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HYPE Hits New All-Time High as BTC, ETH, and XRP Rebound: Weekend Watch

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After losing roughly $8,000 in just over a week, bitcoin’s price finally rebounded in the past day after more promising developments on the US-Iran peace front.

Most altcoins have followed suit, helping the total crypto market cap regain over $80 billion since yesterday’s low.

BTC Jumps Toward $77K

As mentioned above, the primary cryptocurrency dumped hard in the past 10 days or so, driven by different factors, such as the bleeding ETFs, investor exodus, and rising geopolitical tension. It dumped below $78,000 last weekend and fell to $76,000 a few days later.

After an unsuccessful rebound attempt on Wednesday and Thursday that was stopped at $78,000, the bears took complete control on Friday and especially Saturday morning, driving bitcoin south to just over $74,000. This became its lowest price position in May, and it arrived after a new set of threats from Trump against Iran.

However, the two sides actually made significant progress on a potential permanent peace deal, as announced by the POTUS himself. This resulted in an immediate price uptick for BTC that drove it to just over $77,200 earlier today before it was stopped. Nevertheless, it still trades inches below $77,000, and its market cap has recovered to $1.540 trillion on CG.

Its dominance over the alts has also remained above 58% after a brief dip yesterday.

BTCUSD May 24. Source: TradingView
BTCUSD May 24. Source: TradingView

HYPE New ATH

Aside from yesterday’s brief crash to $55, HYPE has been the undisputed leader in market performance over the past few weeks. Its gains only intensified today as it posted a fresh all-time high of over $63.

Ethereum defended the $2,000 level and has risen past $2,100 after a 4.5% daily surge. BNB is back to $660, while XRP has reclaimed the $1.35 resistance. SOL is up to $87, ZEC is back to $645, and more gains are evident from CC, XLM, SUI, AVAX, TAO, and others.

Even more substantial double-digit increases come from WLD, NEAR, MORPHO, ONDO, and QNT.

The total crypto market cap has added over $80 billion since yesterday’s low and is up to $2.650 trillion on CG.

Cryptocurrency Market Overview May 24. Source: QuantifyCrypto
Cryptocurrency Market Overview May 24. Source: QuantifyCrypto

 

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