion on CG after losing more than $100 billion since the Thursday high.

Cryptocurrency Market Overview May 17. Source: QuantifyCrypto
Cryptocurrency Market Overview May 17. Source: QuantifyCrypto

 

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